10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C.  20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

Commission file number 1-44

ARCHER-DANIELS-MIDLAND COMPANY

(Exact name of registrant as specified in its charter)

Delaware	41-0129150
(State or other jurisdiction of	(I. R. S. Employer
incorporation or organization)	Identification No.)
77 West Wacker Drive, Suite 4600 Chicago, Illinois	60601
(Address of principal executive offices)	(Zip Code)
312-634-8100
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange on which registered
Common Stock, no par value	New York Stock Exchange
	Frankfurt Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:                 None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ¨   No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.  Yes ¨  No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x  No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x  No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer  x                                                      Accelerated Filer  o

Non-accelerated Filer     o                                                      Smaller Reporting Company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Common Stock, no par value--$28.0 billion

(Based on the closing sale price of Common Stock as reported on the New York Stock Exchange

as of June 30, 2014)

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Common Stock, no par value—634,287,854 shares

(January 30, 2015)

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the proxy statement for the annual meeting of stockholders to be held May 7, 2015, are incorporated by reference into Part III

SAFE HARBOR STATEMENT

This Form 10-K contains forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking information.  In some cases, you can identify forward-looking statements by our use of words such as “may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, potential or contingent,” the negative of these terms or other similar expressions.  The Company’s actual results could differ materially from those discussed or implied herein.  Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Form 10-K for the year ended December 31, 2014.  Among these risks are legislative acts; changes in the prices of food, feed, and other commodities, including gasoline; and macroeconomic conditions in various parts of the world.  To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements as a result of new information or future events.

2

Table of Contents

Item No.	Description	Page No.
	Part I
1.	Business		4
1A.	Risk Factors		10
1B.	Unresolved Staff Comments		15
2.	Properties		15
3.	Legal Proceedings		22
4.	Mine Safety Disclosures		22
	Part II
5.	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities		23
6.	Selected Financial Data		25
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		27
7A.	Quantitative and Qualitative Disclosures About Market Risk		49
8.	Financial Statements and Supplementary Data		51
9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure		113
9A.	Controls and Procedures		113
9B.	Other Information		113
	Part III
10.	Directors, Executive Officers and Corporate Governance		114
11.	Executive Compensation		116
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		116
13.	Certain Relationships and Related Transactions, and Director Independence		116
14.	Principal Accounting Fees and Services		116
	Part IV
15.	Exhibits and Financial Statement Schedules		117
	Signatures		121

3

PART I

Item 1. BUSINESS

Company Overview

Archer-Daniels-Midland Company (the Company) was incorporated in Delaware in 1923, successor to the Daniels Linseed Co. founded in 1902.  The Company is one of the world’s largest processors of oilseeds, corn, wheat, cocoa, and other agricultural commodities and is a leading manufacturer of protein meal, vegetable oil, corn sweeteners, flour, biodiesel, ethanol, and other value-added food and feed ingredients.  The Company also has an extensive global grain elevator and transportation network to procure, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, and barley, as well as processed agricultural commodities.  The Company has significant investments in joint ventures.  The Company expects to benefit from these investments, which typically aim to expand or enhance the Company’s market for its products or offer other benefits including, but not limited to, geographic or product line expansion.

The Company’s vision is to be the most admired global agribusiness while creating value and growing responsibly.  The Company’s strategy involves expanding the volume and diversity of crops that it merchandises and processes, expanding the global reach of its core model, and expanding its value-added product portfolio.  The Company seeks to serve vital needs by connecting the harvest to the home and transforming crops into food and energy products.  The Company desires to execute this vision and these strategies by conducting its business in accordance with its core values of operating with integrity, treating others with respect, achieving excellence, being resourceful, displaying teamwork, and being responsible.

On May 3, 2012, the Board of Directors of the Company determined that, in accordance with its Bylaws and upon the recommendation of the Audit Committee, the Company’s fiscal year shall begin on January 1 and end on December 31 of each year, starting on January 1, 2013. The required transition period of July 1, 2012 to December 31, 2012 is included in this Form 10-K report.  Amounts included in this report for the six months ended December 31, 2011 are unaudited.

On August 25, 2014, the Company opened its new global headquarters and customer center at 77 West Wacker Drive, Suite 4600, Chicago, Illinois, 60601.

Segment Descriptions

Prior to January 1, 2015, the Company’s operations were classified into three reportable business segments: Oilseeds Processing, Corn Processing, and Agricultural Services.  Each of these segments is organized based upon the nature of products and services offered.  The Company’s remaining operations are not reportable business segments, as defined by the applicable accounting standard, and are classified as Other.  Financial information with respect to the Company’s reportable business segments is set forth in Note 17 of “Notes to Consolidated Financial Statements” included in Item 8 herein, “Financial Statements and Supplementary Data.”

During the fourth quarter of 2014, the Company completed the acquisitions of the WILD Flavors businesses (Wild Flavors) and Specialty Commodities Inc. (SCI) for a total consideration of $2.9 billion, making the Company one of the world’s leading flavors and specialty ingredients companies. Effective January 1, 2015, the Company has formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients.

4

Item 1. BUSINESS (Continued)

Oilseeds Processing

The Oilseeds Processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals.  Oilseeds products produced and marketed by the Company include ingredients for the food, feed, energy, and industrial products industries.  Crude vegetable oils produced by the segment’s crushing activities are sold “as is” or are further processed by refining, blending, bleaching, and deodorizing into salad oils.  Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel or are sold to other manufacturers for use in chemicals, paints, and other industrial products.  Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds.  In Europe and South America, the Oilseeds Processing segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets.  These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds.  The Oilseeds Processing segment produces natural health and nutrition products and other specialty food and feed ingredients.  In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets.  Prior to December 2014, the Oilseeds Processing segment operated fertilizer blending facilities in South America. In December 2014, the Company completed the sale of its fertilizer blending business.

The Company has a 17.3% ownership interest in Wilmar International Limited (Wilmar), a Singapore publicly listed company.  Wilmar, a leading agribusiness group in Asia, is engaged in the businesses of oil palm cultivation, oilseeds crushing, edible oils refining, sugar milling and refining, specialty fats, oleo chemicals, biodiesel and fertilizers manufacturing, and grains processing.

The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food industry. On September 2, 2014, the Company announced the sale of its global chocolate business to Cargill, Inc. for $440 million, subject to regulatory approval and customary conditions. On December 15, 2014, the Company also announced that it has reached an agreement to sell its global cocoa business to Olam International Limited for $1.3 billion, subject to customary conditions. Both transactions are expected to close in 2015. The chocolate and cocoa businesses are classified as held for sale as of December 31, 2014.

Golden Peanut and Tree Nuts (Golden Peanut), a wholly owned subsidiary of the Company, is a major supplier of peanuts and tree nuts to both the U.S. and international markets and operator of a peanut shelling facility in Argentina.

Stratas Foods LLC, a joint venture between the Company and ACH Jupiter, LLC, a subsidiary of Associated British Foods, procures, packages, and sells edible oils in North America.  The Company has a 50% ownership interest in this joint venture.

The Company has a 50% interest in Edible Oils Limited, a joint venture between the Company and Princes Limited to procure, package, and sell edible oils in the United Kingdom.  The Company also formed a joint venture with Princes Limited in Poland to procure, package, and sell edible oils in Poland, Czech Republic, Slovakia, Hungary, and Austria.

The Company is a major supplier of agricultural commodity raw materials to Wilmar, Stratas Foods LLC, and Edible Oils Limited.

5

Item 1. BUSINESS (Continued)

Corn Processing

The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States.  The Corn Processing segment converts corn into sweeteners and starches, and bioproducts.  Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose.  Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations.  By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other specialty food and animal feed ingredients.  Ethyl alcohol is produced by the Company for industrial use as ethanol or as beverage grade.  Ethanol, in gasoline, increases octane and is used as an extender and oxygenate.  The Corn Processing segment also includes amino acids such as lysine and threonine that are vital compounds used in swine feeds to produce leaner animals and in poultry feeds to enhance the speed and efficiency of poultry production.  Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients.  Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal.  Other Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products.  The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related activities.

Almidones Mexicanos S.A., in which the Company has a 50% interest, operates a wet corn milling plant in Mexico.

Eaststarch C.V. (Netherlands), in which the Company has a 50% interest, owns interests in companies that operate wet corn milling plants in Bulgaria, Hungary, Slovakia, and Turkey.

Red Star Yeast Company, LLC produces and sells fresh and dry yeast in the United States and Canada.  The Company has a 40% ownership interest in this joint venture.

Agricultural Services

The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry.  Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services.

The Company has a 32.2% interest in Pacificor (formerly Kalama Export Company LLC). Pacificor owns and operates a grain export elevator in Kalama, WA and a grain export elevator in Portland, OR.

Alfred C. Toepfer International became a wholly owned subsidiary on June 4, 2014, when the Company completed its acquisition of the remaining 20% interest, making the Company an integrated global merchandiser of agricultural commodities and processed products.  This global merchandising business operates a network of 36 sales offices worldwide and inland, river, and export facilities in Argentina, Hungary, Romania, Ukraine, and the United States.

The Agricultural Services segment also includes the activities related to the origination and processing of wheat into wheat flour, the processing and distribution of formula feeds and animal health and nutrition products, and the procurement, processing, and distribution of edible beans.

The Company has a 19.8% interest in GrainCorp Limited (GrainCorp), a publicly-listed company on the Australian Stock Exchange. GrainCorp is engaged in grain receival and handling, transportation, port operations, oilseed processing, malt processing, flour processing, and grain marketing activities.

Prior to December 2012, the Company had a 23.2% interest in Gruma S.A.B. de C.V. (Gruma), the world’s largest producer and marketer of corn flour and tortillas.  Additionally, the Company had joint ventures in corn flour and wheat flour mills with and through Gruma.  In December 2012, the Company sold its 23.2% interest in Gruma and the Gruma-related joint ventures.

6

Item 1. BUSINESS (Continued)

Other

Prior to January 1, 2015, Other includes the post-acquisition results of Wild Flavors and SCI.

On October 1, 2014, the Company completed the acquisition of Wild Flavors, making the Company one of the world’s leading flavors and specialty ingredients companies. Wild Flavors' products include flavors, colors, sweeteners and health ingredients as well as ready-to-market concepts and complete solutions. These products create value and innovation for customers in the beverage, dairy, savory, confectionery, baked goods, ice cream, cereal, snack and oral care markets.

On November 18, 2014, the Company completed the acquisition of SCI, a leading originator, processor and distributor of healthy ingredients, including nuts, fruits, seeds, legumes and ancient grains. SCI provides high-quality, safe ingredients to snack food, dairy, bakery, cereal, energy bar, confectionery and pet food companies throughout the world.

Other also includes the operations of the Company's financial business units, related principally to futures commission merchant activities and captive insurance.

ADM Investor Services, Inc., a wholly owned subsidiary of the Company, is a registered futures commission merchant and a clearing member of all principal commodities exchanges in the U.S.  ADM Investor Services International, Limited., a member of several commodity exchanges and clearing houses in Europe, ADMIS Hong Kong Limited, and ADMIS Singapore Pte. Limited, are wholly owned subsidiaries of the Company offering broker services in Europe and Asia.  ADMISI Commodities Private Limited, in which the Company owns a 51% interest, and ADMISI Forex India Private Limited, a wholly owned subsidiary of the Company, offer broker services in India.

Captive insurance includes Agrinational Insurance Company (Agrinational) and its subsidiaries. Agrinational, a wholly owned subsidiary of the Company, provides insurance coverage for certain property, casualty, marine, credit, and other miscellaneous risks of the Company. Agrinational also participates in certain third-party reinsurance arrangements and retains a portion of the crop insurance risk written by ADM Crop Risk Services, a wholly owned subsidiary. ADM Crop Risk Services is a managing general agent which sells and services crop insurance policies to farmers.  

Corporate

Compagnie Industrielle et Financiere des Produits Amylaces SA (Luxembourg) and affiliates (CIP), of which the Company has a 43.7% interest, is a joint venture which targets investments in food, feed ingredients and bioproducts businesses.

Methods of Distribution

The Company’s products are distributed mainly in bulk from processing plants or storage facilities directly to customers’ facilities.  The Company has developed a comprehensive transportation capability to efficiently move both commodities and processed products virtually anywhere in the world.  The Company owns or leases large numbers of the trucks, trailers, railroad tank and hopper cars, river barges, towboats, and ocean-going vessels used to transport the Company’s products to its customers.

Concentration of Revenues by Product

The following products account for 10% or more of revenues for the following periods:

	% of Revenues
	Years Ended December 31,		Six Months Ended  December 31,		Year Ended June 30,
	2014	2013	2012	2011	2012
Soybeans	16%	18%	20%	17%	19%
Corn	10%	9%	10%	12%	11%
Soybean Meal	13%	11%	11%	8%	9%

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Item 1. BUSINESS (Continued)

Status of New Products

The Company continues to expand the size and global reach of its business through the development of new products.  The acquisition of Wild Flavors expands the Company's ability to serve the customers' evolving needs through its offering of natural flavor and ingredient products. The Company does not expect any of its new products to have a significant impact on the Company’s revenues in 2015.

Source and Availability of Raw Materials

Substantially all of the Company’s raw materials are agricultural commodities.  In any single year, the availability and price of these commodities are subject to factors such as changes in weather conditions, plantings, government programs and policies, competition, changes in global demand, changes in standards of living, and global production of similar and competitive crops.  The Company’s raw materials are procured from thousands of growers, grain elevators, and wholesale merchants in North America, South America, Europe, Asia, Australia, and Africa, pursuant primarily to short-term (less than one year) agreements or on a spot basis.  The Company is not dependent upon any particular grower, elevator, or merchant as a source for its raw materials.

Patents, Trademarks, and Licenses

The Company owns patents, trademarks, and licenses, including approximately $240 million of trademarks from the Wild Flavors acquisition in 2014 (see Note 2 in Item 8, Financial Statements and Supplementary Data (Item 8)), but does not consider any segment of its business dependent upon any single or group of patents, trademarks or licenses.

Seasonality, Working Capital Needs, and Significant Customers

Since the Company is widely diversified in global agribusiness markets, there are no material seasonal fluctuations in overall global processing volumes and the sale and distribution of its products and services.  There is a degree of seasonality in the growing cycles, procurement, and transportation of the Company’s principal raw materials: oilseeds, corn, wheat, cocoa beans, sugarcane, and other grains.

The price of agricultural commodities, which may fluctuate significantly and change quickly, directly affects the Company’s working capital requirements.  Because the Company has a higher portion of its operations in the northern hemisphere, principally North America and Europe, relative to the southern hemisphere, primarily South America, inventory levels typically peak after the northern hemisphere fall harvest and are generally lower during the northern hemisphere summer months.  Working capital requirements have historically trended with inventory levels.  No material part of the Company’s business is dependent upon a single customer or very few customers.  The Company has seasonal financing arrangements with farmers in certain countries around the world.  Typically, advances on these financing arrangements occur during the planting season and are repaid at harvest.

Competition

The Company has significant competition in the markets in which it operates based principally on price, quality, and alternative products, some of which are made from different raw materials than those utilized by the Company.  Given the commodity-based nature of many of its businesses, the Company, on an ongoing basis, focuses on managing unit costs and improving efficiency through technology improvements, productivity enhancements, and regular evaluation of the Company’s asset portfolio.

Research and Development Expenditures

The Company’s research and development expenditures are focused on responding to demand from customers’ product development or formulation needs, improving processing efficiency, and developing food, feed, fuel, and industrial products from renewable agricultural crops.  Research and development expense during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, net of reimbursements of government grants, was approximately $79 million, $59 million, $28 million, $29 million, and $56 million, respectively.  The increase in 2014 is due principally to research and development activities of the recently acquired Wild Flavors.

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Item 1. BUSINESS (Continued)

The Company is working with the U.S. Department of Energy’s National Energy Technology Laboratory and other key academic and corporate partners on projects to demonstrate carbon capture and sequestration as a viable option for reducing carbon dioxide emissions from manufacturing operations.  The first project, Illinois Basin Decatur Project led by Midwest Geological Sequestration Consortium started operations in the first quarter of fiscal year ended June 30, 2012 and successfully completed injecting 1 million tons of CO₂ in the fourth quarter of fiscal year ended December 31, 2014.  The second project, the Illinois Industrial Carbon Capture & Sequestration commenced construction in the fourth quarter of fiscal year ended June 30, 2012. This facility obtained the underground injection control permit in November 2014 and is expected to be operational in the third quarter of fiscal year 2015.

The Company is continuing to invest in research to develop a broad range of industrial chemicals with an objective to produce key chemical building blocks that serve as a platform for producing a variety of commodity chemicals.  The key chemical building blocks are derived from the Company’s starch and oilseed-based feedstocks.  Conversion technologies include utilizing expertise in both fermentation and catalysis.  The chemicals pipeline includes the development of chemicals and intermediates that are currently produced from petrochemical resources as well as new-to-the-market bio-based products. The Company’s current portfolio includes products that are in the early development phase and those that are close to pilot plant demonstration. In an effort to further advance the development of bio-based chemical technologies, the Company has partnered with the Center for Environmentally Beneficial Catalysis and has added research capabilities at the University of Kansas.

Environmental Compliance

During the year ended December 31, 2014, $50 million was spent specifically to improve equipment, facilities, and programs for pollution control and compliance with the requirements of various environmental agencies.

There have been no material effects upon the earnings and competitive position of the Company resulting from compliance with federal, state, and local laws or regulations enacted or adopted relating to the protection of the environment.

The Company’s business could be affected in the future by national and global regulation or taxation of greenhouse gas emissions. In the United States, the U.S. Environmental Protection Agency (EPA) has adopted regulations requiring the owners and operators of certain facilities to measure and report their greenhouse gas emissions. The U.S. EPA has also begun to regulate greenhouse gas emissions from certain stationary and mobile sources under the Clean Air Act.  For example, the U.S. EPA has proposed rules regarding the construction and operation of boilers, which could indirectly affect the Company by limiting the construction of new coal-fired boilers and significantly increasing the complexity and cost of modifying any existing coal-fired boilers. California is also moving forward with various programs to reduce greenhouse gases.  Globally, a number of countries that are parties to the Kyoto Protocol have instituted or are considering climate change legislation and regulations. Most notable is the European Union Greenhouse Gas Emission Trading System. The Company has several facilities in Europe that participate in this system.  It is difficult at this time to estimate the likelihood of passage, or predict the potential impact, of any additional legislation. Potential consequences could include increased energy, transportation and raw material costs and may require the Company to make additional investments in its facilities and equipment.

Number of Employees

The number of full-time employees of the Company was approximately 33,900 at December 31, 2014 and 31,100 at December 31, 2013.  The net increase in the number of full-time employees is primarily related to acquisitions.

Financial Information About Foreign and U.S. Operations

Item 1A, “Risk Factors,” and Item 2, “Properties,” includes information relating to the Company’s foreign and U.S. operations.  Geographic financial information is set forth in Note 17 of “Notes to Consolidated Financial Statements” included in Item 8 herein, “Financial Statements and Supplementary Data”.

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Item 1. BUSINESS (Continued)

Available Information

The Company’s website is http://www.adm.com.  The Company makes available, free of charge, through its website, the Company’s annual reports on Form 10-K; quarterly reports on Form 10-Q; current reports on Form 8-K; Directors and Officers Forms 3, 4, and 5; and amendments to those reports, as soon as reasonably practicable after electronically filing such materials with, or furnishing them to, the Securities and Exchange Commission (SEC).

In addition, the Company makes available, through its website, the Company’s Code of Conduct, Corporate Governance Guidelines, and the written charters of the Audit, Compensation/Succession, Nominating/Corporate Governance, and Executive Committees.

References to our website address in this report are provided as a convenience and do not constitute, or should not be viewed as, an incorporation by reference of the information contained on, or available through, the website.  Therefore, such information should not be considered part of this report.

The public may read and copy any materials filed by the Company with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.  The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.  The SEC maintains a website which contains reports, proxy and information statements, and other information regarding issuers that file information electronically with the SEC.  The SEC’s website is http://www.sec.gov.

Item 1A. RISK FACTORS

The availability and prices of the agricultural commodities and agricultural commodity products the Company procures, transports, stores, processes, and merchandises can be affected by weather conditions, disease, government programs, competition, and various other factors beyond the Company’s control and could adversely affect the Company’s operating results.

The availability and prices of agricultural commodities are subject to wide fluctuations due to changes in weather conditions, crop disease, plantings, government programs and policies, competition, changes in global demand, changes in standards of living, and global production of similar and competitive crops.  Additionally, the Company depends globally on farmers to ensure an adequate supply of the agricultural commodities used by the Company in its operations is maintained. These factors have historically caused volatility in the availability and prices of agricultural commodities and, consequently, in the Company’s operating results and working capital requirements.  Reduced supply of agricultural commodities due to weather-related factors or other reasons could adversely affect the Company’s profitability by increasing the cost of raw materials and/or limiting the Company’s ability to procure, transport, store, process, and merchandise agricultural commodities in an efficient manner.  For example, a drought in North America in 2012 reduced the availability of corn and soybean inventories while prices increased.  High and volatile commodity prices can adversely affect the Company’s ability to meet its liquidity needs.

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Item 1A. RISK FACTORS (Continued)

The Company has significant competition in the markets in which it operates.

The Company faces significant competition in each of its businesses and has numerous competitors.  The company competes for the acquisition of inputs such as agricultural commodities, workforce, and other materials and supplies.  Additionally, competitors offer similar products and services, as well as alternative products and services, to the Company’s customers.  The Company is dependent on being able to generate revenues in excess of cost of products sold in order to obtain margins, profits, and cash flows to meet or exceed its targeted financial performance measures and provide cash for operating, working capital, dividend, or capital expenditure needs.  Competition impacts the Company’s ability to generate and increase its gross profit as a result of the following factors.  Pricing of the Company’s products is partly dependent upon industry processing capacity, which is impacted by competitor actions to bring on-line idled capacity or to build new production capacity.  Many of the products bought and sold by the Company are global commodities or are derived from global commodities.  The markets for global commodities are highly price competitive and in many cases the commodities are subject to substitution.  In addition, continued merger and acquisition activities resulting in further consolidations result in greater cost competitiveness and global scale of certain players in the industry that could impact the relative competitiveness of the Company. To compete effectively, the Company focuses on improving efficiency in its production and distribution operations, developing and maintaining appropriate market share, maintaining a high level of product safety and quality, and working with customers to develop new products and tailored solutions.  Competition could increase the Company’s costs to purchase raw materials, lower selling prices of its products, or reduce the Company’s market share, which may result in lower and more inefficient operating rates and reduced gross profit.

Fluctuations in energy prices could adversely affect the Company’s operating results.

The Company’s operating costs and the selling prices of certain finished products are sensitive to changes in energy prices.  The Company’s processing plants are powered principally by electricity, natural gas, and coal.  The Company’s transportation operations are dependent upon diesel fuel and other petroleum-based products.  Significant increases in the cost of these items, including any consequences of regulation or taxation of greenhouse gases, could adversely affect the Company’s production costs and operating results.

The Company has certain finished products, such as ethanol and biodiesel, which are closely related to, or may be substituted for, petroleum products.  Therefore, the selling prices of ethanol and biodiesel can be impacted by the selling prices of gasoline and diesel fuel.  A significant decrease in the price of gasoline or diesel fuel could result in a significant decrease in the selling price of the Company’s ethanol and biodiesel and could adversely affect the Company’s revenues and operating results.

The Company is subject to economic downturns and regional economic volatilities, which could adversely affect the Company’s operating results.

The Company conducts its business and has substantial assets located in many countries and geographic areas. While 54 percent of the Company’s processing plants and 65 percent of its procurement facilities are located in the United States, the Company also has significant operations in both developed areas (such as Western Europe, Canada, Brazil) and emerging market areas (such as Eastern Europe, Asia, portions of South and Central America, the Middle East, and Africa). One of the Company's strategies is to expand the global reach of its core model which may include expanding or developing its business in emerging market areas such as Asia, Eastern Europe, the Middle East, and Africa. Both developed and emerging market areas are subject to impacts of economic downturns, including decreased demand for the Company’s products, and reduced availability of credit, or declining credit quality of the Company’s suppliers, customers, and other counterparties.  In addition, emerging market areas could be subject to more volatile operating conditions including, but not limited to, logistics limitations or delays, labor-related challenges, limitations or regulations affecting trade flows, local currency concerns, and other economic and political instability.  Economic downturns and volatile market conditions could adversely affect the Company’s operating results and ability to execute its business strategies.

11

Item 1A. RISK FACTORS (Continued)

Government policies, mandates, and regulations, in general; government policies, mandates, and regulations specifically affecting the agricultural sector and related industries; and political instability and other risks of doing business globally could adversely affect the Company’s operating results.

Agricultural production and trade flows are subject to government policies, mandates, and regulations. Governmental policies affecting the agricultural industry, such as taxes, tariffs, duties, subsidies, incentives, foreign exchange rates, and import and export restrictions on agricultural commodities and commodity products, including policies related to genetically modified organisms, product safety and labeling, renewable fuels, and low carbon fuel mandates, can influence the planting of certain crops, the location and size of crop production, whether unprocessed or processed commodity products are traded, the volume and types of imports and exports, the availability and competitiveness of feedstocks as raw materials, the viability and volume of production of certain of the Company’s products, and industry profitability.  For example, changes in government policies or regulations of ethanol and biodiesel, including but not limited to changes in the Renewable Fuel Standard program under the Energy Independence and Security Act of 2007 in the United States, can have a significant impact on the Company’s operating results.  International trade regulations can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions. Regulations of financial markets and instruments, including the Dodd-Frank Wall Street Reform, Consumer Protection Act, and European Market Infrastructure Regulation, create uncertainty and may lead to additional risks and costs, and could adversely affect the Company's agricultural commodity risk management practices as well as the Company's futures commission merchant business. Future government policies may adversely affect the supply of, demand for, and prices of the Company’s products; restrict the Company’s ability to do business in its existing and target markets; and adversely affect the Company’s revenues and operating results.

The Company’s operating results could be affected by changes in other governmental policies, mandates, and regulations including monetary, fiscal and environmental policies, laws, regulations, acquisition approvals, and other activities of governments, agencies, and similar organizations.  These risks include but are not limited to changes in a country’s or region’s economic or political conditions, local labor conditions and regulations, reduced protection of intellectual property rights, changes in the regulatory or legal environment, restrictions on currency exchange activities, currency exchange fluctuations, burdensome taxes and tariffs, enforceability of legal agreements and judgments, adverse tax, administrative agency or judicial outcomes, and regulation or taxation of greenhouse gases.  International risks and uncertainties, including changing social and economic conditions as well as terrorism, political hostilities, and war, could limit the Company’s ability to transact business in these markets and could adversely affect the Company’s revenues and operating results.

The Company's strategy involves expanding the volume and diversity of crops it merchandises and processes, expanding the global reach of its core model, and expanding its value-added product portfolio. Government policies, including anti-trust and competition law, trade restrictions, food safety regulations, and other government regulations and mandates, can impact the Company's ability to execute this strategy successfully.

The Company is subject to industry-specific risks which could adversely affect the Company’s operating results.

The Company is subject to risks which include, but are not limited to, product safety or quality; shifting consumer preferences; federal, state, and local regulations on manufacturing or labeling; socially acceptable farming practices; environmental, health and safety regulations; and customer product liability claims.  The liability which could result from certain of these risks may not always be covered by, or could exceed liability insurance related to product liability and food safety matters maintained by the Company.  In addition, negative publicity caused by product liability and food safety matters may damage the Company’s reputation.  The occurrence of any of the matters described above could adversely affect the Company’s revenues and operating results.

Certain of the Company’s merchandised commodities and finished products are used as ingredients in livestock and poultry feed.  The Company is subject to risks associated with economic or other factors which may adversely affect the livestock and poultry businesses, including the outbreak of disease in livestock and poultry.  An outbreak of disease could adversely affect demand for the Company’s products used as ingredients in livestock and poultry feed.  A decrease in demand for ingredients in livestock and poultry feed could adversely affect the Company’s revenues and operating results.

12

Item 1A. RISK FACTORS (Continued)

The Company is subject to numerous laws, regulations, and mandates globally which could adversely affect the Company’s operating results and forward strategy.

The Company does business globally, connecting crops and markets in 147 countries.  The Company is required to comply with the numerous and broad-reaching laws and regulations administered by United States federal, state and local, and foreign governmental authorities.  The Company must comply with other general business regulations such as accounting and income taxes, anti-corruption, anti-bribery, global trade, environmental, and handling and production of regulated substances.  The Company frequently faces challenges from U.S. and foreign tax authorities regarding the amount of taxes due.  These challenges include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions.  In evaluating the exposure associated with various tax filing positions, the Company records reserves for estimates of potential additional tax owed by the Company.  As examples, the Company has received large tax assessments from tax authorities in Brazil and Argentina challenging income tax positions taken by subsidiaries of the Company covering various prior periods.  Any failure to comply with applicable laws and regulations or appropriately resolve these challenges could subject the Company to administrative penalties and injunctive relief, civil remedies including fines, injunctions, and recalls of its products, and damage to its reputation.

The production of the Company’s products requires the use of materials which can create emissions of certain regulated substances, including greenhouse gas emissions.  Although the Company has programs in place throughout the organization globally to guard against non-compliance, failure to comply with these regulations can have serious consequences, including civil and administrative penalties as well as a negative impact on the Company’s reputation, business, cash flows, and results of operations.

In addition, changes to regulations or implementation of additional regulations, for example the imposition of regulatory restrictions on greenhouse gases or regulatory modernization of food safety laws, may require the Company to modify existing processing facilities and/or processes which could significantly increase operating costs and adversely affect operating results.

The Company is exposed to potential business disruption, including but not limited to disruption of transportation services, supply of non-commodity raw materials used in its processing operations, and other impacts resulting from acts of terrorism or war, natural disasters, severe weather conditions, and accidents which could adversely affect the Company’s operating results.

The Company’s operations rely on dependable and efficient transportation services.  A disruption in transportation services could result in difficulties supplying materials to the Company’s facilities and impair the Company’s ability to deliver products to its customers in a timely manner.  The Company relies on access to navigable rivers and waterways in order to fulfill its transportation obligations more effectively.  If access to these navigable waters is interrupted, the Company’s operating results could be adversely affected.  In addition, if certain non-agricultural commodity raw materials, such as water or certain chemicals used in the Company’s processing operations, are not available, the Company’s business could be disrupted.  Any major lack of available water for use in certain of the Company's processing operations could have a material adverse impact on operating results.  Certain factors which may impact the availability of non-agricultural commodity raw materials are out of the Company’s control including, but not limited to, disruptions resulting from weather, economic conditions, manufacturing delays or disruptions at suppliers, shortage of materials, and unavailable or poor supplier credit conditions.

The assets and operations of the Company could be subject to extensive property damage and business disruption from various events which include, but are not limited to, acts of terrorism, for example, economic adulteration of the Company's products, or war, natural disasters and severe weather conditions, accidents, explosions, and fires. The potential effects of these conditions could adversely affect the Company’s revenues and operating results.

13

Item 1A. RISK FACTORS (Continued)

The Company’s business is capital-intensive in nature and the Company relies on cash generated from its operations and external financing to fund its growth and ongoing capital needs.  Limitations on access to external financing could adversely affect the Company’s operating results.

The Company requires significant capital, including access to credit markets from time to time, to operate its current business and fund its growth strategy.  The Company’s working capital requirements, including margin requirements on open positions on futures exchanges, are directly affected by the price of agricultural commodities, which may fluctuate significantly and change quickly.  The Company also requires substantial capital to maintain and upgrade its extensive network of storage facilities, processing plants, refineries, mills, ports, transportation assets and other facilities to keep pace with competitive developments, technological advances, regulations and changing safety standards in the industry.  Moreover, the expansion of the Company’s business and pursuit of acquisitions or other business opportunities may require significant amounts of capital.  Access to credit markets and pricing of the Company’s capital is dependent upon maintaining sufficient credit ratings from credit rating agencies.  Sufficient credit ratings allow the Company to access tier one commercial paper markets. If the Company is unable to maintain sufficiently high credit ratings, access to these commercial paper and other debt markets and costs of borrowings could be adversely affected.  If the Company is unable to generate sufficient cash flow or maintain access to adequate external financing, including as a result of significant disruptions in the global credit markets, it could restrict the Company’s current operations and its growth opportunities which could adversely affect the Company’s operating results.

The Company’s risk management strategies may not be effective.

The Company’s business is affected by fluctuations in agricultural commodity cash prices and derivative prices, transportation costs, energy prices, interest rates, and foreign currency exchange rates.  The Company has processes in place to monitor exposures to these risks and engages in strategies to manage these risks.  The Company’s monitoring efforts may not be successful at detecting a significant risk exposure.  If these controls and strategies are not successful in mitigating the Company’s exposure to these fluctuations, it could adversely affect the Company’s operating results.

The Company has limited control over and may not realize the expected benefits of its equity investments and joint ventures.

The Company has $3.9 billion invested in or advanced to joint ventures and investments over which the Company has limited control as to the governance and management activities of these investments.  Net sales to unconsolidated affiliates during the year ended December 31, 2014 was $5.8 billion.  The Company faces certain risks, including risks related to the financial strength of the investment partner; loss of revenues and cash flows to the investment partner and related gross profit; the inability to implement beneficial management strategies, including risk management and compliance monitoring, with respect to the investment’s activities; and the risk that the Company may not be able to resolve disputes with the investment partner.  The Company may encounter unanticipated operating issues or financial results related to these investments that may impact the Company’s revenues and operating results.

The Company’s information technology (IT) systems, processes, and sites may suffer interruptions, security breaches, or failures which may affect the Company’s ability to conduct its business.

The Company’s operations rely on certain key IT systems, some of which are dependent on services provided by third parties, to provide critical data connectivity, information and services for internal and external users.  These interactions include, but are not limited to, ordering and managing materials from suppliers, risk management activities, converting raw materials to finished products, inventory management, shipping products to customers, processing transactions, summarizing and reporting results of operations, human resources benefits and payroll management, complying with regulatory, legal or tax requirements, and other processes necessary to manage the business.  Increased IT security threats and more sophisticated computer crime, including advanced persistent threats, pose a potential risk to the security of the Company's IT systems, networks, and services, as well as the confidentiality, availability, and integrity of the Company's data. The Company has put in place security measures to protect itself against cyber-based attacks and disaster recovery plans for its critical systems.  However, if the Company’s IT systems are breached, damaged, or cease to function properly due to any number of causes, such as catastrophic events, power outages, security breaches, or cyber-based attacks, and the Company’s disaster recovery plans do not effectively mitigate on a timely basis, the Company may suffer interruptions in its ability to manage its operations, loss of valuable data, and damage to its reputation, which may adversely impact the Company’s revenues, operating results, and financial condition.

14

Item 1B. UNRESOLVED STAFF COMMENTS

The Company has no unresolved staff comments.

Item 2. PROPERTIES

The Company owns or leases, under operating leases, the following processing plants and procurement facilities:

	Processing Plants			Procurement Facilities
	Owned	Leased	Total	Owned	Leased	Total
U.S.	157	5	162	283	22	305
International	124	14	138	130	31	161
	281	19	300	413	53	466

The Company’s operations are such that most products are efficiently processed near the source of raw materials.  Consequently, the Company has many plants strategically located in agricultural commodity producing areas.  The annual volume of commodities processed will vary depending upon availability of raw materials and demand for finished products. The Company also owns approximately 250 warehouses and terminals primarily used as bulk storage facilities and 39 innovation centers. Warehouses, terminals, corporate, and sales offices are not included in the tables above. Processing plants and procurement facilities owned or leased by unconsolidated joint ventures are also not included in the tables above.

To enhance the efficiency of transporting large quantities of raw materials and finished products between the Company’s procurement facilities and processing plants and also the final delivery of products to our customers around the world, the Company owns approximately 2,100 barges, 13,500 rail cars, 300 trucks, 1,300 trailers, and 9 ocean going vessels; and leases, under operating leases, approximately 500 barges, 14,600 railcars, 300 trucks, and 32 ocean going vessels.

15

Item 2. PROPERTIES (Continued)

	Oilseeds Processing Plants
	Owned					Leased
	Crushing & Origination	Refining, Packaging, Biodiesel, & Other	Cocoa & Other	Asia	Total	Cocoa & Other	Asia	Total
North America
U.S.*	25	27	18	—	70	—	—	—
Canada	3	5	1	—	9	1	—	1
Mexico	1	—	—	—	1	—	—	—
Total	29	32	19	—	80	1	—	1
Daily capacity
Metric tons (in 1,000's)	55	17	13	—	85	—	—	—
South America
Argentina	—	—	1	—	1	—	—	—
Bolivia	1	2	—	—	3	—	—	—
Brazil	6	9	1	—	16	—	—	—
Paraguay	1	—	—	—	1	—	—	—
Peru	—	1	—	—	1	—	—	—
Total	8	12	2	—	22	—	—	—
Daily capacity
Metric tons (in 1,000's)	18	4	—	—	22	—	—	—
Europe
Belgium	—	—	1	—	1	—	—	—
Czech Republic	1	1	—	—	2	—	—	—
France	—	1	—	—	1	—	—	—
Germany	4	12	2	—	18	—	—	—
Netherlands	1	3	2	—	6	—	—	—
Poland	2	5	—	—	7	—	—	—
Switzerland	—	1	—	—	1	—	—	—
Ukraine	2	—	—	—	2	—	—	—
U.K.	1	3	—	—	4	1	—	1
Total	11	26	5	—	42	1	—	1
Daily capacity
Metric tons (in 1,000's)	34	16	1	—	51	—	—	—
Asia
India	—	—	—	4	4	—	2	2
Singapore	—	—	—	—	—	1	—	1
Total	—	—	—	4	4	1	2	3
Daily capacity
Metric tons (in 1,000's)	—	—	—	3	3	—	2	2
Africa/Middle East
Ghana	—	—	1	—	1	—	—	—
Ivory Coast	—	—	1	—	1	—	—	—
South Africa	—	—	3	—	3	—	—	—
Total	—	—	5	—	5	—	—	—
Daily capacity
Metric tons (in 1,000's)	—	—	2	—	2	—	—	—
Grand Total	48	70	31	4	153	3	2	5
Total daily capacity
Metric tons (in 1,000's)	107	37	16	3	163	—	2	2

16

Item 2. PROPERTIES (Continued)

*The U.S. plants in the table above are located in Alabama, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, and Wisconsin.

	Oilseeds Processing Procurement Facilities
	Owned			Leased
	Crushing & Origination	Cocoa & Other	Total	Crushing & Origination	Cocoa & Other	Total
North America
U.S.*	9	70	79	—	—	—
Canada	6	—	6	—	—	—
Total	15	70	85	—	—	—
Storage capacity
Metric tons (in 1,000's)	338	300	638	—	—	—
South America
Argentina	—	1	1	—	1	1
Bolivia	8	—	8	7	—	7
Brazil	35	—	35	3	1	4
Paraguay	28	—	28	7	—	7
Uruguay	1	—	1	6	—	6
Total	72	1	73	23	2	25
Storage capacity
Metric tons (in 1,000's)	2,270	6	2,276	524	2	526
Europe
Netherlands	1	—	1	—	—	—
Germany	5	—	5	—	—	—
Poland	5	—	5	—	—	—
Slovakia	3	—	3	—	—	—
Total	14	—	14	—	—	—
Storage capacity
Metric tons (in 1,000's)	890	—	890	—	—	—
Asia
Indonesia	—	1	1	—	2	2
Total	—	1	1	—	2	2
Storage capacity
Metric tons (in 1,000's)	—	8	8	—	7	7
Africa/Middle East
Cameroon	—	1	1	—	—	—
Ivory Coast	—	4	4	—	—	—
Total	—	5	5	—	—	—
Storage capacity
Metric tons (in 1,000's)	—	83	83	—	—	—
Grand Total	101	77	178	23	4	27
Total storage capacity
Metric tons (in 1,000's)	3,498	397	3,895	524	9	533

*The U.S. procurement facilities are located in Alabama, Florida, Georgia, Illinois, Michigan, Mississippi, North Carolina, Oklahoma, South Carolina, Texas, and Virginia.

17

Item 2. PROPERTIES (Continued)

	Corn Processing
	Processing Plants				Procurement Facilities
	Owned				Owned
	Wet Milling	Dry Milling	Other	Total	Wet Milling, Dry Milling, & Other
North America
Illinois	1	1	6	8	—
Iowa	2	1	2	5	1
Minnesota	1	—	—	1	5
Nebraska	1	1	—	2	—
North Carolina	—	—	1	1	—
Total	5	3	9	17	6
Daily/Storage capacity
Metric tons (in 1,000's)	43	22	7	72	373
South America
Brazil	—	—	1	1	—
Total	—	—	1	1	—
Daily/Storage capacity
Metric tons (in 1,000's)	—	—	4	4	—
Grand Total	5	3	10	18	6
Total daily/storage capacity
Metric tons (in 1,000's)	43	22	11	76	373

18

Item 2. PROPERTIES (Continued)

	Agricultural Services Processing Plants
	Owned			Leased
	Merchandising & Handling	Milling & Other	Total	Milling & Other
North America
U.S.*	2	60	62	—
Barbados	—	1	1	—
Belize	—	2	2	—
Canada	—	12	12	—
Grenada	—	2	2	—
Jamaica	—	3	3	—
Puerto Rico	—	3	3	—
Trinidad & Tobago	—	1	1	—
Total	2	84	86	—
Daily capacity
Metric tons (in 1,000's)	2	32	34	—
Europe
U.K.	—	3	3	4
Total	—	3	3	4
Daily capacity
Metric tons (in 1,000's)	—	1	1	1
Asia
China	—	3	3	—
Total	—	3	3	—
Daily capacity
Metric tons (in 1,000's)	—	—	—	—
Grand Total	2	90	92	4
Total daily capacity
Metric tons (in 1,000's)	2	33	35	1

*The U.S. plants are located in California, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Montana, Nebraska, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Washington, and Wisconsin.

19

Item 2. PROPERTIES (Continued)

	Agricultural Services Procurement Facilities
	Merchandising & Handling
	Owned	Leased
North America
U.S.*	198	22
Canada	1	—
Dominican Republic	1	—
Mexico	4	—
Total	204	22
Storage capacity
Metric tons (in 1,000's)	12,438	752
South America
Argentina	3	—
Total	3	—
Storage capacity
Metric tons (in 1,000's)	477	—
Europe
Germany	—	—
Hungary	2	—
Ireland	2	—
Romania	10	4
Ukraine	8	—
Total	22	4
Storage capacity
Metric tons (in 1,000's)	582	34
Grand Total	229	26
Total storage capacity
Metric tons (in 1,000's)	13,497	786

*The U.S. procurement facilities are located in Arkansas, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Wisconsin, and Wyoming.

20

Item 2. PROPERTIES (Continued)

	Other
	Processing Plants
	Owned	Leased
North America
U.S.*	8	5
Total	8	5
South America
Brazil	1	—
Total	1	—
Europe
France	1	—
Germany	2	1
Netherlands	—	1
Poland	2	—
Spain	1	—
Switzerland	1	—
Turkey	—	1
Total	7	3
Asia/ Middle East
India	2	2
Total	2	2

*The U.S. plants are located in California, Idaho, Kentucky, Michigan, New Jersey, North Carolina, Ohio, Oregon, Washington, and Wisconsin.

21

Item 3. LEGAL PROCEEDINGS

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 13 for information on tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to our compliance with laws and regulations relating to the environment and, at any given time, the Company has matters at various stages of resolution with the applicable government authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief, including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

On April 22, 2011, certain manufacturers and distributors of sugar cane and beet sugar products filed suit in the U.S. District Court for the Central District of California against the Company, other manufacturers and marketers of high-fructose corn syrup (HFCS), and the Corn Refiners Association, alleging that the defendants falsely claimed that HFCS is "natural" and nutritionally equivalent to sugar. The defendants have filed counterclaims against the plaintiffs. The parties are currently engaged in pretrial proceedings.

Item 4. MINE SAFETY DISCLOSURES

None.

22

PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock Market Prices and Dividends

The Company’s common stock is listed and traded on the New York Stock Exchange and the Frankfurt Stock Exchange. The following table sets forth, for the periods indicated, the high and low market prices of the common stock as reported on the New York Stock Exchange and common stock cash dividends declared per share.

					Cash
	Market Price				Dividends
	High		Low		Per Share
Fiscal Year 2014-Quarter Ended
December 31	$	53.91	$	41.63	$	0.24
September 30	52.36		44.15		0.24
June 30	45.40		41.72		0.24
March 31	43.60		37.92		0.24
Fiscal Year 2013-Quarter Ended
December 31	$	43.99	$	36.01	$	0.19
September 30	38.81		34.11		0.19
June 30	35.04		31.50		0.19
March 31	33.77		27.90		0.19

The number of registered shareholders of the Company’s common stock at December 31, 2014, was 11,292. The Company expects to continue its policy of paying regular cash dividends, although there is no assurance as to future dividends because they are dependent on future earnings, capital requirements, and financial condition.

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program (2)	Number of Shares Remaining to be Purchased Under the Program (2)
October 1, 2014 to October 31, 2014	2,115,504	$	46.552	2,080,560	47,575,761
November 1, 2014 to November 30, 2014	857,045	52.063		857,045	46,718,716
December 1, 2014 to December 31, 2014	6,500,414	52.213		6,500,414	40,218,302
Total	9,472,963	$	50.935	9,438,019	40,218,302

(1)  Total shares purchased represent 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 stock awards. During the three-month period ended December 31, 2014, there were 34,944 shares received as payment for the minimum withholding taxes on vested restricted stock awards.  During the three-month period ended December 31, 2014, 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. On November 5, 2014, 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, 2015 and ending December 31, 2019.

23

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES (Continued)

Performance Graph

The graph below compares the Company’s common stock with those of the S&P 500 Index and the S&P Consumer Staples Index.  The graph assumes an initial investment of $100 on June 30, 2009 and assumes all dividends have been reinvested through December 31, 2014.

COMPARISON OF 66 MONTH CUMULATIVE TOTAL RETURN

Among Archer Daniels Midland Company (ADM), the S&P 500 Index, and the S&P Consumer Staples

Copyright© 2013 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved.

24

Item 6. SELECTED FINANCIAL DATA

Selected Financial Data

(In millions, except ratio and per share data)

	Years Ended				Six Months Ended				Fiscal Years Ended
	December 31				December 31				June 30
	2014		2013		2012		2011		2012		2011		2010
							(Unaudited)
Revenues	$	81,201	$	89,804	$	46,729	$	45,208	$	89,038	$	80,676	$	61,682
Depreciation	850		827		396		391		793		827		857
Net earnings attributable to controlling interests	2,248		1,342		692		540		1,223		2,036		1,930
Basic earnings per common share	3.44		2.03		1.05		0.81		1.84		3.17		3.00
Diluted earnings per common share	3.43		2.02		1.05		0.81		1.84		3.13		3.00
Cash dividends	624		501		230		224		455		395		372
Per common share	0.96		0.76		0.35		0.335		0.685		0.62		0.58
Working capital	$	10,426	$	12,872	$	12,769	$	12,395	$	12,328	$	14,286	$	9,561
Current ratio	1.7		1.8		1.8		1.8		1.8		2.1		2.1
Inventories	9,374		11,441		13,836		12,415		12,192		12,055		7,871
Net property, plant, and equipment	9,960		10,137		10,123		9,601		9,812		9,500		8,712
Gross additions to property, plant, and equipment	1,357		947		641		1,058		1,719		1,512		1,788
Total assets	44,027		43,752		45,136		41,701		41,771		42,352		31,808
Long-term debt, excluding current maturities	5,558		5,347		6,456		6,762		6,535		8,266		6,830
Shareholders’ equity	19,630		20,194		19,131		18,165		18,169		18,838		14,631
Per common share	30.82		30.64		29.03		27.44		27.57		27.87		22.89
Weighted average shares outstanding-basic	653		661		660		669		665		642		643
Weighted average shares outstanding-diluted	656		663		661		670		666		654		644

Significant items affecting the comparability of the financial data shown above are as follows:

• Net earnings attributable to controlling interests for the year ended December 31, 2014 include a gain on sale of assets related to the sale of the fertilizer business and other asset of $135 million ($89 million after tax, equal to $0.14 per share), gain of $156 million ($97 million after tax, equal to $0.15 per share) upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture resulting from the contribution of additional assets by another member in exchange for new equity units, and loss of $102 million ($63 million after tax, equal to $0.10 per share) on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition, as discussed in Note 12 in Item 8, asset impairment charges related to certain fixed assets of $41 million ($26 million after tax, equal to $0.04 per share) and $64 million ($41 million after tax, equal to $0.06 per share) of costs related to the relocation of the global headquarters to Chicago, Illinois, and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges, as discussed in Note 19 in Item 8, and a charge of $98 million ($61 million after tax, equal to $0.09 per share) related to pension settlements.

25

Item 6. SELECTED FINANCIAL DATA (Continued)

• Net earnings attributable to controlling interests for the year ended December 31, 2013 include other-than-temporary impairment charges of $155 million ($155 million after tax, equal to $0.23 per share) on the Company's GrainCorp investment, asset impairment charges of $51 million ($51 million after tax, equal to $0.08 per share) related to the Company's Brazilian sugar milling business, and other impairment charges principally for certain property, plant and equipment assets totaling $53 million ($34 million after tax, equal to $0.05 per share) as discussed in Note 19 in Item 8, realized losses on Australian dollar currency hedges of $40 million ($25 million after tax, equal to $0.04 per share) related to the proposed GrainCorp acquisition, valuation allowance on certain deferred tax assets of $82 million (equal to $0.12 per share), income tax benefit recognized in the current period of $55 million (equal to $0.08 per share) related to biodiesel blending credits earned in the prior periods, charges of $54 million ($37 million after tax, equal to $0.06 per share) related to the FCPA matter, and other charges of $18 million ($12 million after tax, equal to $0.02 per share).

• Net earnings attributable to controlling interests for the six months ended December 31, 2012 include an asset impairment charge of $146 million ($107 million after tax, equal to $0.16 per share) related to the Company’s investments associated with Gruma, a gain of $62 million ($49 million after tax, equal to $0.07 per share) related to the Company’s interest in GrainCorp, a gain of $39 million ($24 million after tax, equal to $0.04 per share) related to the sale of certain of the Company’s exchange membership interests, and charges of $68 million ($44 million after tax, equal to $0.07 per share) related to pension settlements.

• Net earnings attributable to controlling interests for the six months ended December 31, 2011 include exit costs and asset impairment charges of $352 million ($222 million after tax, equal to $0.33 per share) related primarily to the writedown of the Company’s Clinton, IA bioplastics facility.

• Net earnings attributable to controlling interests for the year ended June 30, 2012 include exit costs and asset impairment charges of $437 million ($274 million after tax, equal to $0.41 per share) related primarily to the bioplastics facility and global workforce reduction program.

• Net earnings attributable to controlling interests for the year ended June 30, 2011 include a gain of $71 million ($44 million after tax, equal to $0.07 per share) related to the acquisition of the remaining interest in Golden Peanut (Golden Peanut Gain), start up costs for the Company’s significant new greenfield plants of $94 million ($59 million after tax, equal to $0.09 per share), charges on early extinguishment of debt of $15 million ($9 million after tax, equal to $0.01 per share), gains on interest rate swaps of $30 million ($19 million after tax, equal to $0.03 per share) and a gain of $78 million ($49 million after tax, equal to $0.07 per share) related to the sale of bank securities held by the Company’s equity investee, Gruma.  During the second quarter of fiscal year 2011, the Company updated its estimates for service lives of certain of its machinery and equipment assets.  The effect of this change in accounting estimate on pre-tax earnings for the year ended June 30, 2011 was an increase of $133 million ($83 million after tax, equal to $0.13 per share).  Basic and diluted weighted average shares outstanding for 2011 include 44 million shares issued on June 1, 2011 related to the Equity Unit conversion.  Diluted weighted average shares outstanding for 2011 include 44 million shares assumed issued on January 1, 2011 as required using the “if-converted” method of calculating diluted earnings per share for the quarter ended March 31, 2011. 

• Net earnings attributable to controlling interests for the year ended June 30, 2010 include a charge of $75 million ($47 million after tax, equal to $0.07 per share) related to loss on extinguishment of debt resulting from the repurchase of $500 million in aggregate principal amount of the Company’s outstanding debentures, and start up costs for the Company’s significant new greenfield plants of $110 million ($68 million after tax, equal to $0.11 per share).

26

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Company Overview

This MD&A should be read in conjunction with the accompanying consolidated financial statements.

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.  The Company uses its significant global asset base to originate and transport agricultural commodities, connecting to markets in 147 countries.  The Company also processes corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses.  The Company uses its global asset network, business acumen, and its relationships with suppliers and customers to efficiently connect the harvest to the home thereby generating returns for our shareholders, principally from margins earned on these activities.

The Company’s operations are organized, managed and classified into three reportable business segments: Oilseeds Processing, Corn Processing, and Agricultural Services.  Each of these segments is organized based upon the nature of products and services offered.  The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Other.

During the fourth quarter of 2014, the Company completed the acquisition of Wild Flavors and SCI for a total consideration of $2.9 billion, making the Company one of the world’s leading flavors and specialty ingredients companies. Effective January 1, 2015, the Company has formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors and SCI were reported in Other as the 2014 results were not material to the Company.

The Oilseeds Processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals.  Oilseeds products produced and marketed by the Company include ingredients for the food, feed, energy, and industrial products industries.  Crude vegetable oils produced by the segment’s crushing activities are sold “as is” or are further processed by refining, blending, bleaching, and deodorizing into salad oils.  Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel or are sold to other manufacturers for use in chemicals, paints, and other industrial products.  Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds.  In Europe and South America, the Oilseeds Processing segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets.  These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds.  The Oilseeds Processing segment produces natural health and nutrition products and other specialty food and feed ingredients.  The Oilseeds Processing segment is a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets.  In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets. The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food processing industry.   The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar and its share of results for its Stratas Foods LLC and Edible Oils Limited joint ventures. Prior to December 2014, the Oilseeds Processing segment operated fertilizer blending facilities in South America. In December 2014, the Company completed the sale of its fertilizer blending business.

27

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States.  The Corn Processing segment converts corn into sweeteners and starches, and bioproducts.  Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose.  Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations.  By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other specialty food and animal feed ingredients.  Ethyl alcohol is produced by the Company for industrial use as ethanol or as beverage grade.  Ethanol, in gasoline, increases octane and is used as an extender and oxygenate.  Bioproducts also include amino acids such as lysine and threonine that are vital compounds used in swine feeds to produce leaner animals and in poultry feeds to enhance the speed and efficiency of poultry production.  Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients.  Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal.  Other Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products.  The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related operations.  This segment also includes the Company’s share of the results of its equity investments in Almidones Mexicanos S.A., Eaststarch C.V., and Red Star Yeast Company LLC.

The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry.  The Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services.  Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour, the processing and distribution of formula feeds, animal health and nutrition products, and the procurement, processing, and distribution of edible beans.  The Agricultural Services segment includes the activities of Toepfer, a global merchant of agricultural commodities and processed products.  On June 6, 2014, the Company announced that it has completed its acquisition of the remaining 20% interest in Toepfer. The Agricultural Services segment also includes the Company’s 32.2% share of the results of its Pacificor (formerly Kalama Export Company LLC) joint venture and returns associated with the Company's 19.8% investment in GrainCorp. Prior to December 2012, the Company had a 23.2% interest in Gruma S.A.B. de C.V. (Gruma), the world’s largest producer and marketer of corn flour and tortillas.  Additionally, the Company had joint ventures in corn flour and wheat flour mills with and through Gruma.  In December 2012, the Company sold its 23.2% interest in Gruma and the Gruma-related joint ventures.

Other includes the activities of Wild Flavors, SCI, and the Company’s remaining operations, primarily its financial business units, related principally to futures commission merchant and insurance activities. 

Corporate results principally include the impact of LIFO-related inventory adjustments, unallocated corporate expenses, interest cost net of investment income, and the Company’s share of the results of an equity investment. Corporate results also include the after-tax elimination of income attributable to the minority shareholder of Toepfer except during the calendar year 2012 when the put options related to these interests expired and the results were included in noncontrolling interest. The Company acquired the remaining 20% interest in Toepfer during the second quarter of 2014, thus no longer requiring the elimination of income attributable to the minority shareholder as of June 30, 2014.

Significant Ongoing Portfolio Management Actions

The Company's recently announced additional significant actions in its portfolio management include:

• completing the sale of its fertilizer blending business in Brazil and Paraguay on December 17, 2014 following the announcement of a signed agreement with The Mosaic Company to sell the business on April 15, 2014;

• announcing the sale of its global chocolate business to Cargill, Inc. for $440 million on September 2, 2014;

• announcing the sale of its global cocoa business to Olam International Limited for $1.3 billion on December 15, 2014; and

• signing an agreement with Glencore plc to sell a 50 percent stake in its export terminal in Barcarena, in the northern Brazilian state of Pará on February 3, 2015.

28

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The chocolate, cocoa, and export terminal transactions are expected to close in 2015, subject to completion of customary closing conditions, including regulatory approvals, which are in process. The chocolate and cocoa businesses are classified as held for sale as of December 31, 2014.

Operating Performance Indicators

The Company’s oilseeds processing and agricultural services operations are principally agricultural commodity-based businesses where changes in selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials.  Therefore, changes in agricultural commodity prices have relatively equal impacts on both revenues and cost of products sold.  Thus, changes in revenues of these businesses do not necessarily correspond to the changes in margins or gross profit.

The Company’s corn processing operations and certain other food and animal feed processing operations also utilize agricultural commodities (or products derived from agricultural commodities) as raw materials.  However, in these operations, agricultural commodity market price changes do not necessarily equal changes in cost of products sold. Thus, changes in revenues of these businesses may correspond to changes in margins or gross profit.

The Company has consolidated subsidiaries in 79 countries.  For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency.  Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods.  For the majority of the Company’s business activities in Brazil, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require conversion to the functional currency.  Fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar can result in corresponding fluctuations in the U.S. dollar value of revenues and expenses reported by the Company.

The Company measures its performance using key financial metrics including net earnings, segment operating profit, return on invested capital, EBITDA, economic value added, and cost per metric ton.  The Company’s operating results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings,  government programs and policies, changes in global demand, general global economic conditions, changes in standards of living, and global production of similar and competitive crops.  Due to these unpredictable factors, the Company undertakes no responsibility for updating any forward-looking information contained within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

As an agricultural commodity-based business, the Company is subject to a variety of market factors which affect the Company’s operating results. Demand for global protein meal and vegetable oil remained strong and steady. Demand for export of North American corn and soybeans was strong, but logistical challenges during the winter months, including rail delays and river freezes, caused higher costs making U.S. exports less competitive. Despite a large harvest in South America, U.S. grain exports continued for longer than normal in 2014 due to slow South American farmer selling. U.S. corn and wheat storage and merchandising opportunities were limited for much of the year until the 2014 record fall harvest. Corn sweetener demand was steady. Strong U.S. ethanol demand from both domestic and export markets, combined with industry logistical and production challenges in the winter months, led to volatile but strong overall 2014 ethanol margins. South American grain and oilseed origination volumes and margins were challenged by the slow farmer selling. Cocoa press margins have continued to improve from last year when margins were negatively impacted by excess capacity.

29

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Net earnings attributable to controlling interests increased $0.9 billion to $2.2 billion. Segment operating profit was $3.9 billion, up 45%, due primarily to improved corn processing and grain merchandising and handling results. Included in this year's segment operating profit was a gain of approximately $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units, a gain of $126 million on the sale of the fertilizer business, long-lived asset impairment charges of $35 million, and Wild Flavors restructuring charges and acquisition costs of $33 million. In 2013, segment operating profit included a $155 million write-down related to the Company's GrainCorp investment, a $51 million impairment of certain long-lived assets at its Brazilian sugar mill, and approximately $27 million of other long-lived asset impairment charges principally in the Corn Processing segment. Excluding these unique items, segment operating profit improved approximately 26% in 2014. Corporate costs of $785 million in 2014 were higher by $101 million. Included in 2014 costs were losses of $102 million on Euro foreign currency derivative contracts entered into to economically hedge the anticipated Wild Flavors acquisition and $98 million of non-cash pension settlement charges. The prior year period included $54 million of charges related to an anti-corruption settlement, losses of $40 million on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp acquisition, $21 million costs related to strategic projects, and costs of $32 million primarily related to asset write-downs and allocations of costs between corporate and the operating segments. In 2014, LIFO inventory reserves declined resulting in pretax LIFO credits to earnings of $245 million compared to LIFO credits of $225 million in 2013. Excluding LIFO and these other items, corporate costs increased $68 million, which is primarily due to higher enterprise resource planning project, I.T., and other project-related costs. Partially offsetting the increase was lower interest expense due principally to lower outstanding long-term debt balances.

The Company's effective tax rate for 2014 was 28.0% compared to 33.1% for 2013. The 2014 rate was positively impacted by $47 million of positive discrete tax adjustments and a slight favorable shift in the geographic mix of earnings. The 2013 rate was negatively impacted by valuation allowances on deferred tax assets, partially offset by favorable discrete income tax benefits related to amounts received from the U.S. government in the form of biodiesel credits. Excluding these factors, the effective tax rate for 2013 was approximately 30%.

Analysis of Statements of Earnings

Processed volumes by product for the years ended December 31, 2014 and 2013 are as follows (in metric tons):

(In thousands)	2014	2013	Change
Oilseeds	32,208	31,768	440
Corn	23,668	23,688	(20	)
Milling and cocoa	7,318	7,226	92
Total	63,194	62,682	512

The Company continued to operate its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to current and seasonal local supply and demand conditions.

30

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Revenues by segment for the years ended December 31, 2014 and 2013 are as follows:

(In millions)	2014		2013		Change
Oilseeds Processing
Crushing and Origination	$	18,542	$	20,522	$	(1,980	)
Refining, Packaging, Biodiesel, and Other	9,111		10,375		(1,264		)
Cocoa and Other	3,439		3,281		158
Asia	454		705		(251		)
Total Oilseeds Processing	31,546		34,883		(3,337		)
Corn Processing
Sweeteners and Starches	3,749		4,717		(968		)
Bioproducts	7,937		8,422		(485		)
Total Corn Processing	11,686		13,139		(1,453		)
Agricultural Services
Merchandising and Handling	33,061		36,968		(3,907		)
Milling and Other	4,001		4,284		(283		)
Transportation	265		228		37
Total Agricultural Services	37,327		41,480		(4,153		)
Other
Processing	312		—		312
Financial	330		302		28
Total Other	642		302		340
Total	$	81,201	$	89,804	$	(8,603	)

Revenues in 2014 decreased 10% to $81.2 billion due principally to lower average sales prices ($8.0 billion) related to a decrease in underlying commodity prices, lower overall sales volumes ($0.7 billion), and changes in foreign currency exchange rates of $0.2 billion partially offset by higher revenues in Other ($0.3 billion) due to recent acquisitions. The decrease in underlying commodity prices did not result in a significant decrease in margins or gross profit as lower underlying commodity prices had a relatively equal impact on cost of products sold. Oilseeds Processing revenues decreased 10% to $31.5 billion due principally to lower sales volumes for soybeans and soybean meal ($1.9 billion) and lower average sales prices ($1.4 billion). Corn Processing revenues decreased 11% to $11.7 billion due principally to lower average sales prices ($1.6 billion) partially offset by higher sales volumes ($0.1 billion). Agricultural Services revenues decreased 10% to $37.3 billion due principally to lower average sales prices ($5.2 billion) and partially offset by higher sales volumes ($1.1 billion).

Cost of products sold decreased 11% to $76.4 billion due principally to lower average commodity costs partially offset by higher manufacturing costs. Included in 2014 cost of products sold is a credit of $245 million from the effect of decreasing agricultural commodity prices on LIFO inventory valuation reserves compared to a credit of $225 million in 2013. Manufacturing expenses increased $0.2 billion mostly due to higher energy costs and higher maintenance costs. Higher energy costs were driven by unusually high volatility of natural gas prices during the winter months early in the year due primarily to supply interruptions impacted by the severe winter weather conditions.

Selling, general, and administrative expenses (SG&A) increased $148 million to $1.9 billion due principally to a $98 million non-cash pretax pension settlement charge related to settling certain U.S. retiree liabilities with lump sum payments and incremental SG&A expenses of $73 million related to the acquired Wild Flavors and SCI businesses, partially offset by the absence of the prior year charge of $54 million related to an anti-corruption settlement. In addition, salaries and benefits and enterprise resource planning project, information technology, and other project-related costs were higher year over year.

31

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Asset impairment, exit, and restructuring costs of $105 million include $16 million of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, $48 million of restructuring charges related primarily to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest, other-than-temporary investment writedown of $6 million, and property, plant, and equipment asset impairments of $35 million. The 2013 charges of $259 million were comprised of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment, asset impairment charges of $51 million related to the Company's Brazilian sugar milling business, and other impairment charges principally for certain property, plant, and equipment assets totaling $53 million.

Interest expense decreased $76 million to $337 million primarily due to lower outstanding long-term debt balances. During February 2014, the Company repaid $1.15 billion principal amount of convertible senior notes with available funds.

Equity in earnings of unconsolidated affiliates decreased $39 million to $372 million primarily due to lower earnings from the Company’s investments in CIP and Wilmar.

Other income increased $194 million to $247 million due principally to a gain of $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units, a gain of $126 million on the sale of the South American fertilizer business, and the absence of prior year losses of $40 million on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp acquisition, partially offset by current period losses of $102 million on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition.

32

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Operating profit by segment and earnings before income taxes for the year ended December 31, 2014 and 2013 are as follows:

(In millions)	2014			2013			Change
Oilseeds Processing
Crushing and Origination	$	868		$	835		$	33
Refining, Packaging, Biodiesel, and Other	478			454			24
Cocoa and Other	92			(33		)	125
Asia	167			217			(50		)
Total Oilseeds Processing	1,605			1,473			132
Corn Processing
Sweeteners and Starches	484			492			(8		)
Bioproducts	704			322			382
Total Corn Processing	1,188			814			374
Agricultural Services
Merchandising and Handling	653			33			620
Milling and Other	249			270			(21		)
Transportation	187			77			110
Total Agricultural Services	1,089			380			709
Other
Processing	(46		)	—			(46		)
Financial	79			41			38
Total Other	33			41			(8		)
Total Segment Operating Profit	3,915			2,708			1,207
Corporate	(785		)	(684		)	(101		)
Earnings Before Income Taxes	$	3,130		$	2,024		$	1,106

Corporate results are as follows:

(In millions)	2014			2013			Change
LIFO credit (charge)	$	245		$	225		$	20
Interest expense - net	(318		)	(408		)	90
Unallocated corporate costs	(414		)	(331		)	(83		)
Other charges	(228		)	(147		)	(81		)
Minority interest and other	(70		)	(23		)	(47		)
Total Corporate	$	(785	)	$	(684	)	$	(101	)

33

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Oilseeds Processing operating profit increased $132 million to $1.6 billion. Included in the current year operating profit is a charge of approximately $17 million for cocoa hedge timing effects compared to a charge of approximately $13 million in the prior year. Crushing and Origination operating profit increased $33 million to $868 million. Included in the current year results is a gain on sale of the fertilizer business of $126 million. Excluding this gain the Crushing and Origination operating profit decreased by $93 million primarily due to lower South American grain origination results caused by year-over-year slower farmer-selling, reduced crush margins and lower fertilizer results partially offset by strong soybean and softseed volumes and margins in North America and Europe. Refining, Packaging, Biodiesel, and Other results improved $24 million to $478 million on good demand and improved margins for refined and packaged oils and improved European biodiesel results. Cocoa and Other results, including the mark-to-market timing effects discussed above, improved $125 million to $92 million as cocoa press margins significantly increased. Asia results declined $50 million to $167 million, principally reflecting a decrease from the Company’s share of its results from its equity investee, Wilmar.

Corn Processing operating profit increased $374 million to $1.2 billion. Included in the current period operating profit is a gain of approximately $25 million for corn hedge timing effects and $15 million of asset impairment charges; while the prior period included a charge of approximately $15 million for corn hedge time effects and $71 million of asset impairment charges. Excluding these items, Sweeteners and Starches operating profit decreased $39 million primarily due to lower average selling prices partially offset by lower net corn costs. Also contributing to the decrease were decreased co-products income, an additional $8 million in bad debt reserve and $7 million of startup costs related to the new sweetener facility in Tianjin, China. Excluding corn hedge timing effects and asset impairment charges, Bioproducts profit in the current year improved by $317 million as solid demand for U.S. ethanol from domestic and export markets, lower net corn costs, and lower industry production volumes early in the year caused by logistical and production challenges combined to drive volatile but overall strong margins.

Agricultural Services operating profit increased $709 million to $1.1 billion. Current year results in Merchandising and Handling include a gain of $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units and asset impairment charges of $14 million. Prior year results included an approximately $30 million intercompany insurance-related gain and a $155 million asset impairment charge related to the other than temporary impairment of the Company's GrainCorp investment. Excluding these items, Merchandising and Handling operating profit increased $353 million due principally to higher U.S. grain export volumes and improvement in international merchandising results. Transportation operating profit improved $110 million to $187 million due to higher volumes and freight rates in barge operations. Milling and Other results declined $21 million to $249 million on lower margins and volumes in the milling business for most of the year reducing opportunities for grain and feed merchandising.

Other processing operating profit reflects a loss of $46 million due primarily to the results of Wild Flavors and SCI which were acquired by the Company in the fourth quarter of 2014. Wild Flavors' results include $33 million in restructuring charges and acquisition costs and $23 million in additional expense for the amortization of fair value adjustments primarily related to inventories. Other financial operating profit increased $38 million to $79 million mainly due to the absence of an approximately $30 million insurance-related loss in the prior year which offset the insurance-related gain reported in the Agricultural Services segment.

Corporate results were a net charge of $785 million in the current year compared to a net charge of $684 million in the prior year. The effects of decreasing commodity prices on LIFO inventory valuations resulted in a credit of $245 million in the current year compared to a credit of $225 million in the prior year. Interest expense - net declined $90 million due principally to lower outstanding long-term debt balances. Unallocated corporate costs increased $83 million primarily due to higher expenses related to the enterprise resource planning project, special strategic projects, and compensation accruals. Other charges in the current year of $228 million consisted of losses of $102 million on Euro foreign currency derivative contracts entered into to economically hedge the anticipated Wild Flavors acquisition, global headquarters relocation costs of $16 million, Toepfer integration and other restructuring charges of $15 million, and pension settlement of $98 million. Other charges in the prior year of $147 million consisted of a $54 million provision related to an anti-corruption settlement, losses of $40 million on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp acquisition, $21 million of costs related to strategic merger and acquisition projects, and $32 million of costs primarily related to asset write-downs and reallocations of costs from the operating segments to corporate. Minority interest and other expense increased $47 million primarily due to changes in the elimination of the income attributable to the minority shareholder of Toepfer.

34

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Six Months Ended December 31, 2012 Compared to Six Months Ended December 31, 2011 (Unaudited)

Net earnings attributable to controlling interests increased $152 million to $692 million.  Asset impairment, exit, and restructuring costs in the 2012 period decreased $115 million after tax ($206 million pretax).  The 2012 period results also include gains of $49 million after tax related to the Company’s interest in GrainCorp and a gain of $24 million after tax related to the sale of certain of the Company’s exchange membership interests, partially offset by charges of $44 million after tax related to pension settlements.

Income taxes increased $66 million due to higher earnings before income taxes.  The effective income tax rate of 30.4% in 2012 compares to the rate of 30.3% in the prior period.

Segment operating profit in the 2012 period increased $243 million due to a $318 million improvement in operating results in the Oilseeds Processing segment, the absence of the prior period asset impairment charges of $339 million in the Corn Processing segment related primarily to the write-down of assets at its Clinton, IA bioplastics facility, and higher results of the Company’s Financial operations of $76 million, in part due to a gain on sale of certain of the Company’s exchange membership interests and favorable captive insurance loss reserve adjustments.  Partially offsetting these improvements were lower results in the 2012 period in Corn Processing’s bioproducts business of $408 million, excluding the Clinton, IA asset impairment charge discussed above, and the 2012 period loss of $146 million in the Agricultural Services segment related to the disposal of Gruma.

Corporate expenses were $27 million higher in the 2012 period, due primarily to $68 million of pension settlement charges, partially offset by higher returns on the Company's equity method investment in CIP.

Analysis of Statements of Earnings

Processed volumes by product for the six months ended December 31, 2012 and 2011 are as follows (in metric tons):

	Six Months Ended December 31,
(In thousands)	2012	2011	Change
Oilseeds	15,868	15,209	659
Corn	12,307	12,408	(101	)
Milling and cocoa	3,603	3,736	(133	)
Total	31,778	31,353	425

The Company continued to operate its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to current and seasonal local supply and demand conditions.

35

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Revenues by segment for the six months ended December 31, 2012 and 2011 are as follows:

	Six Months Ended December 31,
(In millions)	2012		2011		Change
	(Unaudited)
Oilseeds Processing
Crushing and Origination	$	10,784	$	8,927	$	1,857
Refining, Packaging, Biodiesel and Other	5,256		6,218		(962		)
Cocoa and Other	1,746		1,952		(206		)
Asia	266		240		26
Total Oilseeds Processing	18,052		17,337		715
Corn Processing
Sweeteners and Starches	2,405		2,316		89
Bioproducts	3,762		4,135		(373		)
Total Corn Processing	6,167		6,451		(284		)
Agricultural Services
Merchandising and Handling	20,159		19,061		1,098
Transportation	128		149		(21		)
Milling and Other	2,154		2,154		—
Total Agricultural Services	22,441		21,364		1,077
Other
Financial	69		56		13
Total Other	69		56		13
Total	$	46,729	$	45,208	$	1,521

As an agricultural commodity-based business, the Company is subject to a variety of market factors which affect the Company’s operating results.  From a demand perspective, protein meal demand continued to increase, particularly for U.S. domestic and export markets.  Demand for soybeans was solid.  Weaker U.S. gasoline demand and unfavorable global ethanol trade flows resulted in continued excess industry ethanol capacity.   From a supply perspective, following below-average harvests in the 2011/2012 crop year in North and South America, corn and soybean supplies were tight and commodity market prices were generally higher.  In South America, farmers responded to high crop prices with record soybean plantings for the 2012/2013 crop year.  The lower corn harvest in the U.S. due to the drought led to higher corn prices and higher demand for corn from South America.

Revenues increased $1.5 billion to $46.7 billion.  Higher average selling prices increased revenues by $4.9 billion, primarily due to increases in underlying commodity prices,  while lower sales volumes, inclusive of the effects of acquisitions, reduced revenues by $2.4 billion.  Changes in foreign currency exchange rates decreased revenues by $1.0 billion.  Oilseeds Processing sales increased 4% to $18.1 billion due principally to higher average selling prices of protein meal and soybeans and higher sales volumes of corn, primarily in South America, and protein meal.  Corn Processing sales decreased 4% to $6.2 billion due principally to lower average selling prices of ethanol.  Agricultural Services sales increased 5% to $22.4 billion, due to higher average selling prices of soybeans and wheat partially offset by lower sales volumes of corn.

Cost of products sold increased $1.6 billion to $44.9 billion due principally to higher prices of agricultural commodities partially offset by lower manufacturing costs and $1.1 billion related to the effects of changing foreign currency rates.  Manufacturing expenses decreased $102 million or 3%, due principally to lower energy and repairs and maintenance costs, and savings in employee and benefit-related costs.

36

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Selling, general and administrative expenses increased $39 million to $869 million.  Included in selling, general, and administrative expenses are pension settlement charges of $68 million for the six months ended December 31, 2012.  Excluding these pension settlement charges, selling, general, and administrative expenses declined $29 million or 3% due principally to lower employee and benefit-related costs.

Asset impairment charges in the 2012 period represent impairments of $146 million related to the Company’s divestment of its equity method investments in Gruma and Gruma-related joint ventures.  The prior year charges relate to the Company’s Clinton, IA bioplastics facility.  Property, plant, and equipment were written down to estimated fair value resulting in impairment charges of $320 million.  In addition, charges of $32 million were recognized for exit activities and to impair other assets.

Other income increased $97 million to $109 million due primarily to $62 million of gains related to the Company’s interest in GrainCorp and $39 million of gains on the sale of certain of the Company’s exchange membership interests.

Operating profit by segment and earnings before income taxes for the six months ended December 31, 2012 and 2011 are as follows:

	Six Months Ended December 31,
(In millions)	2012			2011			Change
	(Unaudited)
Oilseeds Processing
Crushing and Origination	$	517		$	227		$	290
Refining, Packaging, Biodiesel, and Other	78			132			(54		)
Cocoa and Other	65			(28		)	93
Asia	87			98			(11		)
Total Oilseeds Processing	747			429			318
Corn Processing
Sweeteners and Starches	191			105			86
Bioproducts	(120		)	(51		)	(69		)
Total Corn Processing	71			54			17
Agricultural Services
Merchandising and Handling	299			315			(16		)
Transportation	67			81			(14		)
Milling and Other	29			167			(138		)
Total Agricultural Services	395			563			(168		)
Other
Financial	93			17			76
Total Other	93			17			76
Total Segment Operating Profit	1,306			1,063			243
Corporate	(309		)	(282		)	(27		)
Earnings Before Income Taxes	$	997		$	781		$	216

37

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Corporate results are as follows:

	Six Months Ended December 31,
(In millions)	2012			2011			Change
	(Unaudited)
LIFO credit (charge)	$	60		$	67		$	(7	)
Interest expense - net	(219		)	(197		)	(22		)
Unallocated corporate costs	(140		)	(155		)	15
Charges from debt buyback and exchange	(5		)	(4		)	(1		)
Pension settlements	(68		)	—			(68		)
Other	63			7			56
Total Corporate	$	(309	)	$	(282	)	$	(27	)

Oilseeds Processing operating profit increased $318 million to $747 million.  Crushing and Origination operating profit increased $290 million to $517 million as results in North America, Europe and South America improved.  The Company’s U.S. soybean operations delivered strong results, with high seasonal utilization amid good U.S. and export meal demand.  In Europe, rapeseed and soybean crushing earnings improved significantly.  In South America, results benefited from improved soybean crushing margins.  Refining, Packaging, Biodiesel, and Other results decreased $54 million to $78 million primarily due to weaker European and U.S. biodiesel results.  Cocoa and Other results increased $93 million as weaker cocoa press margins were offset by the absence of the prior period’s net unrealized mark-to-market losses related to certain forward purchase and sales commitments accounted for as derivatives.  Asia results decreased $11 million to $87 million principally reflecting the Company’s share of its results from equity investee, Wilmar.

Corn Processing operating profit increased $17 million to $71 million.  The prior period results include $339 million in asset impairment charges and exit costs related to the Company’s Clinton, IA bioplastics facility.  Excluding the bioplastics charges and exit costs, Corn Processing operating profit declined $322 million.  Sweeteners and Starches operating profit increased $86 million to $191 million, as tight sweetener industry capacity supported higher average selling prices.  The prior period Sweeteners and Starches results were negatively impacted by higher net corn costs related to the mark-to-market timing effects of economic hedges.  Bioproducts profit decreased $69 million to a $120 million loss.  Excluding the $339 million prior year asset impairment charges, Bioproducts profit decreased $408 million.  Weak domestic gasoline demand and unfavorable global ethanol trade flows resulted in continued excess industry capacity, keeping ethanol margins negative.

Agricultural Services operating profit, including the 2012 period $146 million Gruma asset impairment charge and $62 million gain on the Company’s interest in GrainCorp, decreased $168 million to $395 million.  Merchandising and Handling earnings decreased $16 million mostly due to weaker U.S. merchandising results impacted by the smaller U.S. harvest.  Merchandising and Handling earnings in the 2012 period include the $62 million gain on the Company’s interest in GrainCorp.  Earnings from transportation operations decreased $14 million to $67 million due to increased barge operating expenses caused by low water on the Mississippi River partially offset by higher freight rates.  Milling and Other operating profit decreased $138 million to $29 million due principally to a $146 million impairment charge on the disposal of the Company’s equity method investments in Gruma and Gruma-related joint ventures.  Milling results remained strong, and the Company’s feed business saw improved margins amid stronger demand.

Other financial operating profit increased $76 million to $93 million mainly due to asset disposal gains for certain of the Company’s exchange membership interests and improved results of the Company’s captive insurance subsidiary.

Corporate expenses increased $27 million to $309 million in the 2012 period.  The Company incurred $68 million in pension settlement charges related to a one-time window for lump sum distributions in the U.S. and the conversion of a Dutch pension plan to a multi-employer plan.  Excluding these pension charges, corporate expenses declined by $41 million.  Corporate interest expense - net increased $22 million mostly due to the absence of interest income received in the prior period related to a contingent gain settlement.   Unallocated corporate costs were lower by $15 million primarily due to lower employee and employee benefit-related costs.  The increase in other income of $56 million is primarily due to improved equity earnings from corporate affiliate investments.

38

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Year Ended June 30, 2012 Compared to Year Ended June 30, 2011

As an agricultural commodity-based business, the Company is subject to a variety of market factors which affect the Company’s operating results.  From a demand perspective, global protein meal consumption has continued to grow although at a slower rate.  Excess industry crushing production capacity has pressured oilseeds margins, and the Company has adjusted production rates regionally to balance supply with current market demand.  Biodiesel markets supported global demand for refined and crude vegetable oils.  In the U.S., high biodiesel inventories associated with the December 31, 2011, expiration of blender’s incentives dampened margins in the second half of the fiscal year.  U.S. corn sweetener exports continue to support sales volumes and margins.  Ethanol sales volumes were supported by favorable gasoline blending economics in the U.S.  However, excess industry production of ethanol, together with recently reduced U.S. ethanol export demand, has negatively impacted ethanol margins.  From a supply perspective, crop supplies in certain key growing regions at the beginning of fiscal 2012, including South America and the Black Sea region, were adequate, but a smaller-than-normal harvest in North America in the fall of 2011 resulted in low U.S. carryover stocks for corn and soybeans.  Because of the smaller than expected South American harvest, global supplies of corn and soybeans were more dependent on the North American harvest.  While plantings of corn increased in the U.S. during fiscal 2012, the drought conditions late in the fiscal year decreased expectations for the size of the harvest.  These factors, combined with concerns about the European debt situation and ongoing geopolitical uncertainties, contributed to volatile commodity market price movements during fiscal 2012.

Net earnings attributable to controlling interests decreased $0.8 billion to $1.2 billion.  Segment operating profit declined $1.6 billion to $2.5 billion amid more challenging conditions generally affecting all reportable segments.  Segment operating profit in fiscal 2012 included $349 million of asset impairment charges and exit costs comprised of $335 million to exit the Company’s Clinton, IA, bioplastics plant and $14 million to shut down its Walhalla, ND, ethanol dry mill.  Earnings before income taxes included a credit of $10 million from the effect on LIFO inventory valuation reserves, including the liquidation of LIFO inventory layers, partially offset by increasing agricultural commodity prices, compared to charges of $368 million in the prior year.  Fiscal 2012 unallocated corporate expenses included $71 million of charges related to the Company’s global workforce reduction program.

Income taxes decreased $0.5 billion due to lower earnings before income taxes and a lower effective income tax rate.  The Company’s effective income tax rate declined to 29.6% compared to 33.1% in the prior year primarily due to income tax benefits associated with foreign currency re-measurement of non-monetary assets partially offset by a geographic mix of earnings that shifted more to foreign jurisdictions.

Analysis of Statements of Earnings

Processed volumes by product for the years ended June 30, 2012 and 2011 are as follows (in metric tons):

(In thousands)	2012	2011	Change
Oilseeds	31,161	29,630	1,531
Corn	24,618	23,412	1,206
Milling and cocoa	7,156	7,179	(23	)
Total	62,935	60,221	2,714

The Company continued to operate its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to current and seasonal local supply and demand conditions.

39

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Revenues by segment are as follows:

(In millions)	2012		2011		Change
Oilseeds Processing
Crushing and Origination	$	18,794	$	16,518	$	2,276
Refining, Packaging, Biodiesel, and Other	11,628		9,476		2,152
Cocoa and Other	3,715		3,652		63
Asia	578		262		316
Total Oilseeds Processing	34,715		29,908		4,807
Corn Processing
Sweeteners and Starches	4,793		3,766		1,027
Bioproducts	7,321		6,142		1,179
Total Corn Processing	12,114		9,908		2,206
Agricultural Services
Merchandising and Handling	37,631		36,852		779
Transportation	269		222		47
Milling and Other	4,182		3,676		506
Total Agricultural Services	42,082		40,750		1,332
Other
Financial	127		110		17
Total Other	127		110		17
Total	$	89,038	$	80,676	$	8,362

Revenues increased $7.0 billion due to higher average selling prices, primarily related to higher underlying commodity prices, and $2.1 billion due to increased sales volumes, including sales volumes from acquisitions, partially offset by changes in foreign currency exchange rates of $0.7 billion.  The increase in underlying commodity prices did not result in a significant increase in margins or gross profit as higher underlying commodity prices had a relatively equal impact on cost of products sold. Oilseeds Processing sales increased 16% to $34.7 billion due principally to higher average selling prices of vegetable oils, merchandised commodities, protein meal, and biodiesel and increased sales volumes of biodiesel, protein meal, and peanuts, in part due to the acquisition of Golden Peanut in December 2010.  Corn Processing sales increased 22% to $12.1 billion due principally to higher average selling prices of ethanol and sweeteners as well as higher sales volumes of sugar and ethanol.  Agricultural Services sales increased 3% to $42.1 billion, due to higher average selling prices of corn and wheat flour partially offset by lower sales volumes, in part due to lower export volumes from the U.S.

Cost of products sold increased 12% to $85.4 billion due principally to higher prices of agricultural commodities and, to a lesser extent, increased sales volumes.  Changes in foreign currency exchange rates reduced fiscal 2012 cost of products sold by $0.7 billion.  Manufacturing expenses increased $0.2 billion due to higher costs for maintenance, employee and benefit-related expenses, energy, and chemicals.  These higher costs were primarily due to higher production volumes, acquisitions, and higher unit costs for fuels and certain chemicals.  Partially offsetting these higher costs was lower depreciation expense, in part due to the Company’s change in estimated service lives for machinery and equipment during the second quarter of fiscal 2011.

Selling, general, and administrative expenses remained steady at $1.6 billion.  Loss provisions mainly due to an unfavorable arbitration award in the Company’s Agricultural Services operating segment were partially offset by lower overhead expenses.

Asset impairment, exit, and restructuring costs of $449 million were comprised of $349 million in the Corn Processing segment related to the Company’s exit from its Clinton, IA, bioplastics business and ethanol dry mill in Walhalla, ND, $71 million in Corporate for the global workforce reduction, and $29 million in Corporate for investment write-downs and other facility exit-related costs.

40

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Interest expense decreased 9% to $441 million primarily due to lower long-term debt balances, higher interest expense capitalized on construction projects in progress, and lower interest expense related to uncertain income tax positions.

Equity in earnings of unconsolidated affiliates decreased 13% to $472 million principally due to decreased equity earnings from the Company’s equity investee, Gruma, which included a $78 million gain in the prior year related to Gruma’s disposal of certain assets.

Interest income declined 18% to $112 million primarily related to the sale and deconsolidation of the Hickory Point Bank and Trust Company, fsb, effective September 30, 2011.

Other income – net declined $101 million to $17 million due primarily to the absence of income recognized in the prior year period of $71 million for the Golden Peanut Gain and $30 million for gains on interest rate swaps.

Operating profit by segment is as follows:

(In millions)	2012			2011			Change
Oilseeds Processing
Crushing and Origination	$	641		$	925		$	(284	)
Refining, Packaging, Biodiesel, and Other	295			342			(47		)
Cocoa and Other	183			240			(57		)
Asia	183			183			—
Total Oilseeds Processing	1,302			1,690			(388		)
Corn Processing
Sweeteners and Starches	335			330			5
Bioproducts	(74		)	749			(823		)
Total Corn Processing	261			1,079			(818		)
Agricultural Services
Merchandising and Handling	493			807			(314		)
Transportation	125			117			8
Milling and Other	329			399			(70		)
Total Agricultural Services	947			1,323			(376		)
Other
Financial	15			39			(24		)
Total Other	15			39			(24		)
Total Segment Operating Profit	2,525			4,131			(1,606		)
Corporate (see below)	(760		)	(1,116		)	356
Earnings Before Income Taxes	$	1,765		$	3,015		$	(1,250	)

Corporate results are as follows:

(In millions)	2012			2011			Change
LIFO credit (charge)	$	10		$	(368	)	$	378
Interest expense - net	(423		)	(445		)	22
Unallocated corporate costs	(360		)	(326		)	(34		)
Charges on early extinguishment of debt	(4		)	(8		)	4
Gains (losses) on interest rate swaps	—			30			(30		)
Other	17			1			16
Total Corporate	$	(760	)	$	(1,116	)	$	356

41

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Oilseeds Processing operating profit decreased $0.4 billion to $1.3 billion.  Crushing and Origination operating profit decreased $284 million to $641 million primarily due to weaker results in European softseeds, lower results in North American softseeds, and lower North American positioning results.  Partially offsetting these lower results, were higher grain origination results in South America driven by higher volumes and favorable positioning.  Poor European softseed results were driven by a small prior year rapeseed crop, positioning losses, and weaker demand for protein meal and oils.  North American softseed results declined primarily as a result of lower margins generated from a tight cottonseed supply.    Refining, Packaging, Biodiesel, and Other results declined $47 million to $295 million due primarily to declines in biodiesel margins in South America and Europe and lower margins for specialty fats and oils in Europe. These declines were partially offset by improved North American protein specialties and natural health and nutrition results due to higher margins and volumes.  Cocoa and Other results declined $57 million to $183 million.  Fiscal 2012 results in Cocoa and Other were reduced by $100 million for net unrealized mark-to-market losses related to certain forward purchase and sales commitments accounted for as derivatives.  The prior year included $9 million of net unrealized mark-to-market losses.  Excluding these timing effects, cocoa results improved in fiscal 2012 driven by improved press margins caused by strong cocoa powder demand.  The prior year included the $71 million Golden Peanut Gain which was partially offset in fiscal 2012 by higher earnings in the Company’s peanut business in part due to the first full year of consolidated results for Golden Peanut being reported by the Company in fiscal 2012.  Asia results remained steady at $183 million, principally reflecting the Company’s share of its results from equity investee, Wilmar.

Corn Processing operating results decreased $818 million to $261 million due principally to poor ethanol margins and $349 million in asset impairment charges and exit costs.  Excluding the asset impairment and exit costs related to the Company’s bioplastics business and Walhalla, ND, ethanol dry grind facility, Corn Processing operating profit of $610 million in fiscal 2012 represented a decline of $469 million compared to the prior year.  Processed volumes were up 5 percent while net corn costs increased compared to the prior year.  Sweeteners and Starches operating profit increased $5 million to $335 million, as higher average selling prices more than offset higher net corn costs.   Bioproducts profit decreased $823 million to a loss of $74 million, including the $349 million asset impairment and exit charges.  Lower ethanol margins were caused by excess supply as previously offline production restarted while industry demand declined, in part due to slowing export demand.  Prior year bioproducts results were enhanced by favorable corn ownership positions, which lowered net corn costs in that period.  Bioproducts results in the prior year were negatively impacted by startup costs of $94 million related to the Company’s new dry-grind ethanol, bioplastics, and glycol plants.

Agricultural Services operating profits decreased $376 million to $947 million.  Merchandising and Handling earnings decreased primarily due to lower results from U.S. operations.  Lower sales volumes were principally the result of the relatively higher cost of U.S. grains and oilseeds in the global market due to lower stocks caused by a smaller U.S. harvest in 2011.  This relatively weaker position led to reduced U.S. grain exports.  In the prior year, Merchandising and Handling results were positively impacted by higher quantities of U.S. grain exports by the Company.  In addition, fiscal 2012 included $40 million of increased loss provisions mainly due to an unfavorable arbitration award.  Earnings from Transportation were steady.  Prior year’s operating results in Milling and Other operations included a $78 million gain related to Gruma’s disposal of certain assets.

Other financial operating profit decreased $24 million to $15 million mainly due to higher loss provisions at the Company’s captive insurance subsidiary related to property and crop risk reserves.

Corporate expenses declined $356 million to $760 million in fiscal 2012.  The effects of a liquidation of LIFO inventory layers partially offset by increasing commodity prices on LIFO inventory valuations resulted in a credit of $10 million in fiscal 2012 compared to a charge of $368 million in the prior year primarily due to higher prices.  Corporate interest expense decreased $22 million primarily due to lower interest expense on lower long-term debt balances.  Unallocated corporate costs include $71 million of costs related to the global workforce reduction program.  Excluding these costs, unallocated corporate costs declined $37 million due primarily to lower administrative costs.  Corporate other income increased due to higher investment income partially offset by $29 million for investment writedown and facility exit-related costs. Also, in the prior year the Company recognized $30 million of gains on interest rate swaps.

42

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Liquidity and Capital Resources

A Company objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital intensive agricultural commodity-based business.  The Company's strategy involves expanding the volume and diversity of crops that it merchandises and processes, expanding the global reach of its core model, and expanding its value-added product portfolio. The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of the Company’s control, to fund its working capital needs and capital expenditures. The primary source of funds to finance the Company’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility.  In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.

Cash provided by operating activities was $5.0 billion for 2014 compared to $5.2 billion in 2013. Working capital changes increased cash by $2.3 billion in the current year and by $2.9 billion in the prior year. Inventories declined approximately $1.3 billion at December 31, 2014 compared to December 31, 2013 due to lower prices. Cash used in investing activities was $3.4 billion this year compared to $0.6 billion last year primarily due to capital expenditures and net assets of businesses acquired of $3.7 billion this year compared to $1.0 billion last year. Cash used in financing activities was $3.6 billion this year compared to $3.2 billion last year. In the current period, long-term debt payments increased as the $1.15 billion convertible debt matured in February 2014 and was paid with available cash.

At December 31, 2014, the Company had $1.6 billion of cash, cash equivalents, and short-term marketable securities and a current ratio, defined as current assets divided by current liabilities, of 1.7 to 1.  Included in working capital is $5.9 billion of readily marketable commodity inventories.  At December 31, 2014, the Company’s capital resources included shareholders' equity of $19.6 billion and lines of credit totaling $6.6 billion which was unused.  The Company’s ratio of long-term debt to total capital (the sum of long-term debt and shareholders’ equity) was 22% at December 31, 2014 and 21% at December 31, 2013.  The Company uses this ratio as a measure of the Company’s long-term indebtedness and an indicator of financial flexibility.  The Company’s ratio of net debt (the sum of short-term debt, current maturities of long-term debt, and long-term debt less the sum of cash and cash equivalents and short-term marketable securities) to capital (the sum of net debt and shareholders’ equity) was 17% at December 31, 2014 and 14% at December 31, 2013.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was no commercial paper outstanding at December 31, 2014.

As of December 31, 2014, the Company had $1.1 billion of cash and cash equivalents, $0.5 billion of which is cash held by foreign subsidiaries whose undistributed earnings are considered permanently reinvested. Based on the Company's historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $4.0 billion, the Company has asserted that these funds are permanently reinvested outside the U.S.

The Company has accounts receivable securitization programs ( the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $1.6 billion in funding against accounts receivable transferred into the Programs and expands the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 20 in Item 8 for more information and disclosures on the Programs). As of December 31, 2014, the Company utilized $1.6 billion of its facility under the Programs.

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.  The Company has acquired approximately 59.8 million shares under this program, including 25.4 million shares acquired in 2014. On November 5, 2014, the Company’s Board of Directors approved a new 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, 2015 and ending December 31, 2019.

The Company expects capital expenditures of $1.1 billion to $1.3 billion during 2015. In 2015, the Company expects an additional cash outlay of approximately $0.7 billion in dividends and $1.5 billion to $2.0 billion in share repurchases target, subject to strategic capital requirements.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements.  The Company is in compliance with these covenants as of December 31, 2014.

43

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The three major credit rating agencies have maintained the Company's credit ratings at solid investment grade levels with stable outlooks.

Contractual Obligations

In the normal course of business, the Company enters into contracts and commitments which obligate the Company to make payments in the future.  The following table sets forth the Company’s significant future obligations by time period.  Purchases include commodity-based contracts entered into in the normal course of business, which are further described in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” energy-related purchase contracts entered into in the normal course of business, and other purchase obligations related to the Company’s normal business activities.  The following table does not include unrecognized income tax benefits of $72 million as of December 31, 2014 as the Company is unable to reasonably estimate the timing of settlement.  Where applicable, information included in the Company’s consolidated financial statements and notes is cross-referenced in this table.

				Payments Due by Period
	Item 8
Contractual	Note			Less than		1 - 3		3 - 5		More than
Obligations	Reference	Total		1 Year		Years		Years		5 Years
		(In millions)
Purchases
Inventories		$	12,948	$	12,426	$	391	$	1	$	130
Energy		810		394		331		85		—
Other		294		162		111		15		6
Total purchases		14,052		12,982		833		101		136
Short-term debt		108		108
Long-term debt	Note 10	5,582		24		321		721		4,516
Estimated interest payments		5,730		316		616		519		4,279
Operating leases	Note 14	987		226		356		165		240
Estimated pension and other postretirement plan contributions  (1)	Note 15	178		50		26		27		75
Total		$	26,637	$	13,706	$	2,152	$	1,533	$	9,246

⁽¹⁾ Includes pension contributions of $38 million for fiscal 2015.  The Company is unable to estimate the amount of pension contributions beyond fiscal year 2015.  For more information concerning the Company’s pension and other postretirement plans, see Note 15 in Item 8.

At December 31, 2014, the Company estimates it will spend approximately $1.7 billion through fiscal year 2019 to complete currently approved capital projects which are not included in the table above.  

The Company also has outstanding letters of credit and surety bonds of $980 million at December 31, 2014.

The Company has entered into agreements, primarily debt guarantee agreements related to equity-method investees, which could obligate the Company to make future payments.  The Company’s liability under these agreements arises only if the primary entity fails to perform its contractual obligation.  The Company has collateral for a portion of these contingent obligations.  At December 31, 2014, these contingent obligations totaled approximately $27 million.

44

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Off Balance Sheet Arrangements

Accounts Receivable Securitization Programs

Since March 2012, the Company has an accounts receivable securitization program (the “Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Purchasers”).  Under the Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”).  ADM Receivables in turn transfers such purchased accounts receivable in their entirety to the Purchasers pursuant to a receivables purchase agreement.  In exchange for the transfer of the accounts receivable, ADM Receivables receives a cash payment of up to $1.2 billion, as amended, billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 26, 2015, unless extended.

In March 2014, the Company entered into a second accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables in turn transfers such purchased accounts receivable in their entirety to the Second Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Ireland Receivables receives a cash payment of up to $0.4 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 20, 2015, unless extended.

Under the Program and Second Program (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the Purchasers and Second Purchasers and other consideration to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables.

The Company accounts for these transfers as sales.  The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred consideration.  At December 31, 2014 and 2013, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold.

As of December 31, 2014 and 2013, the fair value of trade receivables transferred to the Purchasers and Second Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $2.1 billion, and $1.9 billion, respectively. In exchange for the transfer, as of December 31, 2014 and 2013, the Company received cash of $1.6 billion and $1.1 billion, respectively, and recorded a receivable for deferred consideration included in other current assets of $0.5 billion and $0.8 billion, respectively. Cash collections from customers on receivables sold were $36.4 billion, $39.8 billion, $21.9 billion, and $8.9 billion for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively. Of this amount, $35.1 billion, $39.8 billion, $21.9 billion, and $8.9 billion pertain to cash collections on the deferred consideration for the years ended December 31, 2014 and 2013, respectively, the six months ended December 31, 2012 and the year ended June 30, 2012, respectively. Deferred consideration is paid to the Company in cash on behalf of the Purchasers and Second Purchasers as receivables are collected; however, as these are revolving facilities, cash collected from the Company’s customers is reinvested by the Purchasers and Second Purchasers daily in new receivable purchases under the Programs.

The Company’s risk of loss following the transfer of accounts receivable under the Program is limited to the deferred consideration outstanding.  The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received and is principally based on observable inputs (a Level 2 measurement under applicable accounting standards) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate.  Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant.

Transfers of receivables under the Program during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, resulted in an expense for the loss on sale of $5 million, $4 million, $4 million, and $4 million, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings.

45

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The Company reflects all cash flows related to the Program as operating activities in its consolidated statement of cash flows because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables.

Synthetic Leasing Program

The Company is a party to lease agreements under synthetic leasing programs for certain of its U.S. barge and trucking assets for periods ranging from 5 to 7 years. As of December 31, 2014, outstanding lease balances, including the value of the underlying assets of $143 million, were off-balance sheet. These agreements provide the Company with the right to use these assets for specified periods in exchange for an obligation to make rental payments. The agreements are accounted for as operating leases, such that the rent expense is recorded in the consolidated statement of earnings. The future lease payments pertaining to these lease agreements are included in the contractual obligations table in Item 7. These leasing programs are utilized primarily to diversify funding sources and to retain flexibility. The Company recorded $5 million and $3 million of rent expense pertaining to synthetic lease payments for the years ended December 31, 2014 and 2013.

Critical Accounting Policies

The process of preparing financial statements requires management to make estimates and judgments that affect the carrying values of the Company’s assets and liabilities as well as the recognition of revenues and expenses.  These estimates and judgments are based on the Company’s historical experience and management’s knowledge and understanding of current facts and circumstances.  Certain of the Company’s accounting policies are considered critical, as these policies are important to the depiction of the Company’s financial statements and require significant or complex judgment by management.  Management has discussed with the Company’s Audit Committee the development, selection, disclosure, and application of these critical accounting policies.  Following are the accounting policies management considers critical to the Company’s financial statements.

Fair Value Measurements - Inventories and Commodity Derivatives

Certain of the Company’s inventory and commodity derivative assets and liabilities as of December 31, 2014 are valued at estimated fair values, including $4.7 billion of merchandisable agricultural commodity inventories, $0.9 billion of derivative assets, $0.9 billion of derivative liabilities, and $0.7 billion of inventory-related payables.  Commodity derivative assets and liabilities include forward fixed-price purchase and sale contracts for agricultural commodities. Merchandisable agricultural commodities are freely traded, have quoted market prices, and may be sold without significant additional processing.  Management estimates fair value for its commodity-related assets and liabilities based on exchange-quoted prices, adjusted for differences in local markets.  The Company’s inventory and derivative commodity fair value measurements are mainly based on observable market quotations without significant adjustments and are therefore reported as Level 2 within the fair value hierarchy.  Level 3 fair value measurements of approximately $1.7 billion of assets and $0.3 billion of liabilities represent fair value estimates where unobservable price components represent 10% or more of the total fair value price.  For more information concerning amounts reported as Level 3, see Note 3 in Item 8.  Changes in the market values of these inventories and commodity contracts are recognized in the statement of earnings as a component of cost of products sold.  If management used different methods or factors to estimate market value, amounts reported as inventories and cost of products sold could differ materially.  Additionally, if market conditions change subsequent to year-end, amounts reported in future periods as inventories and cost of products sold could differ materially.

Derivatives – Designated Hedging Activities

The Company, from time to time, uses derivative contracts designated as cash flow hedges to fix the purchase price of anticipated volumes of commodities to be purchased and processed in a future month, to fix the purchase price of the Company’s anticipated natural gas requirements for certain production facilities, and to fix the sales price of anticipated volumes of ethanol.  These designated hedging programs principally relate to the Company’s Corn Processing operating segment.  Assuming normal market conditions, the change in the market value of such derivative contracts has historically been, and is expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.  Gains and losses arising from open and closed hedging transactions are deferred in other comprehensive income, net of applicable income taxes, and recognized as a component of cost of products sold and revenues in the statement of earnings when the hedged item is recognized.  If it is determined that the derivative instruments used are no longer effective at offsetting changes in the price of the hedged item, then the changes in the market value of these exchange-traded futures and exchange-traded and over-the-counter option contracts would be recorded immediately in the statement of earnings as a component of cost of products sold.  See Note 4 in Item 8 for additional information.

46

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Investments in Affiliates

The Company applies the equity method of accounting for investments over which the Company has the ability to exercise significant influence, including its 17.3% investment in Wilmar.  These investments in affiliates are carried at cost plus equity in undistributed earnings and are adjusted, where appropriate, for amortizable basis differences between the investment balance and the underlying net assets of the investee.  Generally, the minimum ownership threshold for asserting significant influence is 20% ownership of the investee.  However, the Company considers all relevant factors in determining its ability to assert significant influence including but not limited to, ownership percentage, board membership, customer and vendor relationships, and other arrangements.  If management used a different accounting method for these investments, then the amount of earnings from affiliates the Company recognizes may materially differ.

Income Taxes

The Company accounts for its income tax positions in accordance with the applicable accounting standards. These standards prescribe a minimum threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company recognizes in its consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position. The Company frequently faces challenges from U.S. and foreign tax authorities regarding the amount of taxes due.  These challenges include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions.  In evaluating the exposure associated with various tax filing positions, the Company records reserves for estimates of potential additional tax owed by the Company.  For example, the Company has received tax assessments from tax authorities in Brazil and Argentina challenging income tax positions taken by subsidiaries of the Company.  The Company evaluated its tax positions for these matters and concluded, based in part upon advice from legal counsel, that it was appropriate to recognize the tax benefits of these positions (see Note 13 in Item 8 for additional information).

Deferred tax assets represent items to be used as tax deductions or credits in future tax returns, and the related tax benefit has already been recognized in the Company’s income statement.  The realization of the Company’s deferred tax assets is dependent upon future taxable income in specific tax jurisdictions, the timing and amount of which are uncertain.  The Company evaluates all available positive and negative evidence including estimated future reversals of existing temporary differences, projected future taxable income, tax planning strategies, and recent financial results. Valuation allowances related to these deferred tax assets have been established to the extent the realization of the tax benefit is not likely. During 2014, the Company increased valuation allowances by approximately $18 million primarily related to net operating loss carryforwards. To the extent the Company were to favorably resolve matters for which valuation allowances have been established or be required to pay amounts in excess of the aforementioned valuation allowances, the Company’s effective tax rate in a given financial statement period may be impacted.

Undistributed earnings of the Company’s foreign subsidiaries and the Company’s share of the undistributed earnings of affiliated corporate joint venture companies accounted for on the equity method amounting to approximately $8.6 billion at December 31, 2014, are considered to be permanently reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon.  If the Company were to receive distributions from any of these foreign subsidiaries or affiliates or determine the undistributed earnings of these foreign subsidiaries or affiliates to not be permanently reinvested, the Company could be subject to U.S. tax liabilities which have not been provided for in the consolidated financial statements.

47

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Property, Plant, and Equipment and Asset Abandonments and Write-Downs

The Company is principally engaged in the business of procuring, transporting, storing, processing, and merchandising agricultural commodities and products.  This business is global in nature and is highly capital-intensive.  Both the availability of the Company’s raw materials and the demand for the Company’s finished products are driven by factors such as weather, plantings, government programs and policies, changes in global demand, changes in standards of living, and global production of similar and competitive crops.  These aforementioned factors may cause a shift in the supply/demand dynamics for the Company’s raw materials and finished products.  Any such shift will cause management to evaluate the efficiency and cash flows of the Company’s assets in terms of geographic location, size, and age of its facilities.  The Company, from time to time, will also invest in equipment, technology, and companies related to new, value-added products produced from agricultural commodities and products.  These new products are not always successful from either a commercial production or marketing perspective.  Management evaluates the Company’s property, plant, and equipment for impairment whenever indicators of impairment exist.  Assets are written down to fair value after consideration of the ability to utilize the assets for their intended purpose or to employ the assets in alternative uses or sell the assets to recover the carrying value.  If management used different estimates and assumptions in its evaluation of these assets, then the Company could recognize different amounts of expense over future periods.  During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, impairment charges for property, plant, and equipment were $35 million, $84 million, $0 million, $337 million, and $367 million, respectively (see Note 19 in Item 8 for additional information).

Business Combinations

The Company’s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Assets acquired and liabilities assumed, based on preliminary purchase price allocations , are adjusted to fair values at acquisition date with the remainder of the purchase price, if any, recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows and discount rates. Although management’s estimates of fair value are based upon assumptions believed to be reasonable, actual results may differ.

Goodwill and Other Intangible Assets

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests.  The Company evaluates goodwill for impairment at the reporting unit level annually on October 1 or whenever there are indicators that the carrying value of the assets may not be fully recoverable.  Critical estimates in the determination of the fair value of each reporting unit include, but are not limited to, future expected cash flows and discount rates. As of December 31, 2014, no impairment of goodwill has been identified. For fiscal years ended on June 30, 2012 and prior, the Company performed its annual goodwill impairment test on April 1 (see Note 1 in Item 8 for additional information regarding this change in accounting policy).  Definite-lived intangible assets are amortized over their estimated useful lives of 2 to 25 years and are reviewed for impairment whenever there are indicators that the carrying value of the assets may not be fully recoverable.  If management used different estimates and assumptions in its impairment tests, then the Company could recognize different amounts of expense over future periods.

Employee Benefit Plans

The Company provides substantially all U.S. employees and employees at certain international subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans.  The Company provides eligible U.S. employees who retire under qualifying conditions with access to postretirement health care, at full cost to the retiree (certain employees are “grandfathered” into subsidized coverage while others are provided with Health Care Reimbursement Accounts).  In order to measure the expense and funded status of these employee benefit plans, management makes several estimates and assumptions, including interest rates used to discount certain liabilities, rates of return on assets set aside to fund these plans, rates of compensation increases, employee turnover rates, anticipated mortality rates, and anticipated future health care costs.  These estimates and assumptions are based on the Company’s historical experience combined with management’s knowledge and understanding of current facts and circumstances.  Management also uses third-party actuaries to assist in measuring the expense and funded status of these employee benefit plans.  If management used different estimates and assumptions regarding these plans, the funded status of the plans could vary significantly, and the Company could recognize different amounts of expense over future periods.  At December 31, 2014, a new mortality table was used to estimate anticipated mortality rates that contributed to an increase in projected benefit obligations of approximately $0.2 billion. See Note 15 in Item 8 for additional information.

48

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, and interest rates as described below.

Commodities

The availability and prices of agricultural commodities are subject to wide fluctuations due to factors such as changes in weather conditions, crop disease, plantings, government programs and policies, competition, changes in global demand, changes in customer preferences and standards of living, and global production of similar and competitive crops.

The Company manages its exposure to adverse price movements of agricultural commodities used for, and produced in, its business operations, by entering into derivative and non-derivative contracts which reduce the Company’s overall short or long commodity position.  Additionally, the Company uses exchange-traded futures and exchange-traded and over-the-counter option contracts as components of merchandising strategies designed to enhance margins.  The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the cash prices of the underlying commodities, counterparty contract defaults, and volatility of freight markets. In addition, the Company, from time-to-time, enters into derivative contracts which are designated as hedges of specific volumes of commodities that will be purchased and processed, or sold, in a future month. The changes in the market value of such futures contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Gains and losses arising from open and closed designated hedging transactions are deferred in other comprehensive income, net of applicable taxes, and recognized as a component of cost of products sold or revenues in the statement of earnings when the hedged item is recognized.

The Company’s commodity position consists of merchandisable agricultural commodity inventories, related purchase and sales contracts, energy and freight contracts, and exchange-traded futures and exchange-traded and over-the-counter option contracts including contracts used to hedge portions of production requirements, net of sales.

The fair value of the Company’s commodity position is a summation of the fair values calculated for each commodity by valuing all of the commodity positions at quoted market prices for the period, where available, or utilizing a close proxy.  The Company has established metrics to monitor the amount of market risk exposure, which consist of volumetric limits, and value-at-risk (VaR) limits. VaR measures the potential loss, at a 95% confidence level, that could be incurred over a one year period.  Volumetric limits are monitored daily and VaR calculations and sensitivity analysis are monitored weekly.

In addition to measuring the hypothetical loss resulting from an adverse two standard deviation move in market prices (assuming no correlations) over a one year period using VaR, sensitivity analysis is performed measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market prices.  The highest, lowest, and average weekly position for the years ended December 31, 2014 and 2013 together with the market risk from a hypothetical 10% adverse price change is as follows:

	December 31, 2014						December 31, 2013
Long/(Short)	Fair Value			Market Risk			Fair Value			Market Risk
	(In millions)
Highest position	$	(97	)	$	(10	)	$	660		$	66
Lowest position	(1,672		)	(167		)	(1,833		)	(183		)
Average position	(837		)	(84		)	(959		)	(96		)

The decrease in fair value of the average position for December 31, 2014 was the result of the decrease in commodity prices and the decrease in average quantities underlying the weekly commodity position.

49

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)

Currencies

The Company has consolidated subsidiaries in 79 countries.  For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except certain significant subsidiaries in Switzerland and Brazil where the Euro and U.S. dollar are the functional currencies, respectively.  To reduce the risks associated with foreign currency exchange rate fluctuations, the Company enters into currency exchange contracts to minimize its foreign currency position related to transactions denominated primarily in Euro, British pound, Canadian dollar, and Brazilian real currencies.  These currencies represent the major functional or local currencies in which recurring business transactions occur.  The Company does not use currency exchange contracts as hedges against amounts permanently invested in foreign subsidiaries and affiliates.  The currency exchange contracts used are forward contracts, swaps with banks, exchange-traded futures contracts, and over-the-counter options.  The changes in market value of such contracts have a high correlation to the price changes in the currency of the related transactions. The potential loss in fair value for such net currency position resulting from a hypothetical 10% adverse change in foreign currency exchange rates is not material.

The amount the Company considers permanently invested in foreign subsidiaries and affiliates and translated into dollars using the year-end exchange rates is $8.0 billion at December 31, 2014, and $7.8 billion at December 31, 2013.  This increase is due to the increase in retained earnings of the foreign subsidiaries and affiliates partially offset by the depreciation of foreign currencies versus the U.S. dollar of $0.9 billion.  The potential loss in fair value, which would principally be recognized in Other Comprehensive Income, resulting from a hypothetical 10% adverse change in quoted foreign currency exchange rates is $802 million and $779 million for December 31, 2014 and 2013, respectively.  Actual results may differ.

Interest

The fair value of the Company’s long-term debt is estimated using quoted market prices, where available, and discounted future cash flows based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. Such fair value exceeded the long-term debt carrying value. Market risk is estimated as the potential increase in fair value resulting from a hypothetical 50 basis points decrease in interest rates.  Actual results may differ.

	December 31, 2014		December 31, 2013
	(In millions)
Fair value of long-term debt	$	6,872	$	6,272
Excess of fair value over carrying value	1,314		925
Market risk	337		326

The increase in fair value of long-term debt at December 31, 2014 is primarily due to decreased interest rates.

50

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial Statements	Page No.
Consolidated Statements of Earnings	52
Consolidated Statements of Comprehensive Income (Loss)	53
Consolidated Balance Sheets	54
Consolidated Statements of Cash Flows	55
Consolidated Statements of Shareholders’ Equity	56
Notes to Consolidated Financial Statements	57
Reports of Independent Registered Public Accounting Firm	111

51

Archer-Daniels-Midland Company

Consolidated Statements of Earnings

	Year Ended						Six Months Ended						Year Ended
(In millions, except per share amounts)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Revenues	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038
Cost of products sold	76,433			85,915			44,927			43,361			85,370
Gross Profit	4,768			3,889			1,802			1,847			3,668
Selling, general and administrative expenses	1,907			1,759			869			830			1,626
Asset impairment, exit, and restructuring costs	105			259			146			352			449
Interest expense	337			413			213			209			441
Equity in earnings of unconsolidated affiliates	(372		)	(411		)	(255		)	(251		)	(472		)
Interest income	(92		)	(102		)	(59		)	(62		)	(112		)
Other (income) expense - net	(247		)	(53		)	(109		)	(12		)	(29		)
Earnings Before Income Taxes	3,130			2,024			997			781			1,765
Income taxes	877			670			303			237			523
Net Earnings Including Noncontrolling Interests	2,253			1,354			694			544			1,242
Less:  Net earnings (losses) attributable to noncontrolling interests	5			12			2			4			19
Net Earnings Attributable to Controlling Interests	$	2,248		$	1,342		$	692		$	540		$	1,223
Average number of shares outstanding – basic	653			661			660			669			665
Average number of shares outstanding – diluted	656			663			661			670			666
Basic earnings per common share	$	3.44		$	2.03		$	1.05		$	0.81		$	1.84
Diluted earnings per common share	$	3.43		$	2.02		$	1.05		$	0.81		$	1.84

See notes to consolidated financial statements.

52

Archer-Daniels-Midland Company

Consolidated Statements of Comprehensive Income (Loss)

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Net earnings including noncontrolling interests	$	2,253		$	1,354		$	694		$	544		$	1,242
Other comprehensive income (loss):
Foreign currency translation adjustment	(954		)	125			371			(707		)	(751		)
Tax effect	30			2			(51		)	—			60
Net of tax amount	(924		)	127			320			(707		)	(691		)
Pension and other postretirement benefit       liabilities adjustment	(464		)	411			292			11			(565		)
Tax effect	164			(154		)	(100		)	(3		)	202
Net of tax amount	(300		)	257			192			8			(363		)
Deferred gain (loss) on hedging activities	68			2			(72		)	3			36
Tax effect	(26		)	(1		)	26			(2		)	(15		)
Net of tax effect	42			1			(46		)	1			21
Unrealized gain (loss) on investments	(5		)	—			(1		)	(65		)	(90		)
Tax effect	2			(1		)	—			24			34
Net of tax effect	(3		)	(1		)	(1		)	(41		)	(56		)
Other comprehensive income (loss)	(1,185		)	384			465			(739		)	(1,089		)
Comprehensive income (loss)	1,068			1,738			1,159			(195		)	153
Less:  Comprehensive income (loss) attributable to noncontrolling interests	4			3			10			4			13
Comprehensive income (loss) attributable    to controlling interests	$	1,064		$	1,735		$	1,149		$	(199	)	$	140

See notes to consolidated financial statements.

53

Archer-Daniels-Midland Company

Consolidated Balance Sheets

(In millions)	December 31, 2014			December 31, 2013
Assets
Current Assets
Cash and cash equivalents	$	1,099		$	3,121
Short-term marketable securities	515			433
Segregated cash and investments	4,877			3,961
Trade receivables	2,704			3,224
Inventories	9,374			11,441
Current assets held for sale	1,403			—
Other current assets	6,056			6,350
Total Current Assets	26,028			28,530
Investments and Other Assets
Investments in and advances to affiliates	3,892			3,538
Long-term marketable securities	485			508
Goodwill and other intangible assets	3,283			561
Other assets	379			478
Total Investments and Other Assets	8,039			5,085
Property, Plant, and Equipment
Land	441			408
Buildings	4,668			4,877
Machinery and equipment	17,044			17,472
Construction in progress	819			773
	22,972			23,530
Accumulated depreciation	(13,012		)	(13,393		)
Net Property, Plant, and Equipment	9,960			10,137
Total Assets	$	44,027		$	43,752
Liabilities and Shareholders’ Equity
Current Liabilities
Short-term debt	$	108		$	358
Trade payables	4,326			4,513
Payables to brokerage customers	5,874			4,832
Accrued expenses and other payables	5,040			4,790
Current maturities of long-term debt	24			1,165
Current liabilities held for sale	230			—
Total Current Liabilities	15,602			15,658
Long-Term Liabilities
Long-term debt	5,558			5,347
Deferred income taxes	1,662			1,448
Other	1,575			1,105
Total Long-Term Liabilities	8,795			7,900
Shareholders’ Equity
Common stock	5,115			6,136
Reinvested earnings	15,701			14,077
Accumulated other comprehensive income (loss)	(1,241		)	(57		)
Noncontrolling interests	55			38
Total Shareholders’ Equity	19,630			20,194
Total Liabilities and Shareholders’ Equity	$	44,027		$	43,752

See notes to consolidated financial statements.

54

Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Operating Activities
Net earnings including noncontrolling interests	$	2,253		$	1,354		$	694		$	544		$	1,242
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities
Depreciation and amortization	894			909			435			414			848
Asset impairment charges	41			259			146			350			392
Deferred income taxes	(59		)	161			118			28			45
Equity in earnings of affiliates, net of dividends	(215		)	(285		)	(201		)	(106		)	(243		)
Stock compensation expense	55			43			30			34			48
Pension and postretirement accruals (contributions), net	13			10			78			59			37
Gain on sale of assets and equity dilution	(351		)	(41		)	(51		)	(17		)	(30		)
Other – net	71			(117		)	23			104			216
Changes in operating assets and liabilities
Segregated cash and investments	(935		)	(322		)	(365		)	(61		)	128
Trade receivables	425			296			38			(741		)	974
Inventories	1,274			2,541			(1,512		)	(480		)	(272		)
Other current assets	220			227			209			958			(954		)
Trade payables	(94		)	(291		)	2,310			1,545			(117		)
Payables to brokerage customers	1,167			231			437			(195		)	(89		)
Accrued expenses and other payables	203			251			89			605			670
Total Operating Activities	4,962			5,226			2,478			3,041			2,895
Investing Activities
Purchases of property, plant, and equipment	(894		)	(913		)	(615		)	(852		)	(1,477		)
Net assets of businesses acquired	(2,758		)	(44		)	(26		)	(206		)	(241		)
Proceeds from sale of business and assets	414			86			521			49			48
Cash divested from deconsolidation	(12		)	—			—			(130		)	(130		)
Purchases of marketable securities	(1,344		)	(891		)	(1,629		)	(889		)	(1,297		)
Proceeds from sales of marketable securities	1,239			995			731			1,084			1,945
Other – net	(52		)	190			45			10			30
Total Investing Activities	(3,407		)	(577		)	(973		)	(934		)	(1,122		)
Financing Activities
Long-term debt borrowings	1			23			106			91			97
Long-term debt payments	(1,251		)	(275		)	(1,423		)	(173		)	(358		)
Net borrowings (payments) under lines of credit agreements	(458		)	(2,461		)	660			(1,076		)	197
Debt repurchase premium and costs	—			(1		)	(197		)	(32		)	(44		)
Purchases of treasury stock	(1,183		)	(101		)	—			(427		)	(527		)
Cash dividends	(624		)	(501		)	(230		)	(224		)	(455		)
Acquisition of noncontrolling interests	(157		)	—			(1		)	(19		)	(19		)
Other – net	95			74			3			2			12
Total Financing Activities	(3,577		)	(3,242		)	(1,082		)	(1,858		)	(1,097		)
Increase (decrease) in cash and cash equivalents	(2,022		)	1,407			423			249			676
Cash and cash equivalents – beginning of year	3,121			1,714			1,291			615			615
Cash and cash equivalents – end of year	$	1,099		$	3,121		$	1,714		$	864		$	1,291
Cash paid for interest and income taxes were as follows:
Interest	$	338		$	380		$	205		$	206		$	411
Income taxes	720			556			115			118			479

See notes to consolidated financial statements.

55

Archer-Daniels-Midland Company

Consolidated Statements of Shareholders’ Equity

									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						1,223						19
Other comprehensive loss									(1,083		)	(6		)
Total comprehensive income															153
Cash dividends paid-$.685 per share						(455		)							(455		)
Treasury stock purchases	(18	)	(527		)										(527		)
Stock compensation expense			48												48
Noncontrolling interests previously
associated with mandatorily
redeemable instruments						10						174			184
Acquisition of noncontrolling interests			(40		)							(14		)	(54		)
Other	1		(15		)							(3		)	(18		)
Balance June 30, 2012	659		6,102			12,774			(907		)	200			18,169
Comprehensive income
Net earnings						692						2
Other comprehensive income									457			8
Total comprehensive income															1,159
Cash dividends paid-$.35 per share						(230		)							(230		)
Stock compensation expense			30												30
Other			2									1			3
Balance December 31, 2012	659		$	6,134		$	13,236		$	(450	)	$	211		$	19,131
Comprehensive income
Net earnings						1,342						12
Other comprehensive income									393			(9		)
Total comprehensive income															1,738
Cash dividends paid-$.76 per share						(501		)							(501		)
Treasury stock purchases	(3	)	(101		)										(101		)
Stock compensation expense			43												43
Noncontrolling interests associated with
mandatorily redeemable instruments												(180		)	(180		)
Other	3		60									4			64
Balance December 31, 2013	659		$	6,136		$	14,077		$	(57	)	$	38		$	20,194
Comprehensive income
Net earnings						2,248						5
Other comprehensive income									(1,184		)	(1		)
Total comprehensive income															1,068
Cash dividends paid-$.96 per share						(624		)							(624		)
Treasury stock purchases	(25	)	(1,183		)										(1,183		)
Stock compensation expense			55												55
Acquisition of noncontrolling interests			(12		)										(12		)
Noncontrolling interests from business
combinations												19			19
Other	3		119									(6		)	113
Balance December 31, 2014	637		$	5,115		$	15,701		$	(1,241	)	$	55		$	19,630

See notes to consolidated financial statements.

56

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements

Note 1.     Summary of Significant Accounting Policies

Nature of Business

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.

Change in Fiscal Year

On May 3, 2012, the Board of Directors of the Company determined that, in accordance with its Bylaws and upon the recommendation of the Audit Committee, the Company’s fiscal year shall begin on January 1 and end on December 31 of each year, starting on January 1, 2013. The required transition period of July 1, 2012 to December 31, 2012 is included in this Form 10-K report.  Amounts included in this report for the six months ended December 31, 2011 are unaudited.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee's activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.  

The Company consolidates Alfred C. Toepfer International (Toepfer), a wholly owned subsidiary, in which prior to June 6, 2014, the Company had an 80% interest, for which the minority interest was subject to a mandatorily redeemable put option.  As a result of the put option, the associated minority interest was reported in other long-term liabilities.  On December 31, 2011, the put option expired and the Company reclassified $174 million of minority interest from other long-term liabilities to noncontrolling interests in shareholders’ equity at that date. During 2013, Toepfer became subject to a new mandatorily redeemable put option; and as a result, the Company reclassified $180 million of noncontrolling interest in shareholders' equity to long-term liabilities. On June 6, 2014, the Company completed its acquisition of the remaining 20% interest in Toepfer for $157 million. The excess of the purchase price over the carrying value of the associated noncontrolling interest of $12 million was recorded as a reduction in additional paid in capital.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Affiliates goodwill of $198 million in 2013, previously included in goodwill and other intangible assets, have been reclassified to investments in and advances to affiliates. There was no change in total investments and other assets as a result of this reclassification.

Cash Equivalents

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

57

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 1.     Summary of Significant Accounting Policies (Continued)

Segregated Cash and Investments

The Company segregates certain cash and investment balances in accordance with regulatory requirements, commodity exchange requirements, insurance arrangements, and lending arrangements.  These segregated balances represent deposits received from customers of the Company’s registered futures commission merchant, securities pledged to commodity exchange clearinghouses, and cash and securities pledged as security under certain insurance or lending arrangements.  Segregated cash and investments primarily consist of cash, United States government securities, and money-market funds.

Receivables

The Company records accounts receivable at net realizable value.  This value includes an allowance for estimated uncollectible accounts of $81 million at December 31, 2014 and 2013, to reflect any loss anticipated on the accounts receivable balances.  The Company estimates this allowance based on its history of write-offs, level of past-due accounts, and its relationships with, and the economic status of, its customers.  Portions of the allowance for uncollectible accounts are recorded in trade receivables, other current assets, and other assets.

Credit risk on receivables is minimized as a result of the large and diversified nature of the Company’s worldwide customer base.  The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures.  Collateral is generally not required for the Company’s receivables.

Accounts receivable due from unconsolidated affiliates as of December 31, 2014 and 2013 was $15 million and $73 million, respectively.

Inventories

Inventories of certain merchandisable agricultural commodities, which include inventories acquired under deferred pricing contracts, are stated at market value.  In addition, the Company values certain inventories using the lower of cost, determined by either the first-in, first-out (FIFO) or last-in, first-out (LIFO) methods, or market.

The following table sets forth the Company's inventories as of December 31, 2014 and 2013.

	December 31, 2014			December 31, 2013
	(In millions)
LIFO inventories
FIFO value	$	1,199		$	1,408
LIFO valuation reserve	(53		)	(297		)
LIFO inventories carrying value	1,146			1,111
FIFO inventories	3,058			3,741
Market inventories	4,699			6,059
Supplies and other inventories	471			530
Total inventories	$	9,374		$	11,441

58

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 1.     Summary of Significant Accounting Policies (Continued)

Fair Value Measurements

The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.  Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1:  Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.  In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities.  Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification.  Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts.  However, in certain cases, if the Company believes the nonperformance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the contract in Level 3.

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy.  The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.

The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.  

Derivatives

The Company recognizes all of its derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet.  Unrealized gains are reported as other current assets and unrealized losses are reported as accrued expenses and other payables. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship.  The majority of the Company’s derivatives have not been designated as hedging instruments; and as such, changes in fair value of these derivatives are recognized in earnings immediately.  For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge.  

For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (AOCI) and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings.  The remaining gain or loss on the derivative instrument that is in excess of the cumulative change in the cash flows of the hedged item, if any (i.e., the ineffective portion), hedge components excluded from the assessment of effectiveness, and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period.

For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the underlying are recognized in the consolidated statement of earnings during the current period.

59

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 1.     Summary of Significant Accounting Policies (Continued)

Marketable Securities

The Company classifies its marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of income taxes, reported as a component of other comprehensive income.  The Company monitors its investments for impairment periodically, and recognizes an impairment charge when the decline in fair value of an investment is judged to be other-than-temporary. The Company uses the specific identification method when securities are sold or reclassified out of accumulated other comprehensive income into earnings.  The Company considers marketable securities maturing in less than one year as short-term.  All other marketable securities are classified as long-term.

Property, Plant, and Equipment

Property, plant, and equipment is recorded at cost.  Repair and maintenance costs are expensed as incurred. The Company generally uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: buildings - 10 to 40 years; machinery and equipment - 3 to 30 years.  The Company capitalized interest on major construction projects in progress of $18 million, $16 million, $12 million, $9 million, and $21 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively.

Income Taxes

The Company accounts for its income tax positions in accordance with the applicable accounting standards. The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the consolidated financial statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company recognizes in its consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.

The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general and administrative expenses.

Goodwill and other intangible assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests.  Definite-lived intangible assets are amortized over their estimated useful lives of 2 to 25 years and are reviewed for impairment whenever there are indicators that the carrying value of the assets may not be fully recoverable. Prior to the fiscal year end change transition period, the Company’s accounting policy was to evaluate goodwill and other intangible assets with indefinite lives for impairment on April 1 of each fiscal year or whenever there were indicators that the carrying value of the assets may not be fully recoverable.  Effective in the transition period ended December 31, 2012, the Company voluntarily changed its accounting policy to begin conducting the annual goodwill and indefinite life intangible assets impairment tests on October 1. The change to the annual goodwill and indefinite life intangible assets impairment testing date is preferable under the circumstances as the new impairment testing date is better aligned with the timing of the Company’s annual strategic, planning, and budgeting process, and the timing is more closely aligned with the Company’s annual financial reporting process as a result of the change in year end.  The resulting change in accounting principle related to the annual testing date did not delay, accelerate, or avoid an impairment charge of the Company’s goodwill.  As it is impracticable to objectively determine the estimates and assumptions necessary to perform the annual goodwill impairment test as of October 1 for periods prior to October 1, 2012, the Company prospectively applied the annual goodwill impairment testing date effective October 1, 2012.  During the year ended December 31, 2013, the Company recorded an impairment charge for goodwill of $9 million related to the Company's Brazilian sugar milling business. There were no impairment charges recorded for goodwill and indefinite-lived intangible assets during the year ended December 31, 2014, the six months ended December 31, 2012 and the year ended June 30, 2012.

60

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 1.     Summary of Significant Accounting Policies (Continued)

Asset Abandonments and Write-Downs

The Company evaluates long-lived assets for impairment whenever indicators of impairment exist.  Assets are written down to fair value after consideration of the Company's ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value.  During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, impairment charges were $35 million, $84 million, $0 million, $337 million, and $367 million, respectively (see Note 19 for additional information).

Payables to Brokerage Customers

Payables to brokerage customers represent the total of customer accounts at the Company's futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purpose as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments and customer omnibus receivable in other current assets.

Revenues

The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured.  The Company has sales contracts that allow for pricing to occur after title of the goods has passed to the customer.  In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined.  Freight costs and handling charges related to sales are recorded as a component of cost of products sold.

Net sales to unconsolidated affiliates during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and  2011, and the year ended June 30, 2012, were $5.8 billion, $6.9 billion, $4.0 billion, $4.5 billion, and $7.7 billion, respectively.

Stock Compensation

The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted.  The Company’s stock compensation plans provide for the granting of restricted stock, restricted stock units, performance stock units, and stock options.  The fair values of stock options and performance stock units are estimated at the date of grant using the Black-Scholes option valuation model and a lattice valuation model, respectively.  These valuation models require the input of highly subjective assumptions.  Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related stock compensation award.

Research and Development

Costs associated with research and development are expensed as incurred.  Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $79 million, $59 million, $28 million, $29 million, and $56 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively.

Per Share Data

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding.  In computing diluted earnings per share, average number of common shares outstanding is increased by common stock options outstanding with exercise prices lower than the average market price of common shares using the treasury share method.

61

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 1.     Summary of Significant Accounting Policies (Continued)

Business Combinations

The Company’s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Assets acquired and liabilities assumed, based on preliminary purchase price allocations , are adjusted to fair values at acquisition date with the remainder of the purchase price, if any, recorded as goodwill. During the measurement period, which may take up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded with a corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statements of earnings.

Adoption of New Accounting Standards

Effective January 1, 2014, the Company adopted the amended guidance of Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires the Company to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or if the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with deferred tax assets. The adoption of this amended guidance does not have an impact on the Company’s financial results.

Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 830, Foreign Currency Matters (Topic 830), which requires the Company to transfer currency translation adjustments from other comprehensive income into net income in certain circumstances. The amended guidance aims to resolve diversity in practice as to whether ASC Topic 810, Consolidation or Topic 830 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business. The adoption of this amended guidance did not have an impact on the Company’s current period results. If the Company disposes all or part of a qualifying foreign entity, it will be required to release the portion of cumulative translation adjustment applicable to the disposed entity.

Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 405, Liabilities, which addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, for which the total amount under the arrangement is fixed at the reporting date. The amended guidance aims to resolve diversity in practice among companies that are subject to joint and several liabilities. The retrospective adoption of this amended guidance did not have an impact on current and prior period results and is not expected to have any material impact on the Company’s financial results.

Effective October 1, 2014, the Company early adopted the amended guidance of ASC Topic 205, Presentation of Financial Statements (Topic 205) and ASC Topic 360, Property, Plant, and Equipment, which limit the definition of discontinued operations as only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amended guidance also expands the definition of discontinued operations to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and a disposal of an equity method investment that meets the definition of discontinued operations. The amended guidance requires the Company to report discontinued operations if (1) the component of an entity or group of components of an entity meets the criteria in Topic 205 to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; or (3) the component of an entity or group of components of an entity is disposed other than by sale. As a result of the prospective adoption of this amended guidance, the global chocolate and cocoa businesses that were classified as held for sale at December 31, 2014 (see Note 18 for more information) were not reported as discontinued operations. The Company does not believe the sale of these businesses to have a major effect on an entity's operations and financial results.

62

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 1.     Summary of Significant Accounting Policies (Continued)

Pending Accounting Standards

Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Topic 718, Compensation - Stock Compensation (Topic 718), which seeks to resolve the diversity in practice that exists when accounting for share-based payments. The amended guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The Company will be required to adopt the amended guidance either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of this amended guidance to impact financial results.

Effective January 1, 2017, the Company will be required to adopt the new guidance of ASC Topic 606, Revenue from Contracts with Customers (Topic 606), which will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition. Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company will be required to adopt Topic 606 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. If the Company elects the modified retrospective approach, it will be required to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements.

Note 2.     Acquisitions

Operating results of acquisitions are included in the Company’s financial statements from the date of acquisition and are not significant to the Company’s consolidated operating results.

Fiscal Year 2014 acquisitions

On October 1, 2014 and November 18, 2014, the Company completed the acquisitions of the WILD Flavors businesses (Wild Flavors) and Specialty Commodities Inc. (SCI), respectively. Both acquisitions are in line with the Company's strategy to increase returns and reduce earnings volatility through the growth of its specialty ingredient offerings. The 2014 post acquisition financial results of Wild Flavors and SCI are reported in the Other segment.

63

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 2.     Acquisitions (Continued)

During the year ended December 31, 2014, the Company acquired six businesses, including Wild Flavors and SCI, for a total cost of $3.0 billion. The purchase price net of cash acquired of $280 million was preliminarily allocated as follows:

(In millions)	Wild Flavors			SCI			Others			Total
Trade receivables	$	176		$	48		$	8		$	232
Inventories	286			72			25			383
Other current assets	64			2			—			66
Goodwill	1,698			59			15			1,772
Other intangible assets	1,103			46			35			1,184
Property, plant, and equipment	423			10			30			463
Other assets	68			6			—			74
Short-term debt	(215		)	—			(1		)	(216		)
Trade payables	(128		)	(25		)	(1		)	(154		)
Accrued expenses and other payables	(214		)	(14		)	(10		)	(238		)
Long-term debt	(238		)	—			(3		)	(241		)
Deferred income taxes	(378		)	(16		)	—			(394		)
Other liabilities	(173		)	—			—			(173		)
Total purchase price, net of cash acquired	$	2,472		$	188		$	98		$	2,758

Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses.

Of the $1.8 billion preliminarily allocated to goodwill, $15 million is expected to be deductible for tax purposes.

The following table sets forth the preliminary fair values and weighted average useful lives of the other intangible assets acquired.

	Weighted Average
	Useful Life	Wild Flavors		SCI		Others		Total
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	238	$	—	$	12	$	250
Intangible assets with finite lives:
Patents	15	—		3		—		3
Customer lists	15	552		36		21		609
Recipes and other	15	313		7		2		322
Total other intangible assets acquired		$	1,103	$	46	$	35	$	1,184

The Company's consolidated statement of earnings for the year ended December 31, 2014 includes the post acquisition results of Wild Flavors which were immaterial.

64

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 2.     Acquisitions (Continued)

Fiscal Year 2013 acquisitions

During the year ended December 31, 2013, the Company acquired four businesses for a total cost of $44 million and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for the acquisitions of $44 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $6 million, $29 million, $2 million, and $7 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.

Transition Period 2012 Acquisitions

During the six months ended December 31, 2012, the Company made eight acquisitions for a total cost of $26 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions.  The net cash purchase price for these eight acquisitions of $26 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $4 million, $24 million, $2 million, and $(4) million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.

Fiscal Year 2012 Acquisitions

During fiscal year 2012, the Company made nine acquisitions for a total cost of $241 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions.  The net cash purchase price for these nine acquisitions of $241 million was allocated to working capital, property, plant, and equipment, goodwill, other long-term assets, and long-term liabilities for $(12) million, $199 million, $51 million, $6 million, and $3 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.  There was no single material acquisition during the year.

65

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 3.      Fair Value Measurements

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013.

	Fair Value Measurements at December 31, 2014
	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	$	—	$	3,208	$	1,491	$	4,699
Unrealized derivative gains:
Commodity contracts	—		487		203		690
Foreign exchange contracts	—		186		—		186
Interest rate contracts	—		21		—		21
Cash equivalents	491		—		—		491
Marketable securities	860		80		—		940
Segregated investments	2,158		—		—		2,158
Deferred consideration	—		511		—		511
Total Assets	$	3,509	$	4,493	$	1,694	$	9,696
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	564	$	212	$	776
Foreign exchange contracts	—		150		—		150
Inventory-related payables	—		612		40		652
Total Liabilities	$	—	$	1,326	$	252	$	1,578

66

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 3.      Fair Value Measurements (Continued)

	Fair Value Measurements at December 31, 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	$	—	$	4,247	$	1,812	$	6,059
Unrealized derivative gains:
Commodity contracts	31		540		279		850
Foreign exchange contracts	30		88		—		118
Interest rate contracts	—		1		—		1
Cash equivalents	2,518		—		—		2,518
Marketable securities	881		26		—		907
Segregated investments	1,707		—		—		1,707
Deferred consideration	—		757		—		757
Total Assets	$	5,167	$	5,659	$	2,091	$	12,917
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	45	$	343	$	261	$	649
Foreign exchange contracts	—		166		—		166
Interest rate contracts	—		9		—		9
Inventory-related payables	—		708		34		742
Total Liabilities	$	45	$	1,226	$	295	$	1,566

Estimated fair values for inventories carried at market are based on exchange-quoted prices, adjusted for differences in local markets, broker or dealer quotations or market transactions in either listed or over-the-counter (OTC) markets.  Market valuations for the Company’s inventories are adjusted for location and quality because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.  When unobservable inputs have a significant impact on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold.

67

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 3.      Fair Value Measurements (Continued)

Derivative contracts include exchange-traded commodity futures and option contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.  Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1.  The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.  Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets.  These differences are generally determined using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets.  When observable inputs are available for substantially the full term of the contract, it is classified in Level 2.  When unobservable inputs have a significant impact on the measurement of fair value, the contract is classified in Level 3.  Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the consolidated statements of earnings as a component of cost of products sold.  Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense–net.  The effective portions of changes in the fair value of derivatives designated as cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

The Company's cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

The Company’s marketable securities are comprised of equity investments, U.S. Treasury securities, obligations of U.S. government agencies, and other debt securities.  Publicly traded equity investments and U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.  U.S. government agency obligations and corporate and municipal debt securities are valued using third-party pricing services and substantially all are classified in Level 2.  Unrealized changes in the fair value of available-for-sale marketable securities are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) unless a decline in value is deemed to be other-than-temporary at which point the decline is recorded in earnings.

The Company's segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.

The Company has deferred consideration under its accounts receivable securitization programs (the “Programs”) which represents a note receivable from the purchasers under the Programs.  This amount is reflected in other current assets on the consolidated balance sheet (see Notes 6 and 20).  The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received.  The fair value is principally based on observable inputs (a Level 2 measurement) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate.  Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant.

68

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 3.      Fair Value Measurements (Continued)

The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013.

	Level 3 Fair Value Assets Measurements at December 31, 2014
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2013	$	1,812		$	279		$	2,091
Total increase (decrease) in unrealized gains included in cost of products sold*	15			544			559
Purchases	16,114			—			16,114
Sales	(16,384		)	—			(16,384		)
Settlements	—			(948		)	(948		)
Transfers into Level 3	44			395			439
Transfers out of Level 3	(110		)	(67		)	(177		)
Ending balance, December 31, 2014	$	1,491		$	203		$	1,694

* Includes gains of $602 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2014.

	Level 3 Fair Value LiabilitiesMeasurements at December 31, 2014
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2013	$	34		$	261		$	295
Total increase (decrease) in unrealized losses included in cost of products sold*	22			534			556
Purchases	29			—			29
Sales	(45		)	—			(45		)
Settlements	—			(785		)	(785		)
Transfers into Level 3	—			256			256
Transfers out of Level 3	—			(54		)	(54		)
Ending balance, December 31, 2014	$	40		$	212		$	252

* Includes losses of $558 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2014.

69

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 3.      Fair Value Measurements (Continued)

	Level 3 Fair Value AssetsMeasurements at December 31, 2013
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2012	$	1,745		$	143		$	1,888
Total increase (decrease) in unrealized gains included in cost of products sold*	(645		)	474			(171		)
Purchases	14,638			—			14,638
Sales	(14,107		)	—			(14,107		)
Settlements	—			(567		)	(567		)
Transfers into Level 3	231			323			554
Transfers out of Level 3	(50		)	(94		)	(144		)
Ending balance, December 31, 2013	$	1,812		$	279		$	2,091

* Includes gains of $700 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2013.

	Level 3 Fair Value LiabilitiesMeasurements at December 31, 2013
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2012	$	33		$	138		$	171
Total increase (decrease) in unrealized losses included in cost of products sold*	(191		)	524			333
Purchases	219			—			219
Sales	(26		)	—			(26		)
Settlements	—			(550		)	(550		)
Transfers into Level 3	—			197			197
Transfers out of Level 3	(1		)	(48		)	(49		)
Ending balance, December 31, 2013	$	34		$	261		$	295

* Includes losses of $380 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2013.

For all periods presented, the Company had no transfers between Levels 1 and 2.   Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold.   Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

70

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 3.      Fair Value Measurements (Continued)

In some cases, the price components of inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable.  These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms.  In the table below, these other adjustments are referred to as Basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market.  Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2014 and 2013.  The Company’s Level 3 measurements may include Basis only, transportation cost only, or both price components.  As an example, for Level 3 inventories with Basis, the unobservable component is a weighted average 23.4% of the total price for assets and 43.4% for liabilities.

	Weighted Average % of Total Price
	December 31, 2014		December 31, 2013
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories
Basis	23.4%	43.4%	21.9%	13.2%
Transportation cost	4.9%	15.2%	12.3%	—%
Commodity Derivative Contracts
Basis	13.5%	13.6%	22.8%	17.6%
Transportation cost	10.2%	19.5%	32.5%	12.3%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts.  These price quotes are generally not further adjusted by the Company in determining the applicable market price.  In some cases, availability of third-party quotes is limited to only one or two independent sources.  In these situations, absent other corroborating evidence, the Company considers these price quotes as 100 percent unobservable and, therefore, the fair value of these items is reported in Level 3.

Note 4.     Derivative Instruments & Hedging Activities

Derivatives Not Designated as Hedging Instruments

The majority of the Company's derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.  The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins.  The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.  Derivatives, including exchange traded contracts and physical purchase or sale contracts, and inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value.  Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below. 

71

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 4.     Derivative Instruments & Hedging Activities (Continued)

The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2014 and 2013.

	December 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	186	$	150	$	118	$	166
Interest Contracts	—		—		1		—
Commodity Contracts	690		776		850		649
Total	$	876	$	926	$	969	$	815

The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012.

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Interest Contracts
Other income (expense) - net	$	—		$	1		$	—		$	—		$	—
Foreign Currency Contracts
Revenues	$	(1	)	$	108		$	129		$	33		$	117
Cost of products sold	131			(157		)	(49		)	(116		)	(255		)
Other income (expense) - net	(171		)	61			94			(69		)	(21		)
Commodity Contracts
Cost of products sold	$	(263	)	$	301		$	136		$	(4	)	$	(527	)
Other Contracts
Other income (expense) - net	$	—		$	—		$	58		$	—		$	(1	)
Total gain(loss) recognized in earnings	$	(304	)	$	314		$	368		$	(156	)	$	(687	)

During the quarter ended September 30, 2014, the Company recognized $102 million of pre-tax foreign exchange hedging losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition.

During December 2012, the Company entered into two transactions with investment bank counterparties resulting in an economic interest in GrainCorp shares. The purpose of these transactions was to facilitate the Company’s planned acquisition of GrainCorp, which was rejected by the Australian Federal Treasurer in November 2013.  One of the transactions was accounted for as an unfunded derivative instrument.  The other transaction was a hybrid financial instrument, as defined by applicable accounting standards, whereby the accounting rules required the Company to account for a funded host instrument and a separate embedded derivative instrument.  In December 2012, the Company settled the derivative instruments known as “Total Return Swaps”, and recognized pre-tax gains reported as “Other Contracts” in the table above.  After the settlement of these transactions, the interest in GrainCorp is recorded as a long-term marketable security.

72

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 4.     Derivative Instruments & Hedging Activities (Continued)

Inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value.  Changes in the market value of inventories of certain merchandisable agricultural commodities, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately.

Derivatives Designated as Cash Flow or Fair Value Hedging Strategies

As of December 31, 2014 and 2013, the Company has certain derivatives designated as cash flow hedges and fair value hedges.

The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt are recorded in other (income) expense - net. The terms of the interest rate swaps match the terms of the underlying debt resulting in no ineffectiveness. At December 31, 2014, the Company has $21 million in other current assets representing the fair value of the interest rate swaps and a corresponding increase in the underlying debt for the same amount with no impact to earnings.

For each of the commodity hedge programs described below, the derivatives are designated as cash flow hedges.  Assuming normal market conditions, the changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.  Once the hedged item is recognized in earnings, the gains/losses arising from the hedge are reclassified from AOCI to either revenues, cost of products sold, interest expense or other (income) expense – net, as applicable.  As of December 31, 2014, the Company has $30 million of after-tax gains in AOCI related to gains and losses from commodity cash flow hedge transactions.  The Company expects to recognize the $30 million of gains in its consolidated statement of earnings during the next 12 months.

The Company uses futures or options contracts to fix the purchase price of anticipated volumes of corn to be purchased and processed in a future month.  The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn.  The Company’s corn processing plants currently grind approximately 76 million bushels of corn per month.  During the past 12 months, the Company hedged between 24% and 71% of its monthly anticipated grind.  At December 31, 2014, the Company has designated hedges representing between 0.3% to 23% of its anticipated monthly grind of corn for the next 12 months.

The Company, from time to time, also uses futures, options, and swaps to fix the sales price of certain ethanol sales contracts.  The Company has established hedging programs for ethanol sales contracts that are indexed to unleaded gasoline prices and to various exchange-traded ethanol contracts. The objective of these hedging programs is to reduce the variability of cash flows associated with the Company’s sales of ethanol. During the past 12 months, the Company hedged between 9 million and 121 million gallons of ethanol sales per month under these programs.  At December 31, 2014, the Company has designated hedges representing between 1 million to 30 million gallons of ethanol sales per month over the next 6 months.

The following tables set forth the fair value of derivatives designated as hedging instruments as of December 31, 2014 and 2013.

	December 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Contracts	$	21	$	—	$	—	$	9
Total	$	21	$	—	$	—	$	9

73

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 4.     Derivative Instruments & Hedging Activities (Continued)

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statement of earnings for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012.

		Year Ended						Six Months Ended						Year Ended
	Consolidated Statement of	December 31						December 31						June 30
(In millions)	Earnings Locations	2014			2013			2012			2011			2012
											(Unaudited)
Effective amounts recognized in earnings
FX Contracts	Other income/expense -net	$	5		$	(1	)	$	(1	)	$	(1	)	$	(1	)
Interest Contracts	Interest expense	1			1			—			—			1
Commodity Contracts	Cost of products sold	(124		)	(41		)	158			11			5
	Revenues	(69		)	4			2			8			3
Ineffective amount recognized in earnings
Interest contracts	Interest expense	—			—			—			—			—
Commodity contracts	Cost of products sold	(4		)	(120		)	(30		)	39			49
	Revenues	(34		)	—			—			—			—
Total amount recognized in earnings		$	(225	)	$	(157	)	$	129		$	57		$	57

Hedge ineffectiveness for commodity contracts results when the change in the price of the underlying commodity in a specific cash market differs from the change in the price of the derivative financial instrument used to establish the hedging relationship. As an example, if the change in the price of a corn futures contract is strongly correlated to the change in the cash price paid for corn, the gain or loss on the derivative instrument is deferred and recognized at the time the corn grind occurs. If the change in price of the derivative does not strongly correlate to the change in the cash price of corn, in the same example, some portion or all of the derivative gains or losses may be required to be recognized in earnings prior to the corn grind occurring.

74

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 5.     Marketable Securities

The following table sets forth items in short-term and long-term investments. 

	Cost		Unrealized  Gains		Unrealized  Losses			Fair  Value
	(In millions)
December 31, 2014
United States government obligations
Maturity less than 1 year	$	385	$	—	$	—		$	385
Maturity 1 to 5 years	93		—		—			93
Corporate debt securities
Maturity 1 to 5 years	72		—		—			72
Other debt securities
Maturity less than 1 year	130		—		—			130
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	328		1		(12		)	317
	$	1,011	$	1	$	(12	)	$	1,000
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
December 31, 2013
United States government obligations
Maturity less than 1 year	$	395	$	—	$	—		$	395
Maturity 1 to 5 years	124		—		—			124
Government-sponsored enterprise obligations
Maturity 1 to 5 years	4		—		—			4
Corporate debt securities
Maturity 1 to 5 years	16		—		—			16
Other debt securities
Maturity less than 1 year	38		—		—			38
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	362		1		(2		)	361
	$	942	$	1	$	(2	)	$	941

All of the $12 million in unrealized losses at December 31, 2014 arose within the last 12 months and is related to the Company’s investment in two available for sale equity securities with a fair value of $310 million. The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment.  Based on that evaluation and the Company’s ability and intent to hold these investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2014.

For information on other-than-temporary impairment charges, see Note 19.

75

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 6.     Other Current Assets

The following table sets forth the items in other current assets:

	December 31, 2014		December 31, 2013
	(In millions)
Unrealized gains on derivative contracts	$	897	$	969
Deferred receivables consideration	511		757
Customer omnibus receivable	1,532		1,298
Financing receivables - net (1)	402		576
Other current assets	2,714		2,750
	$	6,056	$	6,350

⁽¹⁾ The Company provides financing to suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $11 million and $15 million at December 31, 2014 and 2013, respectively. Changes in the allowance for 2014 included an increase of $4 million for additional bad debt provisions and a reduction in the allowance for adjustments of $8 million, respectively. Interest earned on financing receivables of $23 million, $26 million, $15 million, $12 million, and $26 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, respectively, is included in interest income in the consolidated statements of earnings.

Note 7.     Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables:

	December 31, 2014		December 31, 2013
	(In millions)
Unrealized losses on derivative contracts	$	926	$	824
Other accruals and payables	4,114		3,966
	$	5,040	$	4,790

76

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

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 17.3% and 16.4% share ownership in Wilmar as of December 31, 2014 and 2013, respectively.  The Company had 60 unconsolidated domestic and foreign affiliates as of December 31, 2014 and 2013, respectively.  The following table summarizes the combined balance sheets as of December 31, 2014 and 2013, and the combined statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012.

	December 31
(In millions)	2014			2013
Current assets	$	27,307		$	30,966
Non-current assets	21,624			20,846
Current liabilities	(19,370		)	(27,423		)
Non-current liabilities	(9,882		)	(5,515		)
Noncontrolling interests	(897		)	(890		)
Net assets	$	18,782		$	17,984

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
(In millions)	2014		2013		2012		2011		2012
							(Unaudited)
Net Sales	$	50,591	$	51,967	$	28,314	$	29,767	$	58,068
Gross profit	4,558		4,373		2,847		3,291		6,458
Net income	1,561		1,762		855		1,022		1,940

The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December 31, 2014, is $2.1 billion.  The Company has a direct investment in a foreign equity method investee with a carrying value of $2.4 billion as of December 31, 2014, and a market value of $2.7 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at December 31, 2014.

The Company provides credit facilities totaling $168 million to five unconsolidated affiliates.  One facility that is due on demand and bears interest at the one month British pound LIBOR rate plus 1.5% has an outstanding balance of $17 million. The other four facilities have no outstanding balances as of December 31, 2014.  The outstanding balance is 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.

77

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 9.     Goodwill and Other Intangible Assets

Goodwill balances attributable to consolidated businesses, by segment, are set forth in the following table.

	December 31, 2014		December 31, 2013
	(In millions)
Oilseeds Processing	$	130	$	192
Corn Processing	81		81
Agricultural Services	79		81
Other	1,720		10
Total	$	2,010	$	364

The changes in goodwill during the year ended December 31, 2014 related primarily to acquisitions (see Note 2) and assets classified as held for sale (see Note 18).

The following table sets forth the other intangible assets:

		December 31, 2014							December 31, 2013
	Useful	Gross		Accumulated					Gross		Accumulated
	Life	Amount		Amortization			Net		Amount		Amortization			Net
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	267	$	—		$	267	$	5	$	—		5
Other		1		—			1		2		—			2
Intangible assets with definite lives:
Trademarks/brands	8 to 25	25		(5		)	20		44		(11		)	33
Customer lists	9 to 20	663		(32		)	631		130		(34		)	96
Patents	15 to 20	44		(29		)	15		43		(27		)	16
Recipes and other	2 to 25	372		(33		)	339		73		(28		)	45
Total		$	1,372	$	(99	)	$	1,273	$	297	$	(100	)	$	197

The change in the gross carrying amount of intangible assets during the year ended December 31, 2014 is primarily related to acquisitions as discussed in Note 2 partially offset by reclassification for held for sale presentation and foreign currency translation adjustments.

Aggregate amortization expense was $27 million, $22 million, $10 million, $14 million, and $28 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. The estimated future aggregate amortization expense for the next five years are $81 million, $78 million, $74 million, $72 million, and $72 million.

78

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 10.     Debt Financing Arrangements

	December 31, 2014			December 31, 2013
	(In millions)
4.479% Debentures $750 million face amount, due in 2021	773			746
5.45% Notes $700 million face amount, due in 2018	701			699
5.765% Debentures $596 million face amount, due in 2041	600			600
5.375% Debentures $600 million face amount, due in 2035	589			588
5.935% Debentures $420 million face amount, due in 2032	417			416
4.016% Debentures $570 million face amount, due in 2043	378			376
4.535% Debentures $528 million face amount due in 2042	375			373
8.375% Debentures $295 million face amount, due in 2017	294			294
7.5% Debentures $187 million face amount, due in 2027	186			186
7.0% Debentures $185 million face amount, due in 2031	184			184
6.625% Debentures $182 million face amount, due in 2029	182			182
6.95% Debentures $172 million face amount, due in 2097	170			170
6.45% Debentures $154 million face amount, due in 2038	153			153
6.75% Debentures $124 million face amount, due in 2027	122			122
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014	—			1,144
Other	458			279
Total long-term debt including current maturities	5,582			6,512
Current maturities	(24		)	(1,165		)
Total long-term debt	$	5,558		$	5,347

79

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 10.     Debt Financing Arrangements (Continued)

In February 2007, the Company issued $1.15 billion principal amount of convertible senior notes due in 2014 (the Notes) in a private placement.  The Notes were issued at par and bear interest at a rate of 0.875% per year, payable semiannually. In accordance with applicable accounting standards, the Company recognized the Notes proceeds received in 2007 as long-term debt of $853 million and equity of $297 million.  The discount on the long-term debt was amortized over the life of the Notes using the effective interest method. Discount amortization expense of $6 million, $49 million, $24 million, $22 million, and $45 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively, were included in interest expense related to the Notes.

On February 18, 2014, the Notes were repaid with available funds.

Discount amortization expense net of premium of $11 million, $54 million, $23 million, $26 million, and $49 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively, were included in interest expense related to the Company's long-term debt.

At December 31, 2014, the fair value of the Company’s long-term debt exceeded the carrying value by $1.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

The aggregate maturities of long-term debt for the five years after December 31, 2014, are $24 million, $14 million, $307 million, $711 million, and $10 million, respectively.

At December 31, 2014, the Company had lines of credit totaling $6.6 billion which was unused.  The weighted average interest rates on short-term borrowings outstanding at December 31, 2014 and 2013, were 3.76% and 4.24%, respectively.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was no commercial paper outstanding at December 31, 2014.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements.  The Company is in compliance with these covenants as of December 31, 2014.

The Company has outstanding standby letters of credit and surety bonds at December 31, 2014 and 2013, totaling $980 million and $795 million, respectively.

The Company has accounts receivable securitization programs (the “Programs”).  The Programs provide the Company with up to $1.6 billion in funding resulting from the sale of accounts receivable.  As of December 31, 2014, the Company utilized $1.6 billion of its facility under the Programs (see Note 20 for more information on the Programs).

Note 11.     Stock Compensation

The Company’s employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Company’s 2002 and 2009 Incentive Compensation Plans.  These options are issued at market value on the date of grant, vest incrementally over one to five years, and expire ten years after the date of grant.

The fair value of each option grant is estimated as of the date of grant using the Black-Scholes single option pricing model.  The volatility assumption used in the Black-Scholes single option pricing model is based on the historical volatility of the Company’s stock.  The volatility of the Company’s stock was calculated based upon the monthly closing price of the Company’s stock for the period immediately prior to the date of grant corresponding to the average expected life of the grant.  The average expected life represents the period of time that option grants are expected to be outstanding.  The risk-free rate is based on the rate of U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of option grants.  The assumptions used in the Black-Scholes single option pricing model are as follows.

80

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 11.     Stock Compensation (Continued)

	Year Ended December 31		Six Months Ended December 31	Year Ended June 30
	2014	2013	2012	2012
Dividend yield	2%	2%	3%	2%
Risk-free interest rate	2%	1%	1%	2%
Stock volatility	37%	38%	30%	32%
Average expected life (years)	6	6	7	8

A summary of option activity during 2014 is presented below:

	Shares		Weighted-Average Exercise Price
	(In thousands, except per share amounts)
Shares under option at December 31, 2013	13,304		$	28.31
Granted	1,253		40.65
Exercised	(3,376	)	27.63
Forfeited or expired	(68	)	27.50
Shares under option at December 31, 2014	11,113		$	29.91
Exercisable at December 31, 2014	6,835		$	29.01

The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2014, is 6 years and 5 years, respectively.  The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014, is $248 million and $158 million, respectively.  The weighted-average grant-date fair values of options granted during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $12.80, $10.02, $5.89, and $6.98, respectively.  The total intrinsic values of options exercised during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $66 million, $29 million, $1 million, and $5 million, respectively.  Cash proceeds received from options exercised during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $93 million, $73 million, $2 million, and $7 million, respectively.

At December 31, 2014, there was $21 million of total unrecognized compensation expense related to option grants.  Amounts to be recognized as compensation expense during the next four years are $10 million, $6 million, $3 million, and $2 million, respectively.

The Company’s 2002 and 2009 Incentive Compensation Plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards) at no cost to certain officers and key employees.  In addition, the Company’s 2002 and 2009 Incentive Compensation Plans also provide for the granting of performance stock units (PSUs) at no cost to certain officers and key employees.  Restricted Stock Awards are made in common stock or stock units with equivalent rights and vest at the end of a three-year restriction period.  The awards for PSUs are made in common stock units and vest at the end of a three-year vesting period subject to the attainment of certain future performance criteria based on the Company's adjusted return on invested capital compared to the weighted average cost of capital.  During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, 1.4 million, 0.9 million, 1.3 million, and 1.2 million common stock or stock units, respectively, were granted as Restricted Stock Awards and PSUs.  At December 31, 2014, there were 17.3 million shares available for future grants pursuant to the 2009 plan.

The fair value of Restricted Stock Awards and PSUs is determined based on the market value of the Company’s shares on the grant date.  The weighted-average grant-date fair values of awards granted during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012 were $40.78, $32.96, $26.34, and $26.75, respectively.

81

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 11.     Stock Compensation (Continued)

A summary of Restricted Stock Awards and PSUs activity during 2014 is presented below:

	Restricted Stock Awards and PSUs		Weighted Average Grant-Date Fair Value
	(In thousands, except per share amounts)
Non-vested at December 31, 2013	3,557		$	28.86
Granted	1,396		40.78
Vested	(1,250	)	27.86
Forfeited	(147	)	33.68
Non-vested  at December 31, 2014	3,556		$	34.17

At December 31, 2014, there was $44 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs.  Amounts to be recognized as compensation expense during the next three years are $27 million, $15 million, and $2 million, respectively.  At the vesting date, the total fair value of Restricted Stock Awards vested during the year ended December 31, 2014 was $35 million.

Compensation expense for option grants, Restricted Stock Awards and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant.  Certain of the Company’s option grants, Restricted Stock Awards and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant.  Compensation expense for PSUs is based on the probability of meeting the performance criteria.

Total compensation expense for option grants, Restricted Stock Awards and PSUs recognized during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 was $55 million, $43 million, $31 million, $34 million, and $48 million, respectively.

Note 12.     Other (Income) Expense – Net

The following table sets forth the items in other (income) expense:

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
(Gain) loss on derivatives	102			40			(62		)	—			—
Gain on sale of assets and equity dilution	(351		)	(41		)	(51		)	(17		)	(30		)
Charges from early extinguishment of debt	—			—			5			12			12
Gain on marketable securities transactions	—			(8		)	(6		)	(16		)	(37		)
Other – net	2			(44		)	5			9			26
	$	(247	)	$	(53	)	$	(109	)	$	(12	)	$	(29	)

82

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 12.     Other (Income) Expense – Net (Continued)

Individually significant items included in the table above are:

The loss on derivatives for the year ended December 31, 2014 was due to losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition. The loss on derivatives for the year ended December 31, 2013 was due to losses on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp Limited (GrainCorp) acquisition. The gain on derivatives for the six months and year ended December 31, 2012 relates to the settlement of the Total Return Swap instruments related to the Company's investment in GrainCorp (see Note 4 for more information).

Gain on sale of assets for the year ended December 31, 2014 includes a gain of $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture resulting from the contribution of additional assets by another member in exchange for new equity units and a gain of $126 million on the sale of the fertilizer business. Gain on sale of assets for six months ended December 31, 2012 includes a $39 million gain related to the sale of certain of the Company’s exchange membership interests.

Realized gains on sales of available-for-sale marketable securities totaled $8 million, $8 million, $17 million, and $38 million for the year ended December 31, 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. Realized gains on sales of available-for-sale marketable securities were immaterial for the year ended December 31, 2014. Realized losses on sales of available-for-sale marketable securities were immaterial for all periods presented. Impairment losses on securities of $6 million, $166 million, $13 million, and $25 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2011, and year ended June 30, 2012, respectively, were classified as asset impairment, exit, and restructuring charges in the consolidated statements of earnings (see Note 19 for more information).

83

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 13.     Income Taxes

The following table sets forth the geographic split of earnings before income taxes:

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
United States	$	2,224	$	1,509	$	611	$	592	$	1,035
Foreign	906		515		386		189		730
	$	3,130	$	2,024	$	997	$	781	$	1,765

Significant components of income tax are as follows:

	Year Ended						Six Months Ended				Year Ended
(In millions)	December 31						December 31				June 30
	2014			2013			2012		2011		2012
									(Unaudited)
Current
Federal	$	641		$	348		$	92	$	179	$	300
State	57			14			9		19		21
Foreign	235			146			83		7		118
Deferred
Federal	(29		)	112			92		14		66
State	28			(5		)	20		3		9
Foreign	(55		)	55			7		15		9
	$	877		$	670		$	303	$	237	$	523

84

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 13.     Income Taxes (Continued)

Significant components of deferred tax liabilities and assets are as follows:

	December 31, 2014			December 31, 2013
	(In millions)
Deferred tax liabilities
Property, plant, and equipment	$	1,631		$	1,286
Equity in earnings of affiliates	394			323
Debt exchange	135			123
Inventories	57			132
Other	192			119
	$	2,409		$	1,983
Deferred tax assets
Pension and postretirement benefits	$	460		$	267
Stock compensation	55			60
Foreign tax credit carryforwards	76			26
Foreign tax loss carryforwards	305			329
Capital loss carryforwards	21			24
State tax attributes	70			74
Reserves and other accruals	43			—
Other	271			205
Gross deferred tax assets	1,301			985
Valuation allowances	(347		)	(329		)
Net deferred tax assets	$	954		$	656
Net deferred tax liabilities	$	1,455		$	1,327
The net deferred tax liabilities are classified as follows:
Current assets	$	17		$	—
Current assets (foreign)	137			17
Current liabilities	—			(8		)
Current liabilities (foreign)	(33		)	(22		)
Noncurrent assets (foreign)	86			134
Noncurrent liabilities	(1,316		)	(1,404		)
Noncurrent liabilities (foreign)	(346		)	(44		)
	$	(1,455	)	$	(1,327	)

85

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 13.     Income Taxes (Continued)

Reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate on earnings is as follows:

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Statutory rate	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.1		0.2		2.4		2.4		1.4
Foreign earnings taxed at rates other than the U.S. statutory rate	(4.8	)	(3.7	)	(7.6	)	(7.2	)	(4.8	)
Foreign currency remeasurement	0.1		(0.9	)	2.6		(0.3	)	(3.3	)
Income tax adjustment to filed returns	(2.5	)	0.5		(1.5	)	(0.7	)	0.9
Tax benefit on U.S. biodiesel credits	(1.1	)	(5.1	)	—		—		—
Tax benefit on U.S. qualified production activity deduction	(1.8	)	(1.4	)	—		—		—
Valuation allowances	—		8.0		—		—		—
Other	1.0		0.5		(0.5	)	1.1		0.4
Effective income tax rate	28.0	%	33.1	%	30.4	%	30.3	%	29.6	%

The Company has historically included amounts received from the U.S. Government in the form of a biodiesel credit as taxable income on its federal and state income tax returns.  In the fourth quarter of 2013, the Internal Revenue Service released a Chief Counsel Advice stipulating that biodiesel credits should not be included in taxable income.   Based upon the Chief Counsel Advice, the Company changed its position related to these credits and excluded them from income for years 2011 through the current year. Of the total tax benefit recorded in 2013 of $107 million, $55 million relates to years prior to 2013. 

The Company has $305 million and $329 million of tax assets related to net operating loss carry-forwards of certain international subsidiaries at December 31, 2014 and 2013, respectively.  As of December 31, 2014, approximately $274 million of these assets have no expiration date, and the remaining $31 million expire at various times through fiscal 2032.  The annual usage of certain of these assets is limited to a percentage of taxable income of the respective foreign subsidiary for the year. The Company has recorded a valuation allowance of $218 million and $196 million against these tax assets at December 31, 2014 and 2013, respectively, due to the uncertainty of their realization.

During the fourth quarter of 2013, the Company recorded a full valuation allowance on net deferred tax assets of a German subsidiary in the amount of $103 million ($82 million, equal to $0.12 per share, when adjusted for the income attributable to the minority interest holders). Management’s establishment of a valuation allowance resulted from a combination of matters, including the absence of financial performance of the subsidiary and its ability to generate sufficient taxable income in the future. Management continues to maintain its view of the subsidiary and the need for the valuation allowance.

During the fourth quarter of 2013, the Company placed a full valuation allowance on the deferred tax asset related to the impairment of its investment in GrainCorp in the amount of $41 million. The Company also placed a full valuation allowance on the impairment of assets related to its sugar business in Brazil in the amount of $17 million.

The Company has $21 million of tax assets related to foreign and domestic capital loss carryforwards at December 31, 2014.  The Company has recorded a valuation allowance of $21 million against these tax assets at December 31, 2014.

86

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 13.     Income Taxes (Continued)

The Company has $76 million and $26 million of tax assets related to excess foreign tax credits at December 31, 2014 and 2013, respectively, which begin to expire in 2015.  The Company has $70 million and $74 million of tax assets related to state income tax attributes (incentive credits and net operating loss carryforwards), net of federal tax benefit, at December 31, 2014 and 2013, respectively, which will expire at various times through fiscal 2034. The Company has not recorded a valuation allowance against the excess foreign tax credits at December 31, 2014.  Due to the uncertainty of realization, the Company has recorded a valuation allowance of $51 million and $53 million related to state income tax assets net of federal tax benefit as of December 31, 2014 and 2013, respectively.  

The Company remains subject to federal examination in the U.S. for the calendar tax years 2013 and 2014.

Undistributed earnings of the Company’s foreign subsidiaries and the Company’s share of the undistributed earnings of affiliated corporate joint venture companies accounted for on the equity method amounting to approximately $8.6 billion at December 31, 2014, are considered to be permanently reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon.  It is not practicable to determine the deferred tax liability for temporary differences related to these undistributed earnings.

The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2014 and 2013 as follows:

	Unrecognized Tax Benefits
	December 31, 2014			December 31, 2013
	(In millions)
Beginning balance	$	66		$	77
Additions related to current year’s tax positions	5			—
Additions related to prior years’ tax positions	7			7
Reductions related to prior years’ tax positions	(3		)	—
Reductions related to lapse of statute of limitations	—			(6		)
Settlements with tax authorities	(3		)	(12		)
Ending balance	$	72		$	66

The additions and reductions in unrecognized tax benefits shown in the table include effects related to net income and shareholders’ equity.  The changes in unrecognized tax benefits did not have a material effect on the Company’s net income or cash flow.

At December 31, 2014 and 2013, the Company had accrued interest and penalties on unrecognized tax benefits of $21 million and $18 million, respectively.

The Company is subject to income taxation in many jurisdictions around the world.  Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete.  Therefore, it is difficult to predict the timing for resolution of tax positions.  However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months.  Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period.  If the total amount of unrecognized tax benefits were recognized by the Company at one time, there would be a reduction of $62 million on the tax expense for that period.

87

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 13.     Income Taxes (Continued)

The Company is subject to routine examination by domestic and foreign tax authorities and frequently faces challenges regarding the amount of taxes due.  These challenges include positions taken by the Company related to the timing, nature and amount of deductions and the allocation of income among various tax jurisdictions.  Resolution of the related tax positions, through negotiation with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions. In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential additional tax owed by the Company in accordance with the applicable accounting standard.  However, the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations.

The Company’s wholly-owned subsidiary, ADM do Brasil Ltda. (ADM do Brasil), has received three separate tax assessments from the Brazilian Federal Revenue Service(BFRS)challenging the tax deductibility of commodity hedging losses and related expenses for the tax years 2004, 2006 and 2007. As of December 31, 2014, these assessments, updated for estimated penalties, interest, and variation in currency exchange rates, totaled approximately $493 million. ADM do Brasil’s tax return for 2005 was also audited and no assessment was received.  The statute of limitations for 2005 and 2008 has expired. If the BFRS were to challenge commodity hedging deductions in tax years after 2008, the Company estimates it could receive additional tax assessments of approximately $57 million (based on currency exchange rates as of December 31, 2014).

ADM do Brasil enters into commodity hedging transactions that can result in gains, which are included in ADM do Brasil’s calculations of taxable income in Brazil, and losses, which ADM do Brasil deducts from its taxable income in Brazil. The Company has evaluated its tax position regarding these hedging transactions and concluded, based upon advice from Brazilian legal counsel, that it was appropriate to recognize both gains and losses resulting from hedging transactions when determining its Brazilian income tax expense. Therefore, the Company has continued to recognize the tax benefit from hedging losses in its financial statements and has not recorded any tax liability for the amounts assessed by the BFRS.

ADM do Brasil filed an administrative appeal for each of the assessments. During the second quarter of fiscal 2011, the appeal panel found in favor of the BFRS on the 2004 assessment and ADM do Brasil filed a second level administrative appeal, which is still ongoing. In January of 2012, the appeal panel found in favor of the BFRS on the 2006 and 2007 assessments and ADM do Brasil filed a second level administrative appeal, which is still ongoing. If ADM do Brasil continues to be unsuccessful in the administrative appellate process, it intends to file appeals in the Brazilian federal courts. While the Company believes its consolidated financial statements properly reflect the tax deductibility of these hedging losses, the ultimate resolution of this matter could result in the future recognition of additional payments of, and expense for, income tax and the associated interest and penalties.

The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2008.

The Company’s subsidiaries in Argentina have received tax assessments challenging transfer prices used to price grain exports totaling $93 million (inclusive of interest and adjusted for variation in currency exchange rates) for the tax years 2004 through 2007.  The Argentine tax authorities have been conducting a review of income and other taxes paid by large exporters and processors of cereals and other agricultural commodities resulting in allegations of income tax evasion. While the Company believes that it has complied with all Argentine tax laws, it cannot rule out receiving additional assessments challenging transfer prices used to price grain exports for years subsequent to 2007, and estimates that these potential assessments would be approximately $325 million (as of December 31, 2014 and subject to variation in currency exchange rates).  The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2007. The Company believes that it has appropriately evaluated the transactions underlying these assessments, and has concluded, based on Argentine tax law, that its tax position would be sustained, and accordingly, the Company has not recorded a tax liability for these assessments.

In accordance with the accounting requirements for uncertain tax positions, the Company has concluded that it is more likely than not to prevail on the Brazil and Argentina matters based upon their technical merits. The Company has not recorded an uncertain tax liability for these assessments partly because the taxing jurisdictions' processes do not provide a mechanism for settling at less than the full amount of the assessment. The Company's consideration of these tax assessments requires judgments about the application of income tax regulations to specific facts and circumstances. The final outcome of these matters cannot reliably be predicted, may take many years to resolve, and could result in financial impacts of up to the entire amount of these assessments.

88

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 14.     Leases

The Company leases manufacturing and warehouse facilities, real estate, transportation assets, and other equipment under non-cancelable operating leases, the majority of which expire at various dates through the year 2044. Rent expense for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 was $224 million, $199 million, $106 million, $103 million, and $209 million, respectively.  Additional amounts incurred for charges pertaining to time charters of ocean going vessels accounted for as leases for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 were $136 million, $147 million, $62 million, $76 million, and $164 million, respectively.  Future minimum rental payments for non-cancelable operating leases with initial or remaining terms in excess of one year are as follows:

	Minimum
	Rental Payments
	(In millions)
2015	$	226
2016	198
2017	158
2018	106
2019	59
Thereafter	240
Total minimum lease payments	$	987

Note 15.     Employee Benefit Plans

The Company provides substantially all U.S. employees and employees at certain foreign subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans.  The Company provides eligible U.S. employees who retire under qualifying conditions with access to postretirement health care, at full cost to the retiree (certain employees are “grandfathered” into subsidized coverage while others are provided with Health Care Reimbursement Accounts as described below).

On August 5, 2014, the Company amended its U.S. qualified pension plans and began notifying certain eligible individuals of its offer to pay those individuals’ pension benefit in a lump sum. Individuals eligible for the voluntary lump sum payment option are generally those who are retirees, surviving joint annuitants, beneficiaries, and alternate payees of the U.S. qualified pension plans who are currently receiving a payment and commenced their benefit prior to June 30, 2014. The voluntary lump sum which amounted to $296 million reduced the Company's global pension benefit obligation by $336 million resulting in a net improvement of its pension underfunding by $40 million. The Company incurred a non-cash pre-tax income statement charge of $98 million in the quarter ended December 31, 2014 as a result of the requirement to expense the unrealized actuarial losses recognized in accumulated other comprehensive income (loss) pertaining to liabilities settled at December 31, 2014.

The Company maintains 401(k) plans covering substantially all U.S. employees.  The Company contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching employer contribution of 1% of pay to eligible participants.  Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in ADM stock as part of their own investment elections.  The employer contributions are expensed when paid.  Assets of the Company’s 401(k) plans consist primarily of listed common stocks and pooled funds.  The Company’s 401(k) plans held 11 million shares of Company common stock at December 31, 2014, with a market value of $596 million.  Cash dividends received on shares of Company common stock by these plans during the year ended December 31, 2014 were $12 million.

89

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

	Pension Benefits						Postretirement Benefits
(In millions)	Year Ended December 31						Year Ended December 31
	2014			2013			2014			2013
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	71		$	84		$	4		$	5
Interest cost	126			114			8			7
Expected return on plan assets	(155		)	(144		)	—			—
Settlement charges	95			—			—			—
Amortization of actuarial loss	36			74			2			5
Other amortization expense	3			3			(18		)	(18		)
Net periodic defined benefit plan expense	176			131			(4		)	(1		)
Defined contribution plans	50			44			—			—
Total retirement plan expense	$	226		$	175		$	(4	)	$	(1	)

	Pension Benefits						Postretirement Benefits
(In millions)	Six Months Ended December 31						Six Months Ended December 31
	2012			2011			2012		2011
				(Unaudited)					(Unaudited)
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	44		$	36		$	4	$	3
Interest cost	61			65			6		6
Expected return on plan assets	(75		)	(70		)	—		—
Settlement charges	68			—			—		—
Amortization of actuarial loss	42			24			—		—
Other amortization	2			2			—		—
Net periodic defined benefit plan expense	142			57			10		9
Defined contribution plans	23			23			—		—
Total retirement plan expense	$	165		$	80		$	10	$	9

90

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

	Pension Benefits			Postretirement Benefits
(In millions)	Year Ended June 30			Year Ended June 30
	2012			2012
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	71		$	7
Interest cost	130			12
Expected return on plan assets	(141		)	—
Remeasurement charge(1)	30			4
Amortization of actuarial loss	52			—
Other amortization	5			(2		)
Net periodic defined benefit plan expense	147			21
Defined contribution plans	45			—
Total retirement plan expense	$	192		$	21

(1) See Note 19

91

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

Prior to December 31, 2012, the Company used a June 30 measurement date for all defined benefit plans.  As a result of the change in fiscal year end (see Note 1), the Company changed its measurement date for all defined benefit plans to December 31 effective in the transition period ended December 31, 2012.  The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2014 and 2013:

	Pension Benefits						Postretirement Benefits
	December 31 2014			December 31 2013			December 31 2014			December 31 2013
	(In millions)						(In millions)
Benefit obligation, beginning	$	2,814		$	2,954		$	174		$	208
Service cost	71			84			4			5
Interest cost	126			114			8			7
Actuarial loss (gain)	688			(236		)	54			(34		)
Employee contributions	2			2			—			—
Curtailments	(5		)	—			—			—
Settlements	(304		)	—			—			—
Business combinations	136			—			—			—
Benefits paid	(109		)	(119		)	(12		)	(12		)
Plan amendments	(4		)	(1		)	3			—
Actual expenses	(2		)	(2		)	—			—
Foreign currency effects	(108		)	18			—			—
Benefit obligation, ending	$	3,305		$	2,814		$	231		$	174
Fair value of plan assets, beginning	$	2,341		$	2,174		$	—		$	—
Actual return on plan assets	292			222			—			—
Employer contributions	42			50			12			12
Employee contributions	2			2			—			—
Settlements	(304		)	—			—			—
Business combinations	10			—			—			—
Benefits paid	(109		)	(119		)	(12		)	(12		)
Actual expenses	(2		)	(2		)	—			—
Foreign currency effects	(78		)	14			—			—
Fair value of plan assets, ending	$	2,194		$	2,341		$	—		$	—
Funded status	$	(1,111	)	$	(473	)	$	(231	)	$	(174	)
Prepaid benefit cost	$	27		$	63		$	—		$	—
Accrued benefit liability – current	(17		)	(15		)	(12		)	(11		)
Accrued benefit liability – long-term	(1,121		)	(521		)	(219		)	(163		)
Net amount recognized in the balance sheet	$	(1,111	)	$	(473	)	$	(231	)	$	(174	)

Included in accumulated other comprehensive income for pension benefits at December 31, 2014 is an unrecognized actuarial loss of $983 million  that has not yet been recognized in net periodic pension cost. The prior service cost and actuarial loss included in accumulated other comprehensive income expected to be recognized in net periodic pension cost during 2015 is $2 million and $68 million, respectively.

92

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

Included in accumulated other comprehensive income for postretirement benefits at December 31, 2014, are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service credit of $85 million and unrecognized actuarial loss of $80 million.  Prior service credit of $18 million and actuarial loss of $7 million included in accumulated other comprehensive income are expected to be recognized in net periodic benefit cost during 2015.

The following table sets forth the principal assumptions used in developing net periodic pension cost:

	Pension Benefits		Postretirement Benefits
	December 31 2014	December 31 2013	December 31 2014	December 31 2013
Discount rate	4.6%	3.9%	4.4%	3.6%
Expected return on plan assets	7.0%	7.0%	N/A	N/A
Rate of compensation increase	3.9%	3.9%	N/A	N/A

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

	Pension Benefits				Postretirement Benefits
	December 31 2014		December 31 2013		December 31 2014	December 31 2013
Discount rate	3.5	%	4.6	%	3.8%	4.4%
Rate of compensation increase	3.8	%	3.9	%	N/A	N/A

At December 31, 2014, a new mortality table was used to estimate anticipated mortality rates that contributed to an increase in projected benefit obligations of approximately $0.2 billion.

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $2.9 billion, $2.6 billion, and $1.7 billion, respectively as of December 31, 2014, and $2.2 billion, $2.0 billion, and $1.6 billion, respectively, as of December 31, 2013.  The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $2.8 billion, $2.5 billion, and $1.7 billion, respectively, as of December 31, 2014 and $2.1 billion, $1.9 billion, and $1.6 billion, respectively, as of December 31, 2013.  The accumulated benefit obligation for all pension plans as of December 31, 2014 and 2013, was $3.0 billion and $2.6 billion, respectively.

For postretirement benefit measurement purposes, a 7.25% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended December 31, 2014.  The rate was assumed to decrease gradually to 5% by 2024 and remain at that level thereafter. The credits used to fund certain retirees with Health Reimbursement Accounts are indexed up to a maximum of 3% per year.

A 1% change in assumed health care cost trend rates would have the following effects:

	1% Increase		1% Decrease
	(In millions)
Effect on combined service and interest cost components	$	1	$	(1	)
Effect on accumulated postretirement benefit obligations	$	8	$	(7	)

93

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

Plan Assets

The Company’s employee benefit plan assets are principally comprised of the following types of investments:

Common stock:

Equity securities are valued based on quoted exchange prices and are classified within Level 1 of the valuation hierarchy.

Mutual funds:

Mutual funds are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

Common collective trust (CCT) funds:

The fair values of the CCTs are based on the cumulative net asset value (NAV) of their underlying investments. The investments in CCTs are comprised of international equity funds, a small cap U.S. equity fund, large cap U.S. equity funds, fixed income funds, and other funds.  The fund units are valued at NAV based on the closing market value of the units bought or sold as of the valuation date and are classified in Level 2 of the fair value hierarchy. The CCTs seek primarily to provide investment results approximating the aggregate price, dividend performance, total return, and income stream of underlying investments of the funds.  Issuances and redemptions of certain of the CCT investments may be restricted by date and/or amount.

Corporate debt instruments:

Corporate debt instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 2 of the valuation hierarchy.

U.S.  Treasury instruments:

U.S. Treasury instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

U.S. government agency, state, and local government bonds:

U.S. government agency obligations and state and municipal debt securities are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy.  

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants’ methods, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

94

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2014 and 2013.

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In millions)
Common stock
U.S. companies	$	180	$	—	$	—	$	180
International companies	6		—		—		6
Equity mutual funds
Emerging markets	62		—		—		62
International	91		—		—		91
Large cap U.S.	362		—		—		362
Common collective trust funds
International equity	—		370		—		370
Large cap U.S. equity	—		33		—		33
Fixed income	—		500		—		500
Other	—		35		—		35
Debt instruments
Corporate bonds	—		422		—		422
U.S. Treasury instruments	95		—		—		95
U.S. government agency, state and local government bonds	—		37		—		37
Other	—		1		—		1
Total assets at fair value	$	796	$	1,398	$	—	$	2,194

95

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

	Fair Value Measurements at December 31, 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)
Common stock
U.S. companies	$	221	$	—	$	—	$	221
International companies	2		—		—		2
Equity mutual funds
Emerging markets	75		—		—		75
International	111		—		—		111
Large cap U.S.	419		—		—		419
Common collective trust funds
International equity	—		373		—		373
Large cap U.S. equity	—		51		—		51
Fixed income	—		437		—		437
Other	—		62		—		62
Debt instruments
Corporate bonds	—		422		—		422
U.S. Treasury instruments	134		—		—		134
U.S. government agency, state and local government bonds	—		32		—		32
Other	—		2		—		2
Total assets at fair value	$	962	$	1,379	$	—	$	2,341

Level 3 Gains and Losses:

There are no Plan assets classified as Level 3 in the fair value hierarchy; therefore there are no gains or losses associated with Level 3 assets.

96

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date:

	December 31 2014(1)(2)	December 31 2013(2)
Equity securities	51%	54%
Debt securities	48%	45%
Other	1%	1%
Total	100%	100%

(1) The Company’s U.S. pension plans contain approximately 62% of the Company’s global pension plan assets.  The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt securities.  The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation.  The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 38% equity securities, 60% debt securities, and 2% in other investments.  The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.

(2) The Company’s pension plans did not hold any shares of Company common stock as of the December 31, 2014 and 2013 measurement dates. 

Investment objectives for the Company’s plan assets are to:

• Optimize the long-term return on plan assets at an acceptable level of risk.

• Maintain a broad diversification across asset classes and among investment managers.

• Maintain careful control of the risk level within each asset class.

Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans.  Selection of the targeted asset allocation for plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes.  The U.S. pension plans target asset allocation is also based on an asset and liability study that is updated periodically.

Investment guidelines are established with each investment manager.  These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements, and credit quality standards, where applicable.  In some countries, derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of underlying investments.

The Company uses external consultants to assist in monitoring the investment strategy and asset mix for the Company’s plan assets.  To develop the Company’s expected long-term rate of return assumption on plan assets, the Company generally uses long-term historical return information for the targeted asset mix identified in asset and liability studies.  Adjustments are made to the expected long-term rate of return assumption when deemed necessary based upon revised expectations of future investment performance of the overall investment markets.

Contributions and Expected Future Benefit Payments

Based on actuarial calculations, the Company expects to contribute $38 million to the pension plans and $12 million to the postretirement benefit plan during 2015.  The Company may elect to make additional discretionary contributions during this period.

97

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 15.     Employee Benefit Plans (Continued)

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans:

	Pension Benefits		Postretirement Benefits
	(In millions)
2015	$	97	$	12
2016	103		13
2017	108		13
2018	115		13
2019	122		14
2020 – 2024	721		75

Note 16.     Shareholders' Equity

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value.  No preferred stock has been issued.  At December 31, 2014 and 2013, the Company had approximately 79.4 million shares and 57.5 million shares, respectively, of its common shares in treasury.  Treasury stock of $2.7 billion and $1.6 billion at December 31, 2014 and 2013, respectively, is recorded at cost as a reduction of common stock.

Included in the foreign currency translation adjustment component of AOCI, is a $43 million net of tax loss pertaining to a foreign currency-denominated debt that was designated as a net investment hedge on October 27, 2014.

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2014 and 2013:

	Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Hedging Activities			Pension and Other Postretirement Benefit Liabilities Adjustment			Unrealized Gain (Loss) on Investments			Accumulated Other Comprehensive Income (Loss)
							(In millions)
Balance at December 31, 2012	$	136		$	4		$	(590	)	$	—		$	(450	)
Other comprehensive income before reclassifications	131			(35		)	354			(157		)	293
Amounts reclassified from AOCI	—			37			60			157			254
Tax effect	2			(1		)	(154		)	(1		)	(154		)
Net of tax amount	133			1			260			(1		)	393
Balance at December 31, 2013	$	269		$	5		$	(330	)	$	(1	)	$	(57	)
Other comprehensive income before reclassifications	(953		)	(119		)	(485		)	(11		)	(1,568		)
Amounts reclassified from AOCI	—			187			21			6			214
Tax effect	30			(26		)	164			2			170
Net of tax amount	(923		)	42			(300		)	(3		)	(1,184		)
Balance at December 31, 2014	$	(654	)	$	47		$	(630	)	$	(4	)	$	(1,241	)

98

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 16.     Shareholders' Equity (Continued)

	Amount reclassified from AOCI
	Year Ended December 31						Affected line item in the consolidated
Details about AOCI components	2014			2013			statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	124		$	41		Cost of products sold
	(5		)	(1		)	Other income/expense
	(1		)	1			Interest expense
	69			(4		)	Revenues
	187			37			Total before tax
	(70		)	(14		)	Tax on reclassifications
	$	117		$	23		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(15	)	$	(15	)
Actuarial losses	36			75
	21			60			Total before tax
	(7		)	(23		)	Tax on reclassifications
	$	14		$	37		Net of tax
Unrealized loss on investments
	$	6		$	157		Asset impairment, exit, and restructuring costs
	(2		)	(3		)	Tax on reclassifications
	$	4		$	154		Net of tax

Note 17.     Segment and Geographic Information

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.  The Company’s operations are organized, managed and classified into three reportable business segments:  Oilseeds Processing, Corn Processing, and Agricultural Services.  Each of these segments is organized based upon the nature of products and services offered.  The Company’s remaining operations are not reportable segments, as defined by ASC Topic 280, Segment Reporting, and are classified as Other.

During the fourth quarter of 2014, the Company completed the acquisition of Wild Flavors and SCI, making the Company one of the world’s leading flavors and specialty ingredients companies. Effective January 1, 2015, the Company has formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors and SCI were reported in Other as the 2014 results were not material to the Company.

99

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 17.     Segment and Geographic Information (Continued)

The Oilseeds Processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals.  Oilseeds products produced and marketed by the Company include ingredients for the food, feed, energy, and other industrial products industries.  Crude vegetable oils produced by the segment’s crushing activities are sold “as is” or are further processed by refining, blending, bleaching, and deodorizing into salad oils.  Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel or are sold to other manufacturers for use in chemicals, paints, and other industrial products.  Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds.  The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food processing industry.  In Europe and South America, the Oilseeds Processing segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets.  These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds.  The Oilseeds Processing segment produces natural health and nutrition products and other specialty food and feed ingredients.  The Oilseeds Processing segment is a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets.  In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets.  In South America, the Oilseeds Processing segment operates fertilizer blending facilities.  The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar and its share of results for its Stratas Foods LLC and Edible Oils Limited joint ventures.

The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States.  The Corn Processing segment converts corn into sweeteners and starches, and bioproducts.  Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose.  Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations.  By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other specialty food and animal feed ingredients.  Ethyl alcohol is produced by the Company for industrial use as ethanol or as beverage grade.  Ethanol, in gasoline, increases octane and is used as an extender and oxygenate.  Bioproducts also include amino acids such as lysine and threonine that are vital compounds used in swine feeds to produce leaner animals and in poultry feeds to enhance the speed and efficiency of poultry production.  Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients.  Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal.  Other Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products.  The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related operations. This segment also includes the Company’s share of the results of its equity investments in Almidones Mexicanos S.A., Eaststarch C.V., and Red Star Yeast Company LLC.

The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry.  Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services.  Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour, the processing and distribution of formula feeds, animal health and nutrition products, and the procurement, processing, and distribution of edible beans.  The Agricultural Services segment includes the activities of Alfred C. Toepfer International (Toepfer), a global merchant of agricultural commodities and processed products.  On June 6, 2014, the Company announced that it has completed its acquisition of the remaining 20% interest in Toepfer. The Agricultural Services segment also includes the Company’s 32.2% share of the results of its Pacificor (formerly Kalama Export Company LLC) joint venture and returns associated with the Company's 19.8% investment in GrainCorp.   Prior to December 2012, the Company had a 23.2% interest in Gruma S.A.B. de C.V. (Gruma), the world’s largest producer and marketer of corn flour and tortillas.  Additionally, the Company had joint ventures in corn flour and wheat flour mills with and through Gruma.  In December 2012, the Company sold its 23.2% interest in Gruma and the Gruma-related joint ventures.

Other includes the activities of Wild Flavors, SCI, and the Company’s remaining operations, primarily its financial business units, related principally to futures commission merchant and insurance activities. 

100

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 17.     Segment and Geographic Information (Continued)

Intersegment sales have been recorded at amounts approximating market.  Operating profit for each segment is based on net sales less identifiable operating expenses.  Also included in segment operating profit is equity in earnings of affiliates based on the equity method of accounting.  Certain Corporate items are not allocated to the Company’s reportable business segments.  Corporate results principally include the impact of LIFO-related adjustments, unallocated corporate expenses, interest cost net of investment income, and the Company’s share of the results of an equity investment.  Corporate results also include the after-tax elimination of income attributable to mandatorily redeemable interests in consolidated subsidiaries except during the calendar year 2012 when the put options related to these interests expired and the results were included in noncontrolling interest. The Company acquired the remaining 20% interest in Toepfer during the second quarter of 2014, thus no longer requiring the elimination of income attributable to the minority shareholder as of June 30, 2014.

101

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 17.     Segment and Geographic Information (Continued)

Segment Information

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Gross revenues
Oilseeds Processing	$	34,196		$	38,490		$	19,465		$	18,073		$	36,990
Corn Processing	11,814			13,299			6,223			6,564			12,287
Agricultural Services	41,150			46,950			25,487			24,115			47,691
Other	885			515			151			136			288
Intersegment elimination	(6,844		)	(9,450		)	(4,597		)	(3,680		)	(8,218		)
Total	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038
Intersegment revenues
Oilseeds Processing	$	2,650		$	3,607		$	1,413		$	736		$	2,275
Corn Processing	128			160			56			113			173
Agricultural Services	3,823			5,470			3,046			2,751			5,609
Other	243			213			82			80			161
Total	$	6,844		$	9,450		$	4,597		$	3,680		$	8,218
Revenues from external customers
Oilseeds Processing
Crushing and Origination	$	18,542		$	20,522		$	10,784		$	8,927		$	18,794
Refining, Packaging, Biodiesel, and Other	9,111			10,375			5,256			6,218			11,628
Cocoa and Other	3,439			3,281			1,746			1,952			3,715
Asia	454			705			266			240			578
Total Oilseeds Processing	31,546			34,883			18,052			17,337			34,715
Corn Processing
Sweeteners and Starches	3,749			4,717			2,405			2,316			4,793
Bioproducts	7,937			8,422			3,762			4,135			7,321
Total Corn Processing	11,686			13,139			6,167			6,451			12,114
Agricultural Services
Merchandising and Handling	33,061			36,968			20,159			19,061			37,631
Transportation	265			228			128			149			269
Milling and Other	4,001			4,284			2,154			2,154			4,182
Total Agricultural Services	37,327			41,480			22,441			21,364			42,082
Other
Processing	312			—			—			—			—
Financial	330			302			69			56			127
Total Other	642			302			69			56			127
Total	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038

102

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 17.     Segment and Geographic Information (Continued)

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Depreciation
Oilseeds Processing	$	244		$	237		$	113		$	108		$	228
Corn Processing	323			325			165			178			345
Agricultural Services	214			220			99			90			188
Other	15			5			2			2			4
Corporate	54			40			17			13			28
Total	$	850		$	827		$	396		$	391		$	793
Long-lived asset abandonments and write-downs(1)
Oilseeds Processing	$	3		$	4		$	—		$	—		$	1
Corn Processing	15			62			—			337			360
Agricultural Services	17			3			—			—			2
Corporate	—			15			—			—			4
Total	$	35		$	84		$	—		$	337		$	367
Interest income
Oilseeds Processing	$	30		$	36		$	18		$	16		$	35
Corn Processing	10			3			1			—			1
Agricultural Services	31			47			18			10			22
Other	14			12			11			14			21
Corporate	7			4			11			22			33
Total	$	92		$	102		$	59		$	62		$	112
Equity in earnings of affiliates
Oilseeds Processing	$	236		$	261		$	96		$	129		$	226
Corn Processing	113			98			49			53			107
Agricultural Services	41			64			49			55			110
Other	10			1			—			—			—
Corporate	(28		)	(13		)	61			14			29
Total	$	372		$	411		$	255		$	251		$	472
Operating Profit
Oilseeds Processing	$	1,605		$	1,473		$	747		$	429		$	1,302
Corn Processing	1,188			814			71			54			261
Agricultural Services	1,089			380			395			563			947
Other	33			41			93			17			15
Total operating profit	3,915			2,708			1,306			1,063			2,525
Corporate	(785		)	(684		)	(309		)	(282		)	(760		)
Earnings before income taxes	$	3,130		$	2,024		$	997		$	781		$	1,765
(1) See Note 19 for total asset impairment, exit, and restructuring costs.

103

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 17.     Segment and Geographic Information (Continued)

	December 31
	2014		2013
	(In millions)
Investments in and advances to affiliates
Oilseeds Processing	$	2,596	$	2,304
Corn Processing	426		438
Agricultural Services	460		309
Other	33		24
Corporate	377		463
Total	$	3,892	$	3,538
Identifiable assets
Oilseeds Processing	$	12,979	$	15,408
Corn Processing	6,196		6,558
Agricultural Services	10,716		12,358
Other	10,833		6,408
Corporate	3,303		3,020
Total	$	44,027	$	43,752

	Year Ended
	December 31
	2014		2013
	(In millions)
Gross additions to property, plant, and equipment
Oilseeds Processing	$	335	$	302
Corn Processing	334		317
Agricultural Services	186		239
Other	434		1
Corporate	68		88
Total	$	1,357	$	947

104

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 17.     Segment and Geographic Information (Continued)

Geographic information:  The following geographic data include revenues attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location.  Long-lived assets represent the net book value of property, plant, and equipment.

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Revenues
United States	$	39,609	$	41,427	$	25,033	$	24,490	$	46,593
Switzerland	10,118		10,467		4,991		5,237		9,698
Germany	7,174		10,029		4,450		4,521		9,656
Other Foreign	24,300		27,881		12,255		10,960		23,091
	$	81,201	$	89,804	$	46,729	$	45,208	$	89,038
(In millions)	December 31
	2014		2013
Long-lived assets
United States	$	6,693	$	7,192
Foreign	3,267		2,945
	$	9,960	$	10,137

Note 18.     Assets and Liabilities Held for Sale

On September 2, 2014, the Company announced the sale of its global chocolate business to Cargill, Inc. for $440 million, subject to regulatory approval and customary conditions. On December 15, 2014, the Company also announced that it has reached an agreement to sell its global cocoa business to Olam International Limited for $1.3 billion, subject to customary conditions. Both transactions are expected to close in 2015. Assets and liabilities subject to the purchase and sale agreements have been classified as held for sale in the Company's consolidated balance sheet at December 31, 2014. The global chocolate and cocoa businesses do not meet the criteria to be classified as discontinued operations at December 31, 2014 under the amended guidance of ASC Topics 205 and 360 which the Company early adopted on October 1, 2014 because these businesses do not comprise a major component of the Company's operations. Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. As of December 31, 2014. the carrying value of the cocoa and chocolate assets were less than fair value less costs to sell, and accordingly, no adjustment to the asset value was necessary. The gain or loss on disposal, along with the continuing operations of the disposal group, will be reported in the Oilseeds Processing segment.

105

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 18.     Assets and Liabilities Held for Sale (Continued)

The major classes of assets and liabilities held for sale were as follows:

	December 31, 2014
	(In millions)
Trade receivables	$	94
Inventories	742
Other current assets	83
Goodwill	63
Other intangible assets	28
Net property, plant, and equipment	374
Other assets	19
Current assets held for sale	$	1,403
Trade payables	$	114
Accrued expenses and other payables	110
Other liabilities	6
Current liabilities held for sale	$	230

Note 19.     Asset Impairment, Exit, and Restructuring Costs

The following table sets forth the charges included in asset impairment, exit, and restructuring costs.

(In millions)	Year Ended December 31				Six Months Ended December 31				Year Ended June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Relocation and restructuring costs (1)	$	64	$	—	$	—	$	—	$	71
Asset impairment charge - equity method investment (2)	—		—		146		—		—
Asset impairment charge - equity securities(3)	6		166		—		13		25
Asset impairment charge - goodwill (4)	—		9		—		—		—
Asset impairments (5)	35		84		—		339		353
Total asset impairment, exit, and restructuring costs	$	105	$	259	$	146	$	352	$	449

(1) Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.

(2) 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.

106

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 19.     Asset Impairment, Exit, and Restructuring Costs (Continued)

(3) Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

(4) The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013.

(5) Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate.

Note 20.     Sale of Accounts Receivable

Since March 2012, the Company has had an accounts receivable securitization program (the “Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Purchasers”).  Under the Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”).  ADM Receivables in turn transfers such purchased accounts receivable in their entirety to the Purchasers pursuant to a receivables purchase agreement.  In exchange for the transfer of the accounts receivable, ADM Receivables receives a cash payment of up to $1.2 billion, as amended, and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 26, 2015, unless extended.

In March 2014, the Company entered into a second accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables in turn transfers such purchased accounts receivable in their entirety to the Second Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Ireland Receivables receives a cash payment of up to $0.4 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 20, 2015, unless extended.

Under the Program and Second Program (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the Purchasers and Second Purchasers and other consideration to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables.

The Company accounts for these transfers as sales. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred consideration. At December 31, 2014 and 2013, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold.

107

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 20.     Sale of Accounts Receivable (Continued)

As of December 31, 2014 and 2013, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $2.1 billion and $1.9 billion, respectively.  In exchange for the transfer as of December 31, 2014 and 2013, the Company received cash of $1.6 billion and $1.1 billion and recorded a receivable for deferred consideration included in other current assets $0.5 billion and $0.8 billion, respectively.  Cash collections from customers on receivables sold were $36.4 billion, $39.8 billion, $21.9 billion, and $8.9 billion for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively.  Of this amount, $35.1 billion, $39.8 billion, $21.9 billion, and $8.9 billion pertain to cash collections on the deferred consideration for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively. Deferred consideration is paid to the Company in cash on behalf of the Purchasers as receivables are collected; however, as this is a revolving facility, cash collected from the Company’s customers is reinvested by the Purchasers daily in new receivable purchases under the Program.

The Company’s risk of loss following the transfer of accounts receivable under the Program is limited to the deferred consideration outstanding.  The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received and is principally based on observable inputs (a Level 2 measurement under the applicable accounting standards) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate.  Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant.

Transfers of receivables under the Program during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012 resulted in an expense for the loss on sale of $5 million, $4 million, $4 million, and $4 million, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings.

The Company reflects all cash flows related to the Program as operating activities in its consolidated statements of cash flows because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables.

Note 21.     Legal Proceedings, Guarantees, and Commitments

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 13 for information on tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to our compliance with laws and regulations relating to the environment and, at any given time, the Company has matters at various stages of resolution with the applicable government authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief, including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

On April 22, 2011, certain manufacturers and distributors of sugar cane and beet sugar products filed suit in the U.S. District Court for the Central District of California against the Company, other manufacturers and marketers of high-fructose corn syrup (HFCS), and the Corn Refiners Association, alleging that the defendants falsely claimed that HFCS is “natural” and nutritionally equivalent to sugar. The defendants have filed counterclaims against the plaintiffs. The parties are currently engaged in pretrial proceedings.

108

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 21.     Legal Proceedings, Guarantees, and Commitments (Continued)

The Company has entered into agreements, primarily debt guarantee agreements related to equity-method investees, which could obligate the Company to make future payments if the primary entity fails to perform its contractual obligations.  The Company has not recorded a liability for payment of these contingent obligations, as the Company believes the fair value of these contingent obligations is immaterial.  The Company has collateral for a portion of these contingent obligations.  These contingent obligations totaled $27 million at December 31, 2014.

Note 22.     Quarterly Financial Data (Unaudited)

	Quarter Ended
	March 31		June 30		September 30		December 31		Year
	(In millions, except per share amounts)
Fiscal Year Ended December 31, 2014
Revenues	$	20,696	$	21,494	$	18,117	$	20,894	$	81,201
Gross Profit	675		1,172		1,470		1,451		4,768
Net Earnings Attributable to Controlling Interests	267		533		747		701		2,248
Basic Earnings Per Common Share	0.40		0.81		1.15		1.09		3.44
Diluted Earnings Per Common Share	0.40		0.81		1.14		1.08		3.43

	Quarter
	March 31		June 30		September 30		December 31		Year
	(In millions, except per share amounts)
Fiscal Year Ended December 31, 2013
Revenues	$	21,727	$	22,541	$	21,393	$	24,143	$	89,804
Gross Profit	756		807		1,156		1,170		3,889
Net Earnings Attributable to Controlling Interests	269		223		476		374		1,342
Basic Earnings Per Common Share	0.41		0.34		0.72		0.57		2.03
Diluted Earnings Per Common Share	0.41		0.34		0.72		0.56		2.02

Net earnings attributable to controlling interests for the second quarter of the fiscal year ended December 31, 2014 include relocation and restructuring costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, costs related to integration of Toepfer following the acquisition of the noncontrolling interest, and other restructuring charges totaling $20 million after-tax (equal to $0.03 per share) as discussed in Note 19. Net earnings attributable to controlling interests for the third quarter of the fiscal year ended December 31, 2014 include an after-tax gain on sale of $97 million (equal to $0.15 per share) upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units as discussed in Note 12 and an after-tax loss on Euro foreign exchange hedges of $63 million (equal to $0.10 per share) as discussed in Note 12. Net earnings attributable to controlling interests for the fourth quarter of the fiscal year ended December 31, 2014 include restructuring costs related to the Wild Flavors acquisition of $21 million after-tax (equal to $0.03 per share) as discussed in Note 19, an after-tax gain on sale of assets related to the sale of the fertilizer business and other asset of $89 million (equal to $0.14 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $26 million (equal to $0.04 per share) as discussed in Note 19, an after-tax charge of $61 million (equal to $0.09 per share) related to pension settlements, and after-tax biodiesel blending credits of $61 million (equal to $0.09 per share), recognized upon the approval of the relevant legislation in the fourth quarter, that related to prior quarters in 2014.

109

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

Note 22.     Quarterly Financial Data (Unaudited) (Continued)

Net earnings attributable to controlling interests for the first quarter of the fiscal year ended December 31, 2013 include an after-tax FCPA charge of $17 million (equal to $0.03 per share). Net earnings attributable to controlling interests for the second quarter of the fiscal year ended December 31, 2013 include an after-tax FCPA charge of $20 million (equal to $0.03 per share) and an after-tax loss on Australian dollar foreign exchange hedges of $32 million (equal to $0.05 per share) as discussed in Note 12. Net earnings attributable to controlling interests for the third quarter of the fiscal year ended December 31, 2013 include an after-tax gain on Australian dollar foreign exchange hedges of $16 million (equal to $0.02 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $8 million (equal to $0.01 per share) as discussed in Note 19, and an after-tax other-than-temporary writedown of an investment of $7 million (equal to $0.01 per share) as discussed in Note 19. Net earnings attributable to controlling interests for the fourth quarter of the fiscal year ended December 31, 2013 include an after-tax loss on Australian dollar foreign exchange hedges of $9 million (equal to $0.01 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $61 million (equal to $0.09 per share), as discussed in Note 19, an after-tax goodwill impairment charge of $9 million (equal to $0.02 per share) as discussed in Note 19, an after-tax other-than-temporary writedown of GrainCorp of $155 million (equal to $0.23 per share) as discussed in Note 19, other after-tax GrainCorp-related charges of $3 million (equal to $0.01 per share), valuation allowance on certain deferred tax assets of $82 million (equal to $0.12 per share), income tax benefit recognized in the current period of $84 million (equal to $0.13 per share) related to biodiesel blending credits in prior periods, effective tax rate adjustment due to the change in annual effective tax rate on prior year-to-date earnings of $21 million (equal to $0.03 per share),and other after-tax charges of $3 million (equal to $0.01 per share).

Note 23.     Subsequent Event

On February 3, 2015, the Company announced that it had reached an agreement to sell a 50 percent stake in its export terminal in Barcarena, in the northern Brazilian state of Pará, to Glencore plc.

110

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Archer-Daniels-Midland Company

Decatur, Illinois

We have audited the accompanying consolidated balance sheets of Archer-Daniels-Midland Company (the Company) as of December 31, 2014 and 2013, and the related consolidated statements of earnings, comprehensive income (loss), shareholders’ equity, and cash flows for the years ended December 31, 2014 and 2013, the six-month period ended December 31, 2012, and the year ended June 30, 2012. Our audits also included the financial statement schedule listed in the Index at Item 15(a)(2). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Archer-Daniels-Midland Company at December 31, 2014 and 2013, and the consolidated results of its operations and its cash flows for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Archer-Daniels-Midland Company’s internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework), and our report dated February 20, 2015, expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

St. Louis, Missouri

February 20, 2015

111

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Archer-Daniels-Midland Company

Decatur, Illinois

We have audited Archer-Daniels-Midland Company’s (the Company) internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) (the COSO criteria). Archer-Daniels-Midland Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As indicated in the accompanying Management's Report on Internal Control Over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of WILD Flavors Gmbh and Specialty Commodities Inc., which are included in the 2014 consolidated financial statements of Archer-Daniels-Midland Company and constituted 6.4% and 9.1% of total and net assets, respectively, as of December 31, 2014 and 0.4% and 2.8% of revenues and net income, respectively, for the year then ended. Our audit of internal control over financial reporting of Archer-Daniels-Midland Company also did not include an evaluation of the internal control over financial reporting of WILD Flavors Gmbh and Specialty Commodities Inc.

In our opinion, Archer-Daniels-Midland Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Archer-Daniels-Midland Company as of December 31, 2014 and 2013, and the related consolidated statements of earnings, comprehensive income (loss), shareholders’ equity, and cash flows for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, of Archer-Daniels-Midland Company, and our report dated February 20, 2015, expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

St. Louis, Missouri

February 20, 2015

112

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A. CONTROLS AND PROCEDURES

As of December 31, 2014, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the Exchange Act)).  Based on that evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to the Chief Executive Officer and Chief Financial Officer to allow timely decisions regarding required disclosure.  

On October 1, 2014 and November 18, 2014, the Company completed the acquisitions of WILD Flavors Gmbh (Wild Flavors)and Specialty Commodities, Inc. (SCI), respectively. As a result of the acquisitions, the Company is in the process of reviewing the internal control structures of Wild Flavors and SCI and, if necessary, will make appropriate changes as the Company incorporates its controls and procedures into the acquired businesses. Except for these acquisitions, there have been no changes in the Company’s internal controls over financial reporting during the Company’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Archer-Daniels-Midland Company’s (ADM’s) management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f).  ADM’s internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles.

Under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer, ADM’s management assessed the design and operating effectiveness of internal control over financial reporting as of December 31, 2014 based on the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework). Based on this assessment, management concluded that ADM’s internal control over financial reporting was effective as of December 31, 2014.

Management's assessment of the effectiveness of ADM's internal control over financial reporting did not include the internal controls of Wild Flavors and SCI. In accordance with the SEC guidance regarding the reporting of internal control over financial reporting in connection with an acquisition, management may omit an assessment of an acquired business' internal control over financial reporting from management's assessment of internal control over financial reporting for a period not to exceed one year from the date of acquisition. Management's assessment of the effectiveness of ADM's internal control over financial reporting as of September 30, 2015 will include the internal controls of Wild Flavors and SCI. Wild Flavors and SCI are included in ADM's consolidated financial statements and constituted 6.4% and 9.1% of total and net assets, respectively, as of December 31, 2014, and 0.4% and 2.8% of revenues and net earnings, respectively, for the year then ended.

Ernst & Young LLP, an independent registered public accounting firm, has issued an attestation report on the Company’s internal control over financial reporting as of December 31, 2014.  That report is included herein.

/s/ Juan R. Luciano Juan R. Luciano Chief Executive Officer and President  /s/ Ray G. Young Ray G. Young Senior Vice President and Chief Financial Officer

Item 9B. OTHER INFORMATION

None.

113

PART III

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information with respect to directors, code of conduct, audit committee and audit committee financial experts of the Company, and Section 16(a) beneficial ownership reporting compliance is set forth in “Proposal No. 1 - Election of Directors,” “Director Experiences, Qualifications, Attributes and Skills, and Board Diversity,” “Code of Conduct,” “Information Concerning Committees and Meetings – Audit Committee,” “Report of the Audit Committee,” and “Section 16(a) Beneficial Ownership Reporting Compliance,” of the definitive proxy statement for the Company’s annual meeting of stockholders to be held on May 7, 2015 and is incorporated herein by reference.

Officers of the Company are elected by the Board of Directors for terms of one year and until their successors are duly elected and qualified.

Information with respect to executive officers and certain significant employees of the Company is set forth below.  Except as otherwise indicated, all positions are with the Company.

Name	Titles	Age
Ronald S. Bandler	Assistant Treasurer since January 1998.	54
Ben I. Bard	Global Chief Compliance officer since January 2014. Ethics and Compliance Counsel at the Coca-Cola Company from 2006 to January 2014.	41
Mark A. Bemis	Senior Vice President and President, Corn Processing business unit since December 2010.  Vice President of the Company from February 2005 to December 2010.  President, Cocoa, Milling, and Other business unit from September 2009 to December 2010.  President of ADM Cocoa from September 2001 to September 2009.	54
Michael D’Ambrose	Senior Vice President - Human Resources since October 2006.	57
D. Cameron Findlay	Senior Vice President, General Counsel & Secretary since July 2013. Senior Vice President, General Counsel and Secretary of Medtronic, Inc. from 2009 to June 2013. Executive Vice President and General Counsel at Aon Corporation from 2003 to 2009.	55
Stuart E. Funderburg	Chief Corporate and Securities Counsel & Assistant Secretary since August 2014. Assistant Secretary and Associate General Counsel from November 2012 to August 2014. Assistant Secretary and Assistant General Counsel from November 2008 to November 2012.	51
Shannon Herzfeld	Vice President of the Company since February 2005, with responsibility for the Company’s Government Affairs function.	62
Kevin L. Hess	Vice President of the Company since November 2008, with responsibility for the Company’s Oilseeds Processing production operations.	54
Matthew J. Jansen	Senior Vice President of the Company, President, Oilseeds Processing business unit, and Chief Risk Officer. Senior Vice President of the Company since December 2010.  President, Oilseeds Processing business unit since February 2010.  Chief Risk Officer since November 2013. Vice President of the Company from January 2003 to December 2010.  President, Grain Operations from August 2006 to February 2010.	48
Randall Kampfe	Vice President of the Company since November 2008, with responsibility for the Company’s Corn Processing production operations.	67
Mark L. Kolkhorst	Vice President of the Company since December 2010.  President of ADM Milling since August 2013. President, Milling and Alliance Nutrition from March 2012 to August 2013.  President, Milling and Cocoa from December 2010 to March 2012.  President of ADM Milling from September 2007 to November 2010.	50

114

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)

Domingo A. Lastra	Vice President of the Company since September 2009.  Managing Director, Agricultural Services International since June 2014. Chairman of the Management Board of Alfred C. Toepfer International, G.m.b.H. from December 2012 to June 2014.  Vice President, Business Growth from August 2011 to December 2012.  President, South American Operations from August 2006 to August 2011.	46
Juan R. Luciano	Chief Executive Officer and President since January 2015. President and Chief Operating Officer from February 2014 to December 2014. Executive Vice President and Chief Operating Officer from April 2011 to February 2014.  Executive Vice President, Performance Division at Dow Chemical Company from August 2010 to April 2011.  Senior Vice President of Hydrocarbons & Basic Plastics Division at Dow Chemical Company from December 2008 to August 2010.	53
Vikram Luthar	CFO, Corn Processing business unit since March 2014. Group Vice President, Finance since January 2012.  Vice President, Finance and Treasurer of the Company from August 2010 to January 2012.  Vice President and Treasurer of the Company from November 2004 to August 2010.	48
Gregory A. Morris	Senior Vice President since November 2014. Announced in October 2014 as President of the new WILD Flavors and Specialty Ingredients business unit. President, North American Oilseeds Processing from 2008 to December 2014.	43
Douglas R. Ostermann	Vice President and Treasurer of the Company since January 2012.  Assistant Treasurer of the Company from November 2009 to December 2011.	47
Victoria Podesta	Vice President of the Company since May 2007.  Chief Communications Officer since December 2010.	58
Ismael Roig	Vice President of the Company since December 2004.  President, Asia Pacific since August 2011.  Vice President and Executive Director, Asia-Pacific from July 2010 to August 2011.  Vice President Planning & Business Development from December 2004 to July 2010.	47
John P. Stott	Group Vice President, Finance and Corporate Controller since August 2014. Vice President and Controller of the Company from December 2006 to August 2014.	47
Joseph D. Taets	Senior Vice President of the Company since August 2011.  President, Agricultural Services business unit since August 2011.  Vice President of the Company from September 2009 to August 2011.  President, ADM Grain from December 2010 to August 2011.  Vice President, ADM Grain from September 2009 to December 2010.  Managing Director, European Oilseeds from September 2007 to September 2009.	49
Gary L. Towne	Vice President of the Company since September 2009.  President, Ethanol and Risk Management since February 2013. Vice President, Corn Processing from October 2012 to February 2013.  Chairman of the Management Board of Alfred C. Toepfer International, G.m.b.H. from September 2009 to October 2012.  Manager, Global Risk from August 2007 to September 2009.	59
Patricia A. Woertz	Chairman of the Board since January 2015. Chairman of the Board & Chief Executive Officer from February 2014 to December 2014. Chairman of the Board, Chief Executive Officer & President from February 2007 to February 2014.	61
Ray G. Young	Senior Vice President of the Company since November 2010.  Chief Financial Officer since December 2010.  Vice President, International Operations at General Motors from February 2010 to October 2010.  Chief Financial Officer at General Motors from March 2008 to January 2010.	53

115

Item 11. EXECUTIVE COMPENSATION

Information responsive to this Item is set forth in “Compensation Discussion and Analysis,” “Compensation/Succession Committee Report,” “Compensation/Succession Committee Interlocks and Insider Participation,” “Summary Compensation Table,” “Grants of Plan-Based Awards During Fiscal 2014,” “Outstanding Equity Awards at Fiscal 2014 Year-End,” “Option Exercises and Stock Vested During Fiscal 2014,” “Pension Benefits,” “Nonqualified Deferred Compensation,” “Termination of Employment and Change-in-Control Arrangements” and “Director Compensation for Fiscal 2014” of the definitive proxy statement for the Company’s annual meeting of stockholders to be held on May 7, 2015, and is incorporated herein by reference.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information responsive to this Item is set forth in “Principal Holders of Voting Securities,” “Proposal No. 1 - Election of Directors for a One-year Term,” “Executive Officer Stock Ownership,” and “Equity Compensation Plan Information” of the definitive proxy statement for the Company’s annual meeting of stockholders to be held on May 7, 2015, and is incorporated herein by reference.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information responsive to this Item is set forth in “Certain Relationships and Related Transactions,” “Review and Approval of Certain Relationships and Related Transactions,” and “Independence of Directors” of the definitive proxy statement for the Company’s annual meeting of stockholders to be held on May 7, 2015, and is incorporated herein by reference.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Information responsive to this Item is set forth in “Fees Paid to Independent Auditors” and “Audit Committee Pre-Approval Policies” of the definitive proxy statement for the Company’s annual meeting of stockholders to be held on May 7, 2015, and is incorporated herein by reference.

116

PART IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1) See Item 8, “Financial Statements and Supplementary Data,” for a list of financial statements.

(a)(2) Financial statement schedules

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
	Balance at							Balance at
	Beginning							End
	of Year		Additions	Deductions (1)		Other (2)		of Year
	(In millions)
Allowance for doubtful accounts
June 30, 2012	$	100	13	(13	)	(8	)	$	92
December 31, 2012	$	92	8	(8	)	(5	)	$	87
December 31, 2013	$	87	35	(39	)	(2	)	$	81
December 31, 2014	$	81	37	(32	)	(5	)	$	81
(1) Uncollectible accounts written off and recoveries
(2) Impact of reclassifications and foreign currency exchange adjustments

All other schedules are either not required, not applicable, or the information is otherwise included.

(a)(3) List of exhibits

(2) Sale and Purchase agreement dated July 5, 2014, by and among Archer-Daniels-Midland Europe B.V., Archer Daniels Midland Europoort B.V., ADM Worldwide Holdings L.P., Dr. Hans-Peter Wild and KKR Columba Four S.a.r.l., filed on July 8, 2014 as Exhibit 2.1 to Form 8-K (File No. 1-44), is incorporated herein by reference.

(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.

(4) Instruments defining the rights of security holders, including:

(i) Indenture dated June 1, 1986, between the Company and The Bank of New York Mellon (successor to JPMorgan Chase, The Chase Manhattan Bank, Chemical Bank, and Manufacturers Hanover Trust Company), as Trustee (incorporated by reference to Exhibit 4(a) to Registration Statement No. 33-6721), and Supplemental Indenture dated as of August 1, 1989 between the registrant and The Bank of New York Mellon (successor to JPMorgan Chase, The Chase Manhattan Bank, Chemical Bank and Manufacturers Hanover Trust Company), as Trustee (incorporated by reference to Exhibit 4(c) to Post-Effective Amendment No. 3 to Registration Statement No. 33-6721), relating to: 

the $300,000,000 – 8 3/8% Debentures due April 15, 2017,

the $350,000,000 – 7 1/2% Debentures due March 15, 2027,

the $200,000,000 – 6 3/4% Debentures due December 15, 2027,

the $300,000,000 – 6 5/8% Debentures due May 1, 2029,

the $400,000,000 – 7% Debentures due February 1, 2031,

the $500,000,000 – 5.935% Debentures due October 1, 2032,

the $600,000,000 – 5.375% Debentures due September 15, 2035, and

the $250,000,000 – 6.95% Debentures due 2097.

117

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)

(ii) Indenture dated September 20, 2006, between the Company and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A.), as Trustee (incorporated by reference to Exhibit 4 to Registration Statement on Form S-3, Registration No. 333-137541), First Supplemental Indenture dated as of June 3, 2008 between the registrant and The Bank of New York Mellon (formerly known as The Bank of New York) (incorporated by reference to Exhibit 4.6 to Form 8-K (File No. 1-44) filed on June 3, 2008), Second Supplemental Indenture, dated as of November 29, 2010 between the registrant and The Bank of New York Mellon (incorporated by reference to Exhibit 4.3 to Form 8-K (File No. 1-44) filed on November 30, 2010), and Third Supplemental Indenture, dated as of April 4, 2011, between the registrant and The Bank of New York Mellon (incorporated by reference to Exhibit 4.4 to Form 8-K (File No. 1-44) filed on April 8, 2011 relating to: 

the $500,000,000 – 6.45% Debentures due January 15, 2038,

the $700,000,000 – 5.45% Notes due March 15, 2018,

the $750,000,000 – 4.479% Notes due March 1, 2021,

the $1,000,000,000 – 5.765% Debentures due March 1, 2041, and

the $527,688,000 – 4.535% Debentures due March 26, 2042. 

(iii) Indenture dated February 22, 2007, between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee, including form of 0.875% Convertible Senior Notes due 2014 (incorporated by reference to Exhibit 4.1 to Form 8-K (File No. 1-44) filed on February 22, 2007).

(iv) Indenture dated October 16, 2012, between the Company and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K (File No. 1-44) filed on October 17, 2012), relating to the $570,425,000 aggregate principal amount of 4.016% Debentures due April 16, 2043.

(v) Copies of constituent instruments defining rights of holders of long-term debt of the Company and Subsidiaries, other than the Indentures specified herein, are not filed herewith, pursuant to Instruction (b)(4)(iii)(A) to Item 601 of Regulation S-K, because the total amount of securities authorized under any such instrument does not exceed 10% of the total assets of the Company and Subsidiaries on a consolidated basis.  The Registrant hereby agrees that it will, upon request by the SEC, furnish to the SEC a copy of each such instrument.

(10) Material Contracts - Copies of the Company’s equity compensation plans, deferred compensation plans and agreements with executive officers, pursuant to Instruction (b)(10)(iii)(A) to Item 601 of Regulation S-K, each of which is a management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K, are incorporated herein by reference as follows:

(i) The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees I, as amended (incorporated by reference to Exhibit 10(iii) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)).

(ii) The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees II, as amended and restated (incorporated by reference to Exhibit 10(ii) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 1-44)).

(iii) The Archer-Daniels-Midland Company Supplemental Retirement Plan, as amended (incorporated by reference to Exhibit 10(vi) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)). 

(iv) Second Amendment to ADM Supplemental Retirement Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 (File No. 1-44)).

118

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)

(v) The Archer-Daniels-Midland Company Amended and Restated Stock Unit Plan for Nonemployee Directors, as amended (incorporated by reference to Exhibit 10(vii) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)).

(vi) The Archer-Daniels-Midland 2002 Incentive Compensation Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on September 25, 2002 (File No. 1-44)).

(vii) Agreement Regarding Terms of Employment dated April 27, 2006 with Patricia A. Woertz (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on May 1, 2006.

(viii) The Archer-Daniels-Midland Company 2009 Incentive Compensation Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement (File No. 1-44) filed on September 25, 2009).

(ix) Form of Stock Option Agreement for non-NEO employees (U.S.) (incorporated by reference to Exhibit 10(i) to the Company's Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013).

(x) Form of Restricted Stock Unit Award Agreement for non-NEO employees (U.S.) (incorporated by reference to Exhibit 10(ii) to the Company's Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013).

(xi) Form of Stock Option Agreement for NEOs (incorporated by reference to Exhibit 10(iii) to the Company's Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013).

(xii) Form of Restricted Stock Unit Award Agreement for NEOs (incorporated by reference to Exhibit 10(iv) to the Company’s Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.

(xiii) Form of Stock Option Agreement for international employees (incorporated by reference to Exhibit 10(v) to the Company’s Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.

(xiv) Form of Restricted Stock Unit Award Agreement for international employees (incorporated by reference to Exhibit 10(vi) to the Company Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.

(xv) Form of Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10(vii) to the Company Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.

(xvi) Form of Performance Share Unit Award Agreement for grant to J. Luciano (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on March 25, 2011).

(xvii) Form of Performance Share Unit Award Agreement for grant to M. Jansen (incorporated by reference to Exhibit 10(xxvi) to the Company’s Transition Report on Form 10-KT (File No. 1-44) for the period ended December 31, 2012.

(12) Calculation of Ratio of Earnings to Fixed Charges.

(21) Subsidiaries of the Company.

(23) Consent of independent registered public accounting firm.

(24) Powers of attorney.

119

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)

(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.

120

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 20, 2015

ARCHER-DANIELS-MIDLAND COMPANY

By: /s/ D. C. Findlay

D. C. Findlay

Senior Vice President, General Counsel

and Secretary

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 5, 2015, by the following persons on behalf of the Registrant and in the capacities indicated.

/s/ P. A. Woertz	/s/ T. K. Crews	/s/ K. R. Westbrook
P. A. Woertz*,	T. K. Crews*,	K. R. Westbrook*,
Chairman of the Board and Director	Director	Director
/s/ J.R. Luciano	/s/ P. Dufour	/s/ D. C. Findlay
J.R. Luciano*,	P. Dufour*,	D. C. Findlay
Chief Executive Officer, President, and	Director	Attorney-in-Fact
Director
(Principal Executive Officer)	/s/ D. E. Felsinger
	D. E. Felsinger*,
/s/ R. G. Young	Director
R. G. Young
Senior Vice President and	/s/ A. Maciel
Chief Financial Officer	A. Maciel*,
(Principal Financial Officer)	Director
/s/ J. P. Stott	/s/ P. J. Moore
J. P. Stott	P. J. Moore*,
Group Vice President, Finance and	Director
Corporate Controller
(Principal Accounting Officer)	/s/ T. F. O’Neill
	T. F. O’Neill*,
/s/ A. L. Boeckmann	Director
A. L. Boeckmann*,
Director	/s/ F. Sanchez
	F. Sanchez*
/s/ M. H. Carter	Director
M. H. Carter*,
Director	/s/ Daniel Shih
	D. Shih*,
	Director

*Powers of Attorney authorizing R. G. Young, J. P. Stott, and D. C. Findlay, and each of them, to sign the Form 10-K on behalf of the above-named officers and directors of the Company, copies of which are being filed with the Securities and Exchange Commission.

121

EX-12

Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges

Archer Daniels Midland Company

Expressed in Thousands

	Year Ended June 30						Six Months Ended December 31		Years Ended December 31
	2010		2011		2012		2012		2013		2014
Earnings
Earnings Before Income Taxes	$	2,585,099	$	3,015,311		$1,764,898	$	997,275	$	2,023,341	$	3,129,966
Less: Equity in Earnings of
Unconsolidated Affiliates, Net of
Dividends	(326,232)		(396,755)		(243,121)		(200,833)		(285,263)		(214,979)
Less: Capitalized Interest
Included in Interest Expense Below	(75,060)		(7,211)		(20,869)		(11,548)		(16,434)		(17,863)
Less: Noncontrolling Interest	10,996		17,573		(18,387)		(2,184)		(11,868)		(4,553)
Total Earnings	2,194,803		2,628,918		1,482,521		782,710		1,709,776		2,892,571
Fixed Charges
Interest Expenses:
Consolidated Interest Expense	421,461		482,298		441,765		212,527		412,810		336,633
Capitalized Interest	75,060		7,211		20,869		11,548		16,434		17,863
Total Interest Expense	496,521		489,509		462,634		224,075		429,244		354,496
Amortization of Debt Discount(1)	3,805		4,282
One Third of Rental Expenses	80,682		83,764		69,648		35,295		66,311		64,681
Total Fixed Charges	581,008		577,555		532,282		259,370		495,555		419,177
Earnings Available for Fixed Charges	$	2,775,811	$	3,206,473		$2,014,803		$1,042,080	$	2,205,331	$	3,311,748
Ratio of Earnings to Fixed Charges	4.78		5.55		3.79		4.02		4.45		7.90

⁽¹⁾ Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.

EX-21

EXHIBIT 21--SUBSIDIARIES OF THE REGISTRANT

ARCHER-DANIELS-MIDLAND COMPANY

December 31, 2014

Following is a list of the Registrant's subsidiaries showing the percentage of voting securities owned:

	Organized Under the Laws of	Ownership
ADM Worldwide Holdings LP (A)	Cayman Islands	100
Archer Daniels Midland Europe BV (B)	Netherlands	100
ADM International Sarl (C)	Switzerland	100
ADM Canadian Holdings BV (D)	Netherlands	100
ADM Agri-Industries Company (E)	Canada	100

(A) ADM Worldwide Holdings LP owns Archer Daniels Midland Europe BV and forty-eight subsidiaries. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

(B) Archer Daniels Midland Europe BV owns ADM International Sarl, ADM Canadian Holdings BV, and one hundred and one subsidiaries. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

(C) ADM International Sarl owns twenty-five subsidiaries. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

(D) ADM Canadian Holdings BV owns ADM Agri-Industries Company.

(E) ADM Agri-Industries Company owns sixteen subsidiaries. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

There are also sixty-one domestic subsidiaries and fifty-four international subsidiaries whose names have been omitted. The unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary.

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements of Archer-Daniels-Midland Company and in the related prospectuses of our reports dated February 20, 2015, with respect to the consolidated financial statements and schedule of Archer-Daniels-Midland Company, and the effectiveness of internal control over financial reporting of Archer-Daniels-Midland Company, included in this Form 10-K for the year ended December 31, 2014.

Registration Statement No. 333-51381 on Form S-8, dated April 30, 1998, relating to the Archer-Daniels-Midland Company 1996 Stock Option Plan.

Registration Statement No. 333-75073 on Form S-8, dated March 26, 1999, relating to the ADM Employee Stock Ownership Plan for Salaried Employees and the ADM Employee Stock Ownership Plan for Hourly Employees.

Registration Statement No. 333-37690 on Form S-8, dated May 24, 2000, relating to the Archer-Daniels-Midland Company Incentive Compensation Plan.

Registration Statement No. 333-37694 on Form S-8, dated May 24, 2000, relating to the ADM Employee Stock Ownership Plan for Salaried Employees and the ADM Employee Stock Ownership Plan for Hourly Employees.

Registration Statement No. 333-42612 on Form S-8, dated July 31, 2000, as amended by Post-Effective Amendment No. 1 dated August 8, 2000, relating to the ADM 401(k) Plan for Salaried Employees and the ADM 401(k) Plan for Hourly Employees.

Registration Statement No. 333-67962 on Form S-8, dated August 20, 2001, relating to the ADM Deferred Compensation Plan for Selected Management Employees.

Registration Statement No. 333-86344 on Form S-8, dated April 16, 2002, relating to the ADM Voluntary Employee Payroll Deduction Stock Purchase Plan.

Registration Statement No. 333-117206 on Form S-8, dated July 7, 2004, relating to the Archer-Daniels-Midland Company 2002 Incentive Compensation Plan.

Registration Statement No. 333-121616 on Form S-8, dated December 23, 2004, relating to the ADM Deferred Compensation Plan for Selected Management Employees I.

Registration Statement No. 333-121631 on Form S-8, dated December 23, 2004, relating to the ADM Deferred Compensation Plan for Selected Management Employees II.

Registration Statement No. 333-169133 on Form S-8, dated August 31, 2010, relating to the Archer-Daniels-Midland 2009 Incentive Compensation Plan.

Registration Statement No. 333-188544 on Form S-3, dated May 10, 2013, relating to debt securities and warrants to purchase debt securities, common stock and warrants to purchase common stock, and stock purchase contracts and stock purchase units of Archer-Daniels-Midland Company.

Registration Statement No. 333-197958 on Form S-3, dated September 22, 2014, relating to debt securities and warrants to purchase debt securities, preferred stock, common stock and warrants to purchase common stock, and stock purchase contracts and stock purchase units of Archer-Daniels-Midland Company.

/s/ Ernst & Young LLP

Saint Louis, Missouri

February 20, 2015

EX-24

Exhibit 24

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ A. L. Boeckmann

A. L. Boeckmann

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ T. K. Crews

T. K. Crews

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ M. H. Carter

M. H. Carter

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ P. Dufour

P. Dufour

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ D. E. Felsinger

D. E. Felsinger

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ J. R. Luciano

J. R. Luciano

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ A. Maciel

A. Maciel

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ P. J. Moore

P. J. Moore

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ T. F. O’Neill

T. F. O’Neill

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ F. Sanchez

F. Sanchez

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ D. Shih

D. Shih

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ K. R. Westbrook

K. R. Westbrook

ARCHER-DANIELS-MIDLAND COMPANY

Power of Attorney of Director

The undersigned, a director of ARCHER-DANIELS-MIDLAND COMPANY, a Delaware corporation, does hereby make, constitute and appoint R. G. YOUNG, J. P. STOTT and D. C. FINDLAY, and each or any one of them, the undersigned’s true and lawful attorneys-in-fact, with power of substitution, for the undersigned and in the undersigned’s name, place and stead, to sign and affix the undersigned’s name as a director of said company to the Form 10-K for the fiscal year ended December 31, 2014, and all amendments thereto, to be filed by said company with the Securities and Exchange Commission, Washington, D.C., and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers therein expressly granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s hand as of this 5^th day of February, 2015.

/s/ P. A. Woertz

P. A. Woertz

EX-31.1

Exhibit 31.1

RULE 13a – 14(a)/15d-14(a) CERTIFICATION

I, J. R. Luciano, certify that:

1. I have reviewed this annual report on Form 10-K of Archer-Daniels-Midland Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2015

/s/ J. R. Luciano

J. R. Luciano

Chief Executive Officer and President

EX-31.2

Exhibit 31.2

RULE 13a – 14(a)/15d-14(a) CERTIFICATION

I, R. G. Young, certify that:

1. I have reviewed this annual report on Form 10-K of Archer-Daniels-Midland Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 20, 2015

/s/ R. G. Young

R. G. Young

Senior Vice President &

Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

In connection with the Annual Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-K for the fiscal year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, J. R. Luciano, Chief Executive Officer and President of the Company, certify that:

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  February 20, 2015

/s/ J. R. Luciano

J. R. Luciano

Chief Executive Officer and President

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

In connection with the Annual Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-K for the fiscal year ended December 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, R. G. Young, Senior Vice President and Chief Financial Officer of the Company, certify that:

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  February 20, 2015

/s/ R. G. Young

R. G. Young

Senior Vice President &

Chief Financial Officer

XML

Accrued Expenses And Other Payables (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accrued Expenses And Other Payables

	December 31, 2014		December 31, 2013
	(In millions)
Unrealized losses on derivative contracts	$	926	$	824
Other accruals and payables	4,114		3,966
	$	5,040	$	4,790

XML

Quarterly Financial Data (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended								6 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 20,894	$ 18,117	$ 21,494	$ 20,696	$ 24,143	$ 21,393	$ 22,541	$ 21,727	$ 46,729	$ 45,208	$ 81,201	$ 89,804	$ 89,038
Gross Profit	1,451	1,470	1,172	675	1,170	1,156	807	756	1,802	1,847	4,768	3,889	3,668
Net Earnings Attributable to Controlling Interests	$ 701	$ 747	$ 533	$ 267	$ 374	$ 476	$ 223	$ 269	$ 692	$ 540	$ 2,248	$ 1,342	$ 1,223
Basic earnings per common share (dollars per share)	$ 1.09	$ 1.15	$ 0.81	$ 0.40	$ 0.57	$ 0.72	$ 0.34	$ 0.41	$ 1.05	$ 0.81	$ 3.44	$ 2.03	$ 1.84
Diluted earnings per common share (dollars per share)	$ 1.08	$ 1.14	$ 0.81	$ 0.40	$ 0.56	$ 0.72	$ 0.34	$ 0.41	$ 1.05	$ 0.81	$ 3.43	$ 2.02	$ 1.84

XML

Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Schedule Of Inventories) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
LIFO inventories
FIFO value	$ 1,199	$ 1,408
LIFO valuation reserve	(53)	(297)
LIFO inventories carrying value	1,146	1,111
FIFO inventories	3,058	3,741
Market inventories	4,699	6,059
Supplies and other inventories	471	530
Total inventories	$ 9,374	$ 11,441

XML

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income (Loss)

	Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Hedging Activities			Pension and Other Postretirement Benefit Liabilities Adjustment			Unrealized Gain (Loss) on Investments			Accumulated Other Comprehensive Income (Loss)
							(In millions)
Balance at December 31, 2012	$	136		$	4		$	(590	)	$	—		$	(450	)
Other comprehensive income before reclassifications	131			(35		)	354			(157		)	293
Amounts reclassified from AOCI	—			37			60			157			254
Tax effect	2			(1		)	(154		)	(1		)	(154		)
Net of tax amount	133			1			260			(1		)	393
Balance at December 31, 2013	$	269		$	5		$	(330	)	$	(1	)	$	(57	)
Other comprehensive income before reclassifications	(953		)	(119		)	(485		)	(11		)	(1,568		)
Amounts reclassified from AOCI	—			187			21			6			214
Tax effect	30			(26		)	164			2			170
Net of tax amount	(923		)	42			(300		)	(3		)	(1,184		)
Balance at December 31, 2014	$	(654	)	$	47		$	(630	)	$	(4	)	$	(1,241	)

Reclassification Out of Accumulated Other Comprehensive Income [Table Text Block]

	Amount reclassified from AOCI
	Year Ended December 31						Affected line item in the consolidated
Details about AOCI components	2014			2013			statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	124		$	41		Cost of products sold
	(5		)	(1		)	Other income/expense
	(1		)	1			Interest expense
	69			(4		)	Revenues
	187			37			Total before tax
	(70		)	(14		)	Tax on reclassifications
	$	117		$	23		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(15	)	$	(15	)
Actuarial losses	36			75
	21			60			Total before tax
	(7		)	(23		)	Tax on reclassifications
	$	14		$	37		Net of tax
Unrealized loss on investments
	$	6		$	157		Asset impairment, exit, and restructuring costs
	(2		)	(3		)	Tax on reclassifications
	$	4		$	154		Net of tax

XML

Accrued Expenses And Other Payables (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Unrealized losses on derivative contracts	$ 926	$ 824
Other accruals and payables	4,114	3,966
Total accrued expenses and other payables	$ 5,040	$ 4,790

XML

Acquisitions (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012 entity	Dec. 31, 2011	Dec. 31, 2014 entity	Dec. 31, 2013 entity	Jun. 30, 2012 entity
Business Acquisition [Line Items]
Number of Businesses Acquired	8		6	4	9
Total acquisition cost in cash	$ 26		$ 3,000	$ 44	$ 241
Purchase price, net of cash acquired	26	206	2,758	44	241
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			280
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			232
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			383
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			66
Purchase price allocated to property, plant and equipment			463
Purchase price allocated to goodwill			1,772
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			1,184
Purchase price allocated to other non-current assets			74
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			(154)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			(241)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent			(394)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(173)
Business Acquisition, Goodwill, Expected Tax Deductible Amount			15
Wild Flavors [Member]
Business Acquisition [Line Items]
Purchase price, net of cash acquired			2,472
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			176
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			286
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			64
Purchase price allocated to property, plant and equipment			423
Purchase price allocated to goodwill			1,698
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			1,103
Purchase price allocated to other non-current assets			68
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			(128)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			(238)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent			(378)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			(173)
SCI [Member]
Business Acquisition [Line Items]
Purchase price, net of cash acquired			188
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			48
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			72
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			2
Purchase price allocated to property, plant and equipment			10
Purchase price allocated to goodwill			59
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			46
Purchase price allocated to other non-current assets			6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			(25)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent			(16)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			0
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Purchase price, net of cash acquired	26		98	44	241
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			8
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			25
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			0
Purchase price allocated to working capital	4			6	(12)
Purchase price allocated to property, plant and equipment	24		30	29	199
Purchase price allocated to goodwill	2		15	2	51
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			35
Purchase price allocated to other non-current assets	(4)		0	7	6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			(1)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			(3)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent			0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other			0
Purchase price allocated to long-term liabilities					3
Short-term Debt [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(216)
Short-term Debt [Member] | Wild Flavors [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(215)
Short-term Debt [Member] | SCI [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			0
Short-term Debt [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities			(1)
Accounts Payable and Accrued Liabilities [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			(238)
Accounts Payable and Accrued Liabilities [Member] | Wild Flavors [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			(214)
Accounts Payable and Accrued Liabilities [Member] | SCI [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			(14)
Accounts Payable and Accrued Liabilities [Member] | Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other			$ (10)

XML

Stock Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense for option grants, Restricted Stock Awards and PSU's	$ 31	$ 34	$ 55	$ 43	$ 48
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration, number of years after grant date			10 years
The weighted-average remaining contractual term of options outstanding			6 years
The weighted-average remaining contractual term of options exercisable			5 years
The aggregate intrinsic value of options outstanding (in dollars)			248
The aggregate intrinsic value of options exercisable (in dollars)			158
The weighted-average grant-date fair values of options granted (in dollars per share)	$ 5.89		$ 12.80	$ 10.02	$ 6.98
The total intrinsic values of options exercised (in dollars)	1		66	29	5
Cash proceeds received from options exercised (in dollars)	2		93	73	7
Total unrecognized compensation expense			21
Period during which unrecognized compensation expense is expected to be recognized			4 years
Amounts to be recognized as compensation expense during the next fiscal year			10
Amounts to be recognized as compensation expense during the year following the next fiscal year			6
Amounts to be recognized as compensation expense during the second year following the next fiscal year			3
Amounts to be recognized as compensation expense during the third year following the next fiscal year			2
Restricted Stock Awards And PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares or units granted as Restricted Stock Awards and PSUs (in shares)	1,300,000		1,396,000	900,000	1,200,000
Total unrecognized compensation expense			44
Period during which unrecognized compensation expense is expected to be recognized			3 years
Amounts to be recognized as compensation expense during the next fiscal year			27
Amounts to be recognized as compensation expense during the year following the next fiscal year			15
Amounts to be recognized as compensation expense during the second year following the next fiscal year			2
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Granted (in dollars per share)	$ 26.34		$ 40.78	$ 32.96	$ 26.75
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Total fair value of Restricted Stock Awards vested during the period			$ 35
Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
2009 Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)			17,300,000
Minimum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years

XML

Segment Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2014 segment	Jun. 06, 2014	Dec. 31, 2012
Segment Information
Number of Reportable Segments	3
Noncontrolling interest Acquired, Ownership Percentage		20.00%
Pacificor [Member]
Segment Information
Ownership percentage (as a percent)	32.20%
GrainCorp [Member] [Member]
Segment Information
Ownership percentage (as a percent)	19.80%
Gruma S.A.B. de C.V. [Member]
Segment Information
Ownership percentage (as a percent)			23.20%

XML

Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Future Minimum Rental Payments For Non-Cancelable Operating Leases

	Minimum
	Rental Payments
	(In millions)
2015	$	226
2016	198
2017	158
2018	106
2019	59
Thereafter	240
Total minimum lease payments	$	987

XML

Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Inventories [Abstract]

Schedule of inventory by costing method

	December 31, 2014			December 31, 2013
	(In millions)
LIFO inventories
FIFO value	$	1,199		$	1,408
LIFO valuation reserve	(53		)	(297		)
LIFO inventories carrying value	1,146			1,111
FIFO inventories	3,058			3,741
Market inventories	4,699			6,059
Supplies and other inventories	471			530
Total inventories	$	9,374		$	11,441

XML

Stock Compensation (Assumptions Used To Value Share-Based Compensation) (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Equity [Abstract]
Dividend yield (as a percent)	3.00%	2.00%	2.00%	2.00%
Risk-free interest rate (as a percent)	1.00%	2.00%	1.00%	2.00%
Stock volatility (as a percent)	30.00%	37.00%	38.00%	32.00%
Average expected life (in years)	7 years	6 years	6 years	8 years

XML

Goodwill and Other Intangible Assets - Goodwill (Details) (Consolidated Businesses [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Goodwill
Goodwill	$ 2,010	$ 364
Oilseeds Processing
Goodwill
Goodwill	130	192
Corn Processing [Member]
Goodwill
Goodwill	81	81
Agricultural Services [Member]
Goodwill
Goodwill	79	81
Other Segments [Member]
Goodwill
Goodwill	$ 1,720	$ 10

XML

Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Beginning balance	$ 66	$ 77
Additions related to current years' tax positions	5	0
Additions related to prior years' tax positions	7	7
Reductions related to prior years' tax positions	(3)	0
Reductions due to lapse of statue of limitations	0	(6)
Settlements with tax authorities	(3)	(12)
Ending balance	$ 72	$ 66

XML

Acquisitions Acquisitions (Other Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1,184
Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	250
Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	322
Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	609
Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	3
Series of Individually Immaterial Business Acquisitions [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	35
Series of Individually Immaterial Business Acquisitions [Member] | Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	12
Series of Individually Immaterial Business Acquisitions [Member] | Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	2
Series of Individually Immaterial Business Acquisitions [Member] | Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	21
Series of Individually Immaterial Business Acquisitions [Member] | Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
SCI [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	46
SCI [Member] | Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	0
SCI [Member] | Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	7
SCI [Member] | Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	36
SCI [Member] | Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	3
Wild Flavors [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	1,103
Wild Flavors [Member] | Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	238
Wild Flavors [Member] | Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	313
Wild Flavors [Member] | Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	552
Wild Flavors [Member] | Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 0

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Asset Impairment, Exit, and Restructuring Costs (Asset Impairment Charges And Exit Costs) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended				12 Months Ended
	Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2014		Dec. 31, 2013		Jun. 30, 2012
Restructuring, Settlement and Impairment Provisions [Abstract]
Relocation and restructuring costs	$ 0		$ 0		$ 64	[1]	$ 0		$ 71	[1]
Equity Method Investment, Other than Temporary Impairment	146	[2]	0		0		0		0
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0		13	[3]	6	[3]	166	[3]	25	[3]
Goodwill, Impairment Loss	0		0		0		9	[4]	0
Other Asset Impairment Charges	0		339	[5]	35	[5]	84	[5]	353	[5]
Restructuring, Settlement and Impairment Provisions	$ 146		$ 352		$ 105		$ 259		$ 449

[1] Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.

[2] 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.

[3] Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

[4] The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013.

[5] Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate.

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Debt Financing Arrangements (Narrative) (Details) (USD $)	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012	Jun. 30, 2007
Debt And Financing Arrangements [Line Items]
Proceeds from long-term debt borrowings	$ 106,000,000	$ 91,000,000	$ 1,000,000	$ 23,000,000	$ 97,000,000
Charges from early extinguishment of debt	5,000,000	12,000,000	0	0	12,000,000
Discount amortization expense included in interest expense related to the notes	23,000,000	26,000,000	11,000,000	54,000,000	49,000,000
Excess of fair value over carrying value of long-term debt			1,300,000,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			24,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			14,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			307,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four			711,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Five			10,000,000
Outstanding standby letters of credit and surety bonds			980,000,000	795,000,000
Debentures four point four seven nine percent due in two thousand twenty one [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			4.479%
Debt instrument, maturity year			2021
Debentures five point four five percent due in two thousand eighteen [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			5.45%
Debt instrument, maturity year			2018
Debentures five point seven six five percent due in two thousand forty one [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			5.765%
Debt instrument, maturity year			2041
Debentures five point three seven five percent due in two thousand thirty five [Member}
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			5.375%
Debt instrument, maturity year			2035
Debentures five point nine three five percent due in two thousand thirty two [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			5.935%
Debt instrument, maturity year			2032
Debentures four point zero one six percent due in two thousand forty three [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			4.016%
Debt instrument, maturity year			2043
Convertible senior notes point eight seven five percent due two thousand fourteen [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage				0.875%		0.875%
Debt instrument, maturity year				2014
Proceeds from long-term debt borrowings						1,150,000,000
Proceeds from notes recorded as long-term debt						853,000,000
Proceeds from notes recorded as equity						297,000,000
Discount amortization expense included in interest expense related to the notes	24,000,000	22,000,000	6,000,000	49,000,000	45,000,000
Debentures eight point three seven five percent due in two thousand seventeen [ Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			8.375%
Debt instrument, maturity year			2017
Debentures seven point five percent due in two thousand twenty seven [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			7.50%
Debt instrument, maturity year			2027
Debentures four point five three five percent due in two thousand forty two [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			4.535%
Debt instrument, maturity year			2042
Debentures seven percent due in two thousand thirty one [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			7.00%
Debt instrument, maturity year			2031
Debentures six point six two five percent due in two thousand twenty nine [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			6.625%
Debt instrument, maturity year			2029
Debentures six point nine five due in two thousand ninety seven [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			6.95%
Debt instrument, maturity year			2097
Debentures six point four five percent due in two thousand thirty eight [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			6.45%
Debt instrument, maturity year			2038
Debentures six point seven five percent due in two thousand twenty seven [Member]
Debt And Financing Arrangements [Line Items]
Interest rate stated percentage			6.75%
Debt instrument, maturity year			2027
Lines of credit [Member]
Debt And Financing Arrangements [Line Items]
Lines of credit			6,600,000,000
Unused lines of credit			6,600,000,000
Weighted average interest rate on short term borrowings (as a percent)			3.76%	4.24%
Commercial Paper [Member]
Debt And Financing Arrangements [Line Items]
Lines of credit			4,000,000,000
Accounts Receivable Securitization Facility [Member]
Debt And Financing Arrangements [Line Items]
Lines of credit			1,600,000,000
Amount utilized from the securitization facility			$ 1,600,000,000

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Income Taxes (Significant Components Of Income Taxes) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Current
Federal	$ 92	$ 179	$ 641	$ 348	$ 300
State	9	19	57	14	21
Foreign	83	7	235	146	118
Deferred
Federal	92	14	(29)	112	66
State	20	3	28	(5)	9
Foreign	7	15	(55)	55	9
Total Income Taxes	$ 303	$ 237	$ 877	$ 670	$ 523

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Stock Compensation (Summary Of Restricted Stock Awards And PSUs Activity During The Period) (Details) (Restricted Stock Awards And PSUs [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Restricted Stock Awards And PSUs [Member]
Restricted Stock Awards and PSU's, Non-vested at beginning of period		3,557
Restricted Stock Awards and PSU's, Granted	1,300	1,396	900	1,200
Restricted Stock Awards, Vested		(1,250)
Restricted Stock Awards and PSU's, Forfeited		(147)
Restricted Stock Awards and PSU's, Non-vested at end of period		3,556	3,557
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Non-vested at beginning of period (in dollars per share)		$ 28.86
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Granted (in dollars per share)	$ 26.34	$ 40.78	$ 32.96	$ 26.75
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Vested (in dollars per share)		$ 27.86
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Forfeited (in dollars per share)		$ 33.68
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Non-vested at end of period (in dollars per share)		$ 34.17	$ 28.86

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Income Taxes (Significant Components Of Deferred Tax Liabilities And Assets) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax liabilities
Property, plant, and equipment	$ 1,631	$ 1,286
Equity in earnings of affiliates	394	323
Debt exchange	135	123
Inventories	57	132
Other	192	119
Deferred Tax Liabilities, Gross	2,409	1,983
Deferred tax assets
Pension and postretirement benefits	460	267
Stock compensation	55	60
Foreign tax credit carryforwards	76	26
Foreign tax loss carryforwards	305	329
Capital loss carryforwards	21	24
State tax attributes	70	74
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	43
Other	271	205
Gross deferred tax assets	1,301	985
Valuation allowances	(347)	(329)
Net deferred tax assets	954	656
Deferred Tax Liabilities, Net, Classification [Abstract]
Noncurrent Liabilities	(1,662)	(1,448)
Net deferred tax liabilities	(1,455)	(1,327)
Domestic Tax Authority [Member]
Deferred tax assets
Valuation allowances		(41)
Deferred Tax Liabilities, Net, Classification [Abstract]
Current assets	17	0
Current liabilities	0	(8)
Noncurrent Liabilities	(1,316)	(1,404)
Foreign [Member]
Deferred Tax Liabilities, Net, Classification [Abstract]
Current assets	137	17
Noncurrent assets	86	134
Current liabilities	(33)	(22)
Noncurrent Liabilities	$ (346)	$ (44)

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Debt Financing Arrangements (Long-Term Debt) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Jun. 30, 2007
Debt Instruments [Line Items]
Long-term Debt	$ 6,512	$ 5,582
Current maturities	(1,165)	(24)
Total long-term debt	5,347	5,558
Convertible senior notes point eight seven five percent due two thousand fourteen [Member]
Debt Instruments [Line Items]
Long-term Debt	1,144	0
Debt Instrument, Face Amount	1,150
Interest rate stated percentage	0.875%		0.875%
Debt instrument, maturity year	2014
Debentures four point four seven nine percent due in two thousand twenty one [Member]
Debt Instruments [Line Items]
Long-term Debt	746	773
Debt Instrument, Face Amount		750
Interest rate stated percentage		4.479%
Debt instrument, maturity year		2021
Debentures five point four five percent due in two thousand eighteen [Member]
Debt Instruments [Line Items]
Long-term Debt	699	701
Debt Instrument, Face Amount		700
Interest rate stated percentage		5.45%
Debt instrument, maturity year		2018
Debentures five point seven six five percent due in two thousand forty one [Member]
Debt Instruments [Line Items]
Long-term Debt	600	600
Debt Instrument, Face Amount		596
Interest rate stated percentage		5.765%
Debt instrument, maturity year		2041
Debentures five point three seven five percent due in two thousand thirty five [Member}
Debt Instruments [Line Items]
Long-term Debt	588	589
Debt Instrument, Face Amount		600
Interest rate stated percentage		5.375%
Debt instrument, maturity year		2035
Debentures five point nine three five percent due in two thousand thirty two [Member]
Debt Instruments [Line Items]
Long-term Debt	416	417
Debt Instrument, Face Amount		420
Interest rate stated percentage		5.935%
Debt instrument, maturity year		2032
Debentures four point zero one six percent due in two thousand forty three [Member]
Debt Instruments [Line Items]
Long-term Debt	376	378
Debt Instrument, Face Amount		570
Interest rate stated percentage		4.016%
Debt instrument, maturity year		2043
Debentures four point five three five percent due in two thousand forty two [Member]
Debt Instruments [Line Items]
Long-term Debt	373	375
Debt Instrument, Face Amount		528
Interest rate stated percentage		4.535%
Debt instrument, maturity year		2042
Debentures eight point three seven five percent due in two thousand seventeen [ Member]
Debt Instruments [Line Items]
Long-term Debt	294	294
Debt Instrument, Face Amount		295
Interest rate stated percentage		8.375%
Debt instrument, maturity year		2017
Debentures seven point five percent due in two thousand twenty seven [Member]
Debt Instruments [Line Items]
Long-term Debt	186	186
Debt Instrument, Face Amount		187
Interest rate stated percentage		7.50%
Debt instrument, maturity year		2027
Debentures seven percent due in two thousand thirty one [Member]
Debt Instruments [Line Items]
Long-term Debt	184	184
Debt Instrument, Face Amount		185
Interest rate stated percentage		7.00%
Debt instrument, maturity year		2031
Debentures six point six two five percent due in two thousand twenty nine [Member]
Debt Instruments [Line Items]
Long-term Debt	182	182
Debt Instrument, Face Amount		182
Interest rate stated percentage		6.625%
Debt instrument, maturity year		2029
Debentures six point four five percent due in two thousand thirty eight [Member]
Debt Instruments [Line Items]
Long-term Debt	153	153
Debt Instrument, Face Amount		154
Interest rate stated percentage		6.45%
Debt instrument, maturity year		2038
Debentures six point nine five due in two thousand ninety seven [Member]
Debt Instruments [Line Items]
Long-term Debt	170	170
Debt Instrument, Face Amount		172
Interest rate stated percentage		6.95%
Debt instrument, maturity year		2097
Debentures six point seven five percent due in two thousand twenty seven [Member]
Debt Instruments [Line Items]
Long-term Debt	122	122
Debt Instrument, Face Amount		124
Interest rate stated percentage		6.75%
Debt instrument, maturity year		2027
Other [Member]
Debt Instruments [Line Items]
Long-term Debt	$ 279	$ 458

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Investments In And Advances To Affiliates (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014 facility	Dec. 31, 2013 entity
Schedule Of Equity Method Investments [Line Items]
Amount of credit facility provided to unconsolidated affiliates	$ 168,000,000
Number of unconsolidated affiliates provided with credit facilities by the entity	5
Number of credit facilities with no outstanding balance	4
Investments In Affiliates [Member]
Schedule Of Equity Method Investments [Line Items]
Number of unconsolidated affiliates	60	60
Undistributed earnings of unconsolidated affiliates	2,100,000,000
Wilmar International Limited (WIL) [Member]
Schedule Of Equity Method Investments [Line Items]
Percent ownership in equity investment in Wilmar	17.30%	16.40%
Foreign Affiliate Traded on an Active Market [Member]
Schedule Of Equity Method Investments [Line Items]
Carrying value of direct investments	2,400,000,000
Market value of direct investments	2,700,000,000
Gleadell [Member]
Schedule Of Equity Method Investments [Line Items]
Number of credit facilities with outstanding balance	1
Credit facility, floating interest rate	one month LIBOR
Credit facility, basis spread on floating interest rate	1.50%
Outstanding balance of credit facilities	$ 17,000,000

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Assets and Liabilities Held for Sale

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Assets and Liabilities Held for Sale

On September 2, 2014, the Company announced the sale of its global chocolate business to Cargill, Inc. for $440 million, subject to regulatory approval and customary conditions. On December 15, 2014, the Company also announced that it has reached an agreement to sell its global cocoa business to Olam International Limited for $1.3 billion, subject to customary conditions. Both transactions are expected to close in 2015. Assets and liabilities subject to the purchase and sale agreements have been classified as held for sale in the Company's consolidated balance sheet at December 31, 2014. The global chocolate and cocoa businesses do not meet the criteria to be classified as discontinued operations at December 31, 2014 under the amended guidance of ASC Topics 205 and 360 which the Company early adopted on October 1, 2014 because these businesses do not comprise a major component of the Company's operations. Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. As of December 31, 2014. the carrying value of the cocoa and chocolate assets were less than fair value less costs to sell, and accordingly, no adjustment to the asset value was necessary. The gain or loss on disposal, along with the continuing operations of the disposal group, will be reported in the Oilseeds Processing segment.

The major classes of assets and liabilities held for sale were as follows:

	December 31, 2014
	(In millions)
Trade receivables	$	94
Inventories	742
Other current assets	83
Goodwill	63
Other intangible assets	28
Net property, plant, and equipment	374
Other assets	19
Current assets held for sale	$	1,403
Trade payables	$	114
Accrued expenses and other payables	110
Other liabilities	6
Current liabilities held for sale	$	230

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Assets and Liabilities Held for Sale(Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The major classes of assets and liabilities held for sale were as follows:

	December 31, 2014
	(In millions)
Trade receivables	$	94
Inventories	742
Other current assets	83
Goodwill	63
Other intangible assets	28
Net property, plant, and equipment	374
Other assets	19
Current assets held for sale	$	1,403
Trade payables	$	114
Accrued expenses and other payables	110
Other liabilities	6
Current liabilities held for sale	$	230

XML

Debt Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Long-Term Debt

	December 31, 2014			December 31, 2013
	(In millions)
4.479% Debentures $750 million face amount, due in 2021	773			746
5.45% Notes $700 million face amount, due in 2018	701			699
5.765% Debentures $596 million face amount, due in 2041	600			600
5.375% Debentures $600 million face amount, due in 2035	589			588
5.935% Debentures $420 million face amount, due in 2032	417			416
4.016% Debentures $570 million face amount, due in 2043	378			376
4.535% Debentures $528 million face amount due in 2042	375			373
8.375% Debentures $295 million face amount, due in 2017	294			294
7.5% Debentures $187 million face amount, due in 2027	186			186
7.0% Debentures $185 million face amount, due in 2031	184			184
6.625% Debentures $182 million face amount, due in 2029	182			182
6.95% Debentures $172 million face amount, due in 2097	170			170
6.45% Debentures $154 million face amount, due in 2038	153			153
6.75% Debentures $124 million face amount, due in 2027	122			122
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014	—			1,144
Other	458			279
Total long-term debt including current maturities	5,582			6,512
Current maturities	(24		)	(1,165		)
Total long-term debt	$	5,558		$	5,347

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Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Other Intangible Assets (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	1,372	$ 297
Finite-Lived Intangible Assets, Accumulated Amortization	(99)	(100)
Intangible Assets, Net (Excluding Goodwill)	1,273	197
Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	267	5
Intangible Assets, Net (Excluding Goodwill)	267	5
Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	1	2
Intangible Assets, Net (Excluding Goodwill)	1	2
Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	25	44
Finite-Lived Intangible Assets, Accumulated Amortization	(5)	(11)
Intangible Assets, Net (Excluding Goodwill)	20	33
Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	44	43
Finite-Lived Intangible Assets, Accumulated Amortization	(29)	(27)
Intangible Assets, Net (Excluding Goodwill)	15	16
Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	663	130
Finite-Lived Intangible Assets, Accumulated Amortization	(32)	(34)
Intangible Assets, Net (Excluding Goodwill)	631	96
Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	372	73
Finite-Lived Intangible Assets, Accumulated Amortization	(33)	(28)
Intangible Assets, Net (Excluding Goodwill)	339	$ 45
Minimum [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Minimum [Member] | Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	8 years
Minimum [Member] | Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years
Minimum [Member] | Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	9 years
Minimum [Member] | Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	25 years
Maximum [Member] | Trademarks and Brands [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	25 years
Maximum [Member] | Patents [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Maximum [Member] | Customer Lists [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Maximum [Member] | Recipes and Other [Member]
Schedule of Other Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	25 years

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Employee Benefit Plans (Impact Of 1% Change In Assumed Health Care Cost Trend Rates) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Effect on combined service and interest cost components, increase	$ 1
Effect on combined service and interest cost components, decrease	(1)
Effect on accumulated postretirement benefit obligations, increase	8
Effect on accumulated postretirement benefit obligations, decrease	$ (7)

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Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

	Cost		Unrealized  Gains		Unrealized  Losses			Fair  Value
	(In millions)
December 31, 2014
United States government obligations
Maturity less than 1 year	$	385	$	—	$	—		$	385
Maturity 1 to 5 years	93		—		—			93
Corporate debt securities
Maturity 1 to 5 years	72		—		—			72
Other debt securities
Maturity less than 1 year	130		—		—			130
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	328		1		(12		)	317
	$	1,011	$	1	$	(12	)	$	1,000
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
December 31, 2013
United States government obligations
Maturity less than 1 year	$	395	$	—	$	—		$	395
Maturity 1 to 5 years	124		—		—			124
Government-sponsored enterprise obligations
Maturity 1 to 5 years	4		—		—			4
Corporate debt securities
Maturity 1 to 5 years	16		—		—			16
Other debt securities
Maturity less than 1 year	38		—		—			38
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	362		1		(2		)	361
	$	942	$	1	$	(2	)	$	941

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Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

	Quarter Ended
	March 31		June 30		September 30		December 31		Year
	(In millions, except per share amounts)
Fiscal Year Ended December 31, 2014
Revenues	$	20,696	$	21,494	$	18,117	$	20,894	$	81,201
Gross Profit	675		1,172		1,470		1,451		4,768
Net Earnings Attributable to Controlling Interests	267		533		747		701		2,248
Basic Earnings Per Common Share	0.40		0.81		1.15		1.09		3.44
Diluted Earnings Per Common Share	0.40		0.81		1.14		1.08		3.43

	Quarter
	March 31		June 30		September 30		December 31		Year
	(In millions, except per share amounts)
Fiscal Year Ended December 31, 2013
Revenues	$	21,727	$	22,541	$	21,393	$	24,143	$	89,804
Gross Profit	756		807		1,156		1,170		3,889
Net Earnings Attributable to Controlling Interests	269		223		476		374		1,342
Basic Earnings Per Common Share	0.41		0.34		0.72		0.57		2.03
Diluted Earnings Per Common Share	0.41		0.34		0.72		0.56		2.02

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Marketable Securities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses that arose within the last 12 months	$ 12
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of available-for-sale equity securities with unrealized losses (in securities)	2
Market value of the investments that have been in an unrealized loss position for less than 12 months	$ 310

XML

Legal Proceedings, Guarantees, and Commitments (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Guarantees [Abstract]
Contingent obligations, for debt guarantee agreements related to equity-method investees	$ 27

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Fair Value Measurements (Unobservable Inputs In Level 3 Valuations Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Weighted Average [Member], Significant Unobservable Inputs (Level 3) [Member], Fair Value, Measurements, Recurring [Member])	Dec. 31, 2014	Dec. 31, 2013
Assets [Member] | Inventories Component [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	23.40%	21.90%
Transportation cost	4.90%	12.30%
Assets [Member] | Commodity Derivative Contracts [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	13.50%	22.80%
Transportation cost	10.20%	32.50%
Liabilities [Member] | Inventories Component [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	43.40%	13.20%
Transportation cost	15.20%	0.00%
Liabilities [Member] | Commodity Derivative Contracts [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	13.60%	17.60%
Transportation cost	19.50%	12.30%

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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Retirement Plan Expense

	Pension Benefits						Postretirement Benefits
(In millions)	Year Ended December 31						Year Ended December 31
	2014			2013			2014			2013
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	71		$	84		$	4		$	5
Interest cost	126			114			8			7
Expected return on plan assets	(155		)	(144		)	—			—
Settlement charges	95			—			—			—
Amortization of actuarial loss	36			74			2			5
Other amortization expense	3			3			(18		)	(18		)
Net periodic defined benefit plan expense	176			131			(4		)	(1		)
Defined contribution plans	50			44			—			—
Total retirement plan expense	$	226		$	175		$	(4	)	$	(1	)

	Pension Benefits						Postretirement Benefits
(In millions)	Six Months Ended December 31						Six Months Ended December 31
	2012			2011			2012		2011
				(Unaudited)					(Unaudited)
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	44		$	36		$	4	$	3
Interest cost	61			65			6		6
Expected return on plan assets	(75		)	(70		)	—		—
Settlement charges	68			—			—		—
Amortization of actuarial loss	42			24			—		—
Other amortization	2			2			—		—
Net periodic defined benefit plan expense	142			57			10		9
Defined contribution plans	23			23			—		—
Total retirement plan expense	$	165		$	80		$	10	$	9

	Pension Benefits			Postretirement Benefits
(In millions)	Year Ended June 30			Year Ended June 30
	2012			2012
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	71		$	7
Interest cost	130			12
Expected return on plan assets	(141		)	—
Remeasurement charge(1)	30			4
Amortization of actuarial loss	52			—
Other amortization	5			(2		)
Net periodic defined benefit plan expense	147			21
Defined contribution plans	45			—
Total retirement plan expense	$	192		$	21

(1) See Note 19

Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets

	Pension Benefits						Postretirement Benefits
	December 31 2014			December 31 2013			December 31 2014			December 31 2013
	(In millions)						(In millions)
Benefit obligation, beginning	$	2,814		$	2,954		$	174		$	208
Service cost	71			84			4			5
Interest cost	126			114			8			7
Actuarial loss (gain)	688			(236		)	54			(34		)
Employee contributions	2			2			—			—
Curtailments	(5		)	—			—			—
Settlements	(304		)	—			—			—
Business combinations	136			—			—			—
Benefits paid	(109		)	(119		)	(12		)	(12		)
Plan amendments	(4		)	(1		)	3			—
Actual expenses	(2		)	(2		)	—			—
Foreign currency effects	(108		)	18			—			—
Benefit obligation, ending	$	3,305		$	2,814		$	231		$	174
Fair value of plan assets, beginning	$	2,341		$	2,174		$	—		$	—
Actual return on plan assets	292			222			—			—
Employer contributions	42			50			12			12
Employee contributions	2			2			—			—
Settlements	(304		)	—			—			—
Business combinations	10			—			—			—
Benefits paid	(109		)	(119		)	(12		)	(12		)
Actual expenses	(2		)	(2		)	—			—
Foreign currency effects	(78		)	14			—			—
Fair value of plan assets, ending	$	2,194		$	2,341		$	—		$	—
Funded status	$	(1,111	)	$	(473	)	$	(231	)	$	(174	)
Prepaid benefit cost	$	27		$	63		$	—		$	—
Accrued benefit liability – current	(17		)	(15		)	(12		)	(11		)
Accrued benefit liability – long-term	(1,121		)	(521		)	(219		)	(163		)
Net amount recognized in the balance sheet	$	(1,111	)	$	(473	)	$	(231	)	$	(174	)

Principal Assumptions In Developing Net Periodic Pension Cost

	Pension Benefits		Postretirement Benefits
	December 31 2014	December 31 2013	December 31 2014	December 31 2013
Discount rate	4.6%	3.9%	4.4%	3.6%
Expected return on plan assets	7.0%	7.0%	N/A	N/A
Rate of compensation increase	3.9%	3.9%	N/A	N/A

Principal Assumptions In Developing Year-End Actuarial Present Value Of The Projected Benefit Obligation

	Pension Benefits				Postretirement Benefits
	December 31 2014		December 31 2013		December 31 2014	December 31 2013
Discount rate	3.5	%	4.6	%	3.8%	4.4%
Rate of compensation increase	3.8	%	3.9	%	N/A	N/A

Impact Of 1% Change In Assumed Health Care Cost Trend Rates

	1% Increase		1% Decrease
	(In millions)
Effect on combined service and interest cost components	$	1	$	(1	)
Effect on accumulated postretirement benefit obligations	$	8	$	(7	)

Schedule Of Fair Value Of Plan Assets

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In millions)
Common stock
U.S. companies	$	180	$	—	$	—	$	180
International companies	6		—		—		6
Equity mutual funds
Emerging markets	62		—		—		62
International	91		—		—		91
Large cap U.S.	362		—		—		362
Common collective trust funds
International equity	—		370		—		370
Large cap U.S. equity	—		33		—		33
Fixed income	—		500		—		500
Other	—		35		—		35
Debt instruments
Corporate bonds	—		422		—		422
U.S. Treasury instruments	95		—		—		95
U.S. government agency, state and local government bonds	—		37		—		37
Other	—		1		—		1
Total assets at fair value	$	796	$	1,398	$	—	$	2,194

	Fair Value Measurements at December 31, 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)
Common stock
U.S. companies	$	221	$	—	$	—	$	221
International companies	2		—		—		2
Equity mutual funds
Emerging markets	75		—		—		75
International	111		—		—		111
Large cap U.S.	419		—		—		419
Common collective trust funds
International equity	—		373		—		373
Large cap U.S. equity	—		51		—		51
Fixed income	—		437		—		437
Other	—		62		—		62
Debt instruments
Corporate bonds	—		422		—		422
U.S. Treasury instruments	134		—		—		134
U.S. government agency, state and local government bonds	—		32		—		32
Other	—		2		—		2
Total assets at fair value	$	962	$	1,379	$	—	$	2,341

Actual Asset Allocation For Global Pension Plan Assets

	December 31 2014(1)(2)	December 31 2013(2)
Equity securities	51%	54%
Debt securities	48%	45%
Other	1%	1%
Total	100%	100%

(1) The Company’s U.S. pension plans contain approximately 62% of the Company’s global pension plan assets.  The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt securities.  The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation.  The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 38% equity securities, 60% debt securities, and 2% in other investments.  The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.

(2) The Company’s pension plans did not hold any shares of Company common stock as of the December 31, 2014 and 2013 measurement dates. 

Expected Future Benefit Payments To Be Paid

	Pension Benefits		Postretirement Benefits
	(In millions)
2015	$	97	$	12
2016	103		13
2017	108		13
2018	115		13
2019	122		14
2020 – 2024	721		75

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Acquisitions

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions

Acquisitions

Operating results of acquisitions are included in the Company’s financial statements from the date of acquisition and are not significant to the Company’s consolidated operating results.

Fiscal Year 2014 acquisitions

On October 1, 2014 and November 18, 2014, the Company completed the acquisitions of the WILD Flavors businesses (Wild Flavors) and Specialty Commodities Inc. (SCI), respectively. Both acquisitions are in line with the Company's strategy to increase returns and reduce earnings volatility through the growth of its specialty ingredient offerings. The 2014 post acquisition financial results of Wild Flavors and SCI are reported in the Other segment.

During the year ended December 31, 2014, the Company acquired six businesses, including Wild Flavors and SCI, for a total cost of $3.0 billion. The purchase price net of cash acquired of $280 million was preliminarily allocated as follows:

(In millions)	Wild Flavors			SCI			Others			Total
Trade receivables	$	176		$	48		$	8		$	232
Inventories	286			72			25			383
Other current assets	64			2			—			66
Goodwill	1,698			59			15			1,772
Other intangible assets	1,103			46			35			1,184
Property, plant, and equipment	423			10			30			463
Other assets	68			6			—			74
Short-term debt	(215		)	—			(1		)	(216		)
Trade payables	(128		)	(25		)	(1		)	(154		)
Accrued expenses and other payables	(214		)	(14		)	(10		)	(238		)
Long-term debt	(238		)	—			(3		)	(241		)
Deferred income taxes	(378		)	(16		)	—			(394		)
Other liabilities	(173		)	—			—			(173		)
Total purchase price, net of cash acquired	$	2,472		$	188		$	98		$	2,758

Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses.

Of the $1.8 billion preliminarily allocated to goodwill, $15 million is expected to be deductible for tax purposes.

The following table sets forth the preliminary fair values and weighted average useful lives of the other intangible assets acquired.

	Weighted Average
	Useful Life	Wild Flavors		SCI		Others		Total
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	238	$	—	$	12	$	250
Intangible assets with finite lives:
Patents	15	—		3		—		3
Customer lists	15	552		36		21		609
Recipes and other	15	313		7		2		322
Total other intangible assets acquired		$	1,103	$	46	$	35	$	1,184

The Company's consolidated statement of earnings for the year ended December 31, 2014 includes the post acquisition results of Wild Flavors which were immaterial.

Fiscal Year 2013 acquisitions

During the year ended December 31, 2013, the Company acquired four businesses for a total cost of $44 million and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for the acquisitions of $44 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $6 million, $29 million, $2 million, and $7 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.

Transition Period 2012 Acquisitions

During the six months ended December 31, 2012, the Company made eight acquisitions for a total cost of $26 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions.  The net cash purchase price for these eight acquisitions of $26 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $4 million, $24 million, $2 million, and $(4) million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.

Fiscal Year 2012 Acquisitions

During fiscal year 2012, the Company made nine acquisitions for a total cost of $241 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions.  The net cash purchase price for these nine acquisitions of $241 million was allocated to working capital, property, plant, and equipment, goodwill, other long-term assets, and long-term liabilities for $(12) million, $199 million, $51 million, $6 million, and $3 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments.  There was no single material acquisition during the year.

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Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives	$ 62	$ 0	$ (102)	$ (40)	$ 0
Designated As Hedging Instrument [Member]
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value			21	0
After-tax losses in AOCI from commodity cash flow hedge transactions			(30)
After-tax losses in AOCI from commodity cash flow hedge transactions expected to be recognized in earnings.			$ (30)
Corn [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Corn processed per month (in bushels)			76,000,000
Historical time period of hedge percentages			12 months
Percentage of Anticipated Commodity Hedged During Historical Hedging Period, Low End			24.00%
Percentage of anticipated commodity purchases or production hedged during historical hedging period, high end of range (as a percent)			71.00%
Percentage of Anticipated Commodity Hedged over Future Hedging Period, Low End			0.30%
Percentage of Anticipated Commodity Hedged over Future Hedging Period, High End			23.00%
Derivative Hedged Item Time Period			12 months
Ethanol [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Historical time period of hedge percentages			12 months
Derivative Hedged Item Time Period			6 months
Commodity sales volume hedged during historical hedging period, low end of range (in gallons)			9,000,000
Commodity sales volume hedged during historical hedging period, high end of range (in gallons)			121,000,000
Contracted commodity sales volume hedged over future hedging period, low end of range (in gallons)			1,000,000
Contracted commodity sales volume hedged over future hedging period, high end of range (in gallons)			30,000,000

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Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Assumptions Used To Value Share-Based Compensation

	Year Ended December 31		Six Months Ended December 31	Year Ended June 30
	2014	2013	2012	2012
Dividend yield	2%	2%	3%	2%
Risk-free interest rate	2%	1%	1%	2%
Stock volatility	37%	38%	30%	32%
Average expected life (years)	6	6	7	8

Summary Of Option Activity During The Period

	Shares		Weighted-Average Exercise Price
	(In thousands, except per share amounts)
Shares under option at December 31, 2013	13,304		$	28.31
Granted	1,253		40.65
Exercised	(3,376	)	27.63
Forfeited or expired	(68	)	27.50
Shares under option at December 31, 2014	11,113		$	29.91
Exercisable at December 31, 2014	6,835		$	29.01

Summary Of Restricted Stock Awards And PSUs Activity During The Period

	Restricted Stock Awards and PSUs		Weighted Average Grant-Date Fair Value
	(In thousands, except per share amounts)
Non-vested at December 31, 2013	3,557		$	28.86
Granted	1,396		40.78
Vested	(1,250	)	27.86
Forfeited	(147	)	33.68
Non-vested  at December 31, 2014	3,556		$	34.17

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Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

Quarterly Financial Data (Unaudited)

	Quarter Ended
	March 31		June 30		September 30		December 31		Year
	(In millions, except per share amounts)
Fiscal Year Ended December 31, 2014
Revenues	$	20,696	$	21,494	$	18,117	$	20,894	$	81,201
Gross Profit	675		1,172		1,470		1,451		4,768
Net Earnings Attributable to Controlling Interests	267		533		747		701		2,248
Basic Earnings Per Common Share	0.40		0.81		1.15		1.09		3.44
Diluted Earnings Per Common Share	0.40		0.81		1.14		1.08		3.43

	Quarter
	March 31		June 30		September 30		December 31		Year
	(In millions, except per share amounts)
Fiscal Year Ended December 31, 2013
Revenues	$	21,727	$	22,541	$	21,393	$	24,143	$	89,804
Gross Profit	756		807		1,156		1,170		3,889
Net Earnings Attributable to Controlling Interests	269		223		476		374		1,342
Basic Earnings Per Common Share	0.41		0.34		0.72		0.57		2.03
Diluted Earnings Per Common Share	0.41		0.34		0.72		0.56		2.02

Net earnings attributable to controlling interests for the second quarter of the fiscal year ended December 31, 2014 include relocation and restructuring costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, costs related to integration of Toepfer following the acquisition of the noncontrolling interest, and other restructuring charges totaling $20 million after-tax (equal to $0.03 per share) as discussed in Note 19. Net earnings attributable to controlling interests for the third quarter of the fiscal year ended December 31, 2014 include an after-tax gain on sale of $97 million (equal to $0.15 per share) upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units as discussed in Note 12 and an after-tax loss on Euro foreign exchange hedges of $63 million (equal to $0.10 per share) as discussed in Note 12. Net earnings attributable to controlling interests for the fourth quarter of the fiscal year ended December 31, 2014 include restructuring costs related to the Wild Flavors acquisition of $21 million after-tax (equal to $0.03 per share) as discussed in Note 19, an after-tax gain on sale of assets related to the sale of the fertilizer business and other asset of $89 million (equal to $0.14 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $26 million (equal to $0.04 per share) as discussed in Note 19, an after-tax charge of $61 million (equal to $0.09 per share) related to pension settlements, and after-tax biodiesel blending credits of $61 million (equal to $0.09 per share), recognized upon the approval of the relevant legislation in the fourth quarter, that related to prior quarters in 2014.

Net earnings attributable to controlling interests for the first quarter of the fiscal year ended December 31, 2013 include an after-tax FCPA charge of $17 million (equal to $0.03 per share). Net earnings attributable to controlling interests for the second quarter of the fiscal year ended December 31, 2013 include an after-tax FCPA charge of $20 million (equal to $0.03 per share) and an after-tax loss on Australian dollar foreign exchange hedges of $32 million (equal to $0.05 per share) as discussed in Note 12. Net earnings attributable to controlling interests for the third quarter of the fiscal year ended December 31, 2013 include an after-tax gain on Australian dollar foreign exchange hedges of $16 million (equal to $0.02 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $8 million (equal to $0.01 per share) as discussed in Note 19, and an after-tax other-than-temporary writedown of an investment of $7 million (equal to $0.01 per share) as discussed in Note 19. Net earnings attributable to controlling interests for the fourth quarter of the fiscal year ended December 31, 2013 include an after-tax loss on Australian dollar foreign exchange hedges of $9 million (equal to $0.01 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $61 million (equal to $0.09 per share), as discussed in Note 19, an after-tax goodwill impairment charge of $9 million (equal to $0.02 per share) as discussed in Note 19, an after-tax other-than-temporary writedown of GrainCorp of $155 million (equal to $0.23 per share) as discussed in Note 19, other after-tax GrainCorp-related charges of $3 million (equal to $0.01 per share), valuation allowance on certain deferred tax assets of $82 million (equal to $0.12 per share), income tax benefit recognized in the current period of $84 million (equal to $0.13 per share) related to biodiesel blending credits in prior periods, effective tax rate adjustment due to the change in annual effective tax rate on prior year-to-date earnings of $21 million (equal to $0.03 per share),and other after-tax charges of $3 million (equal to $0.01 per share).

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Legal Proceedings, Guarantees, and Commitments

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Legal Proceedings, Guarantees, and Commitments

Legal Proceedings, Guarantees, and Commitments

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 13 for information on tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to our compliance with laws and regulations relating to the environment and, at any given time, the Company has matters at various stages of resolution with the applicable government authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief, including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

On April 22, 2011, certain manufacturers and distributors of sugar cane and beet sugar products filed suit in the U.S. District Court for the Central District of California against the Company, other manufacturers and marketers of high-fructose corn syrup (HFCS), and the Corn Refiners Association, alleging that the defendants falsely claimed that HFCS is “natural” and nutritionally equivalent to sugar. The defendants have filed counterclaims against the plaintiffs. The parties are currently engaged in pretrial proceedings.

The Company has entered into agreements, primarily debt guarantee agreements related to equity-method investees, which could obligate the Company to make future payments if the primary entity fails to perform its contractual obligations.  The Company has not recorded a liability for payment of these contingent obligations, as the Company believes the fair value of these contingent obligations is immaterial.  The Company has collateral for a portion of these contingent obligations.  These contingent obligations totaled $27 million at December 31, 2014.

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Employee Benefit Plans (Expected Future Benefit Payments To Be Paid) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	$ 97
Defined Benefit Plan, Expected Future Benefit Payments, Year Two	103
Defined Benefit Plan, Expected Future Benefit Payments, Year Three	108
Defined Benefit Plan, Expected Future Benefit Payments, Year Four	115
Defined Benefit Plan, Expected Future Benefit Payments, Year Five	122
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	721
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months	12
Defined Benefit Plan, Expected Future Benefit Payments, Year Two	13
Defined Benefit Plan, Expected Future Benefit Payments, Year Three	13
Defined Benefit Plan, Expected Future Benefit Payments, Year Four	13
Defined Benefit Plan, Expected Future Benefit Payments, Year Five	14
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	$ 75

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Fair Value Measurements (Narrative) (Details) (Significant Unobservable Inputs (Level 3) [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements [Line Items]
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 602	$ 700
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 558	$ 380
Assets [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Inventories Component [Member]
Fair Value Measurements [Line Items]
Basis	23.40%	21.90%
Liabilities [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Inventories Component [Member]
Fair Value Measurements [Line Items]
Basis	43.40%	13.20%

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Other (Income) Expense - Net (Tables)

12 Months Ended

Dec. 31, 2014

Other Income and Expenses [Abstract]

Other (Income) Expense - Net

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
(Gain) loss on derivatives	102			40			(62		)	—			—
Gain on sale of assets and equity dilution	(351		)	(41		)	(51		)	(17		)	(30		)
Charges from early extinguishment of debt	—			—			5			12			12
Gain on marketable securities transactions	—			(8		)	(6		)	(16		)	(37		)
Other – net	2			(44		)	5			9			26
	$	(247	)	$	(53	)	$	(109	)	$	(12	)	$	(29	)

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Subsequent Event Subsequent Event

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

 Subsequent Event

On February 3, 2015, the Company announced that it had reached an agreement to sell a 50 percent stake in its export terminal in Barcarena, in the northern Brazilian state of Pará, to Glencore plc.

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Valuation And Qualifying Accounts And Reserves

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Valuation And Qualifying Accounts And Reserves

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
	Balance at							Balance at
	Beginning							End
	of Year		Additions	Deductions (1)		Other (2)		of Year
	(In millions)
Allowance for doubtful accounts
June 30, 2012	$	100	13	(13	)	(8	)	$	92
December 31, 2012	$	92	8	(8	)	(5	)	$	87
December 31, 2013	$	87	35	(39	)	(2	)	$	81
December 31, 2014	$	81	37	(32	)	(5	)	$	81
(1) Uncollectible accounts written off and recoveries
(2) Impact of reclassifications and foreign currency exchange adjustments

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Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

Nature of Business

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.

Change in Fiscal Year

On May 3, 2012, the Board of Directors of the Company determined that, in accordance with its Bylaws and upon the recommendation of the Audit Committee, the Company’s fiscal year shall begin on January 1 and end on December 31 of each year, starting on January 1, 2013. The required transition period of July 1, 2012 to December 31, 2012 is included in this Form 10-K report.  Amounts included in this report for the six months ended December 31, 2011 are unaudited.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee's activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.  

The Company consolidates Alfred C. Toepfer International (Toepfer), a wholly owned subsidiary, in which prior to June 6, 2014, the Company had an 80% interest, for which the minority interest was subject to a mandatorily redeemable put option.  As a result of the put option, the associated minority interest was reported in other long-term liabilities.  On December 31, 2011, the put option expired and the Company reclassified $174 million of minority interest from other long-term liabilities to noncontrolling interests in shareholders’ equity at that date. During 2013, Toepfer became subject to a new mandatorily redeemable put option; and as a result, the Company reclassified $180 million of noncontrolling interest in shareholders' equity to long-term liabilities. On June 6, 2014, the Company completed its acquisition of the remaining 20% interest in Toepfer for $157 million. The excess of the purchase price over the carrying value of the associated noncontrolling interest of $12 million was recorded as a reduction in additional paid in capital.

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Affiliates goodwill of $198 million in 2013, previously included in goodwill and other intangible assets, have been reclassified to investments in and advances to affiliates. There was no change in total investments and other assets as a result of this reclassification.

Cash Equivalents

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

Segregated Cash and Investments

The Company segregates certain cash and investment balances in accordance with regulatory requirements, commodity exchange requirements, insurance arrangements, and lending arrangements.  These segregated balances represent deposits received from customers of the Company’s registered futures commission merchant, securities pledged to commodity exchange clearinghouses, and cash and securities pledged as security under certain insurance or lending arrangements.  Segregated cash and investments primarily consist of cash, United States government securities, and money-market funds.

Receivables

The Company records accounts receivable at net realizable value.  This value includes an allowance for estimated uncollectible accounts of $81 million at December 31, 2014 and 2013, to reflect any loss anticipated on the accounts receivable balances.  The Company estimates this allowance based on its history of write-offs, level of past-due accounts, and its relationships with, and the economic status of, its customers.  Portions of the allowance for uncollectible accounts are recorded in trade receivables, other current assets, and other assets.

Credit risk on receivables is minimized as a result of the large and diversified nature of the Company’s worldwide customer base.  The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures.  Collateral is generally not required for the Company’s receivables.

Accounts receivable due from unconsolidated affiliates as of December 31, 2014 and 2013 was $15 million and $73 million, respectively.

Inventories

Inventories of certain merchandisable agricultural commodities, which include inventories acquired under deferred pricing contracts, are stated at market value.  In addition, the Company values certain inventories using the lower of cost, determined by either the first-in, first-out (FIFO) or last-in, first-out (LIFO) methods, or market.

The following table sets forth the Company's inventories as of December 31, 2014 and 2013.

	December 31, 2014			December 31, 2013
	(In millions)
LIFO inventories
FIFO value	$	1,199		$	1,408
LIFO valuation reserve	(53		)	(297		)
LIFO inventories carrying value	1,146			1,111
FIFO inventories	3,058			3,741
Market inventories	4,699			6,059
Supplies and other inventories	471			530
Total inventories	$	9,374		$	11,441

Fair Value Measurements

The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.  Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1:  Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.  In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities.  Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification.  Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts.  However, in certain cases, if the Company believes the nonperformance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the contract in Level 3.

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy.  The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.

The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.  

Derivatives

The Company recognizes all of its derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet.  Unrealized gains are reported as other current assets and unrealized losses are reported as accrued expenses and other payables. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship.  The majority of the Company’s derivatives have not been designated as hedging instruments; and as such, changes in fair value of these derivatives are recognized in earnings immediately.  For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge.  

For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (AOCI) and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings.  The remaining gain or loss on the derivative instrument that is in excess of the cumulative change in the cash flows of the hedged item, if any (i.e., the ineffective portion), hedge components excluded from the assessment of effectiveness, and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period.

For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the underlying are recognized in the consolidated statement of earnings during the current period.

Marketable Securities

The Company classifies its marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of income taxes, reported as a component of other comprehensive income.  The Company monitors its investments for impairment periodically, and recognizes an impairment charge when the decline in fair value of an investment is judged to be other-than-temporary. The Company uses the specific identification method when securities are sold or reclassified out of accumulated other comprehensive income into earnings.  The Company considers marketable securities maturing in less than one year as short-term.  All other marketable securities are classified as long-term.

Property, Plant, and Equipment

Property, plant, and equipment is recorded at cost.  Repair and maintenance costs are expensed as incurred. The Company generally uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: buildings - 10 to 40 years; machinery and equipment - 3 to 30 years.  The Company capitalized interest on major construction projects in progress of $18 million, $16 million, $12 million, $9 million, and $21 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively.

Income Taxes

The Company accounts for its income tax positions in accordance with the applicable accounting standards. The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the consolidated financial statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company recognizes in its consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.

The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general and administrative expenses.

Goodwill and other intangible assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests.  Definite-lived intangible assets are amortized over their estimated useful lives of 2 to 25 years and are reviewed for impairment whenever there are indicators that the carrying value of the assets may not be fully recoverable. Prior to the fiscal year end change transition period, the Company’s accounting policy was to evaluate goodwill and other intangible assets with indefinite lives for impairment on April 1 of each fiscal year or whenever there were indicators that the carrying value of the assets may not be fully recoverable.  Effective in the transition period ended December 31, 2012, the Company voluntarily changed its accounting policy to begin conducting the annual goodwill and indefinite life intangible assets impairment tests on October 1. The change to the annual goodwill and indefinite life intangible assets impairment testing date is preferable under the circumstances as the new impairment testing date is better aligned with the timing of the Company’s annual strategic, planning, and budgeting process, and the timing is more closely aligned with the Company’s annual financial reporting process as a result of the change in year end.  The resulting change in accounting principle related to the annual testing date did not delay, accelerate, or avoid an impairment charge of the Company’s goodwill.  As it is impracticable to objectively determine the estimates and assumptions necessary to perform the annual goodwill impairment test as of October 1 for periods prior to October 1, 2012, the Company prospectively applied the annual goodwill impairment testing date effective October 1, 2012.  During the year ended December 31, 2013, the Company recorded an impairment charge for goodwill of $9 million related to the Company's Brazilian sugar milling business. There were no impairment charges recorded for goodwill and indefinite-lived intangible assets during the year ended December 31, 2014, the six months ended December 31, 2012 and the year ended June 30, 2012.

Asset Abandonments and Write-Downs

The Company evaluates long-lived assets for impairment whenever indicators of impairment exist.  Assets are written down to fair value after consideration of the Company's ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value.  During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, impairment charges were $35 million, $84 million, $0 million, $337 million, and $367 million, respectively (see Note 19 for additional information).

Payables to Brokerage Customers

Payables to brokerage customers represent the total of customer accounts at the Company's futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purpose as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments and customer omnibus receivable in other current assets.

Revenues

The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured.  The Company has sales contracts that allow for pricing to occur after title of the goods has passed to the customer.  In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined.  Freight costs and handling charges related to sales are recorded as a component of cost of products sold.

Net sales to unconsolidated affiliates during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and  2011, and the year ended June 30, 2012, were $5.8 billion, $6.9 billion, $4.0 billion, $4.5 billion, and $7.7 billion, respectively.

Stock Compensation

The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted.  The Company’s stock compensation plans provide for the granting of restricted stock, restricted stock units, performance stock units, and stock options.  The fair values of stock options and performance stock units are estimated at the date of grant using the Black-Scholes option valuation model and a lattice valuation model, respectively.  These valuation models require the input of highly subjective assumptions.  Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related stock compensation award.

Research and Development

Costs associated with research and development are expensed as incurred.  Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $79 million, $59 million, $28 million, $29 million, and $56 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively.

Per Share Data

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding.  In computing diluted earnings per share, average number of common shares outstanding is increased by common stock options outstanding with exercise prices lower than the average market price of common shares using the treasury share method.

Business Combinations

The Company’s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Assets acquired and liabilities assumed, based on preliminary purchase price allocations , are adjusted to fair values at acquisition date with the remainder of the purchase price, if any, recorded as goodwill. During the measurement period, which may take up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded with a corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statements of earnings.

Adoption of New Accounting Standards

Effective January 1, 2014, the Company adopted the amended guidance of Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires the Company to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or if the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with deferred tax assets. The adoption of this amended guidance does not have an impact on the Company’s financial results.

Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 830, Foreign Currency Matters (Topic 830), which requires the Company to transfer currency translation adjustments from other comprehensive income into net income in certain circumstances. The amended guidance aims to resolve diversity in practice as to whether ASC Topic 810, Consolidation or Topic 830 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business. The adoption of this amended guidance did not have an impact on the Company’s current period results. If the Company disposes all or part of a qualifying foreign entity, it will be required to release the portion of cumulative translation adjustment applicable to the disposed entity.

Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 405, Liabilities, which addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, for which the total amount under the arrangement is fixed at the reporting date. The amended guidance aims to resolve diversity in practice among companies that are subject to joint and several liabilities. The retrospective adoption of this amended guidance did not have an impact on current and prior period results and is not expected to have any material impact on the Company’s financial results.

Effective October 1, 2014, the Company early adopted the amended guidance of ASC Topic 205, Presentation of Financial Statements (Topic 205) and ASC Topic 360, Property, Plant, and Equipment, which limit the definition of discontinued operations as only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amended guidance also expands the definition of discontinued operations to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and a disposal of an equity method investment that meets the definition of discontinued operations. The amended guidance requires the Company to report discontinued operations if (1) the component of an entity or group of components of an entity meets the criteria in Topic 205 to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; or (3) the component of an entity or group of components of an entity is disposed other than by sale. As a result of the prospective adoption of this amended guidance, the global chocolate and cocoa businesses that were classified as held for sale at December 31, 2014 (see Note 18 for more information) were not reported as discontinued operations. The Company does not believe the sale of these businesses to have a major effect on an entity's operations and financial results.

Pending Accounting Standards

Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Topic 718, Compensation - Stock Compensation (Topic 718), which seeks to resolve the diversity in practice that exists when accounting for share-based payments. The amended guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The Company will be required to adopt the amended guidance either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of this amended guidance to impact financial results.

Effective January 1, 2017, the Company will be required to adopt the new guidance of ASC Topic 606, Revenue from Contracts with Customers (Topic 606), which will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition. Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company will be required to adopt Topic 606 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. If the Company elects the modified retrospective approach, it will be required to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements.

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Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Summary Of Significant Accounting Policies [Abstract]

Nature of Business

Nature of Business

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.

Change in Fiscal Year

Change in Fiscal Year

On May 3, 2012, the Board of Directors of the Company determined that, in accordance with its Bylaws and upon the recommendation of the Audit Committee, the Company’s fiscal year shall begin on January 1 and end on December 31 of each year, starting on January 1, 2013. The required transition period of July 1, 2012 to December 31, 2012 is included in this Form 10-K report.  Amounts included in this report for the six months ended December 31, 2011 are unaudited.

Principles Of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee's activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.  

The Company consolidates Alfred C. Toepfer International (Toepfer), a wholly owned subsidiary, in which prior to June 6, 2014, the Company had an 80% interest, for which the minority interest was subject to a mandatorily redeemable put option.  As a result of the put option, the associated minority interest was reported in other long-term liabilities.  On December 31, 2011, the put option expired and the Company reclassified $174 million of minority interest from other long-term liabilities to noncontrolling interests in shareholders’ equity at that date. During 2013, Toepfer became subject to a new mandatorily redeemable put option; and as a result, the Company reclassified $180 million of noncontrolling interest in shareholders' equity to long-term liabilities. On June 6, 2014, the Company completed its acquisition of the remaining 20% interest in Toepfer for $157 million. The excess of the purchase price over the carrying value of the associated noncontrolling interest of $12 million was recorded as a reduction in additional paid in capital.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Reclassifications

Affiliates goodwill of $198 million in 2013, previously included in goodwill and other intangible assets, have been reclassified to investments in and advances to affiliates. There was no change in total investments and other assets as a result of this reclassification.

Cash Equivalents

Cash Equivalents

The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents.

Segregated Cash and Investments

Segregated Cash and Investments

The Company segregates certain cash and investment balances in accordance with regulatory requirements, commodity exchange requirements, insurance arrangements, and lending arrangements.  These segregated balances represent deposits received from customers of the Company’s registered futures commission merchant, securities pledged to commodity exchange clearinghouses, and cash and securities pledged as security under certain insurance or lending arrangements.  Segregated cash and investments primarily consist of cash, United States government securities, and money-market funds.

Receivables

Receivables

The Company records accounts receivable at net realizable value.  This value includes an allowance for estimated uncollectible accounts of $81 million at December 31, 2014 and 2013, to reflect any loss anticipated on the accounts receivable balances.  The Company estimates this allowance based on its history of write-offs, level of past-due accounts, and its relationships with, and the economic status of, its customers.  Portions of the allowance for uncollectible accounts are recorded in trade receivables, other current assets, and other assets.

Credit risk on receivables is minimized as a result of the large and diversified nature of the Company’s worldwide customer base.  The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures.  Collateral is generally not required for the Company’s receivables.

Accounts receivable due from unconsolidated affiliates as of December 31, 2014 and 2013 was $15 million and $73 million, respectively.

Inventories

Inventories

Inventories of certain merchandisable agricultural commodities, which include inventories acquired under deferred pricing contracts, are stated at market value.  In addition, the Company values certain inventories using the lower of cost, determined by either the first-in, first-out (FIFO) or last-in, first-out (LIFO) methods, or market.

Fair Value Measurements

Fair Value Measurements

The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value.  Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1:  Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities.  In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities.  Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification.  Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation.

Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts.  However, in certain cases, if the Company believes the nonperformance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the contract in Level 3.

In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy.  The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy.  The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels.

The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period.  

Derivatives

Derivatives

The Company recognizes all of its derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet.  Unrealized gains are reported as other current assets and unrealized losses are reported as accrued expenses and other payables. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship.  The majority of the Company’s derivatives have not been designated as hedging instruments; and as such, changes in fair value of these derivatives are recognized in earnings immediately.  For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge.  

For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (AOCI) and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings.  The remaining gain or loss on the derivative instrument that is in excess of the cumulative change in the cash flows of the hedged item, if any (i.e., the ineffective portion), hedge components excluded from the assessment of effectiveness, and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period.

For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the underlying are recognized in the consolidated statement of earnings during the current period.

Marketable Securities

Marketable Securities

The Company classifies its marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of income taxes, reported as a component of other comprehensive income.  The Company monitors its investments for impairment periodically, and recognizes an impairment charge when the decline in fair value of an investment is judged to be other-than-temporary. The Company uses the specific identification method when securities are sold or reclassified out of accumulated other comprehensive income into earnings.  The Company considers marketable securities maturing in less than one year as short-term.  All other marketable securities are classified as long-term.

Property, Plant, and Equipment

Property, Plant, and Equipment

Property, plant, and equipment is recorded at cost.  Repair and maintenance costs are expensed as incurred. The Company generally uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: buildings - 10 to 40 years; machinery and equipment - 3 to 30 years.  The Company capitalized interest on major construction projects in progress of $18 million, $16 million, $12 million, $9 million, and $21 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively.

Income Taxes

Income Taxes

The Company accounts for its income tax positions in accordance with the applicable accounting standards. The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the consolidated financial statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company recognizes in its consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position.

The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general and administrative expenses.

Goodwill and other intangible assets

Goodwill and other intangible assets

Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests.  Definite-lived intangible assets are amortized over their estimated useful lives of 2 to 25 years and are reviewed for impairment whenever there are indicators that the carrying value of the assets may not be fully recoverable. Prior to the fiscal year end change transition period, the Company’s accounting policy was to evaluate goodwill and other intangible assets with indefinite lives for impairment on April 1 of each fiscal year or whenever there were indicators that the carrying value of the assets may not be fully recoverable.  Effective in the transition period ended December 31, 2012, the Company voluntarily changed its accounting policy to begin conducting the annual goodwill and indefinite life intangible assets impairment tests on October 1. The change to the annual goodwill and indefinite life intangible assets impairment testing date is preferable under the circumstances as the new impairment testing date is better aligned with the timing of the Company’s annual strategic, planning, and budgeting process, and the timing is more closely aligned with the Company’s annual financial reporting process as a result of the change in year end.  The resulting change in accounting principle related to the annual testing date did not delay, accelerate, or avoid an impairment charge of the Company’s goodwill.  As it is impracticable to objectively determine the estimates and assumptions necessary to perform the annual goodwill impairment test as of October 1 for periods prior to October 1, 2012, the Company prospectively applied the annual goodwill impairment testing date effective October 1, 2012.  During the year ended December 31, 2013, the Company recorded an impairment charge for goodwill of $9 million related to the Company's Brazilian sugar milling business. There were no impairment charges recorded for goodwill and indefinite-lived intangible assets during the year ended December 31, 2014, the six months ended December 31, 2012 and the year ended June 30, 2012.

Asset Abandonments and Write-Downs

Asset Abandonments and Write-Downs

The Company evaluates long-lived assets for impairment whenever indicators of impairment exist.  Assets are written down to fair value after consideration of the Company's ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value.  During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, impairment charges were $35 million, $84 million, $0 million, $337 million, and $367 million, respectively (see Note 19 for additional information).

Payables to Brokerage Customers

Payables to Brokerage Customers

Payables to brokerage customers represent the total of customer accounts at the Company's futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purpose as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments and customer omnibus receivable in other current assets.

Revenues

Revenues

The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured.  The Company has sales contracts that allow for pricing to occur after title of the goods has passed to the customer.  In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined.  Freight costs and handling charges related to sales are recorded as a component of cost of products sold.

Net sales to unconsolidated affiliates during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and  2011, and the year ended June 30, 2012, were $5.8 billion, $6.9 billion, $4.0 billion, $4.5 billion, and $7.7 billion, respectively.

Stock Compensation

Stock Compensation

The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted.  The Company’s stock compensation plans provide for the granting of restricted stock, restricted stock units, performance stock units, and stock options.  The fair values of stock options and performance stock units are estimated at the date of grant using the Black-Scholes option valuation model and a lattice valuation model, respectively.  These valuation models require the input of highly subjective assumptions.  Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related stock compensation award.

Research and Development

Research and Development

Costs associated with research and development are expensed as incurred.  Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $79 million, $59 million, $28 million, $29 million, and $56 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively.

Per Share Data

Per Share Data

Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding.  In computing diluted earnings per share, average number of common shares outstanding is increased by common stock options outstanding with exercise prices lower than the average market price of common shares using the treasury share method.

Business Combinations Policy

Business Combinations

The Company’s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Assets acquired and liabilities assumed, based on preliminary purchase price allocations , are adjusted to fair values at acquisition date with the remainder of the purchase price, if any, recorded as goodwill. During the measurement period, which may take up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded with a corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statements of earnings.

Adoption of New Accounting Standards

Adoption of New Accounting Standards

Effective January 1, 2014, the Company adopted the amended guidance of Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires the Company to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or if the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with deferred tax assets. The adoption of this amended guidance does not have an impact on the Company’s financial results.

Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 830, Foreign Currency Matters (Topic 830), which requires the Company to transfer currency translation adjustments from other comprehensive income into net income in certain circumstances. The amended guidance aims to resolve diversity in practice as to whether ASC Topic 810, Consolidation or Topic 830 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business. The adoption of this amended guidance did not have an impact on the Company’s current period results. If the Company disposes all or part of a qualifying foreign entity, it will be required to release the portion of cumulative translation adjustment applicable to the disposed entity.

Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 405, Liabilities, which addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, for which the total amount under the arrangement is fixed at the reporting date. The amended guidance aims to resolve diversity in practice among companies that are subject to joint and several liabilities. The retrospective adoption of this amended guidance did not have an impact on current and prior period results and is not expected to have any material impact on the Company’s financial results.

Effective October 1, 2014, the Company early adopted the amended guidance of ASC Topic 205, Presentation of Financial Statements (Topic 205) and ASC Topic 360, Property, Plant, and Equipment, which limit the definition of discontinued operations as only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amended guidance also expands the definition of discontinued operations to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and a disposal of an equity method investment that meets the definition of discontinued operations. The amended guidance requires the Company to report discontinued operations if (1) the component of an entity or group of components of an entity meets the criteria in Topic 205 to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; or (3) the component of an entity or group of components of an entity is disposed other than by sale. As a result of the prospective adoption of this amended guidance, the global chocolate and cocoa businesses that were classified as held for sale at December 31, 2014 (see Note 18 for more information) were not reported as discontinued operations. The Company does not believe the sale of these businesses to have a major effect on an entity's operations and financial results.

Pending Accounting Standards

Pending Accounting Standards

Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Topic 718, Compensation - Stock Compensation (Topic 718), which seeks to resolve the diversity in practice that exists when accounting for share-based payments. The amended guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The Company will be required to adopt the amended guidance either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of this amended guidance to impact financial results.

Effective January 1, 2017, the Company will be required to adopt the new guidance of ASC Topic 606, Revenue from Contracts with Customers (Topic 606), which will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition. Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company will be required to adopt Topic 606 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. If the Company elects the modified retrospective approach, it will be required to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements.

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Other (Income) Expense - Net (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Other Income and Expenses [Abstract]
(Gain) Loss on derivatives	$ (62)	$ 0	$ 102	$ 40	$ 0
(Gain) loss on sale of assets and equity dilution	(51)	(17)	(351)	(41)	(30)
Charges from early extinguishment of debt	5	12	0	0	12
Net (gain) loss on marketable securities transactions	(6)	(16)	0	(8)	(37)
Other - net	5	9	2	(44)	26
Total other (income) expense - net	$ (109)	$ (12)	$ (247)	$ (53)	$ (29)

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Subsequent Event Subsequent Event (Details) (Glencore transaction [Member])	Feb. 03, 2015
Glencore transaction [Member]
Subsequent Event [Line Items]
Percentage of ownership to be sold	50.00%

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Investments In And Advances To Affiliates (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Combined Balance Sheets And Statements Of Earnings Of The Company's Unconsolidated Affiliates

	December 31
(In millions)	2014			2013
Current assets	$	27,307		$	30,966
Non-current assets	21,624			20,846
Current liabilities	(19,370		)	(27,423		)
Non-current liabilities	(9,882		)	(5,515		)
Noncontrolling interests	(897		)	(890		)
Net assets	$	18,782		$	17,984

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
(In millions)	2014		2013		2012		2011		2012
							(Unaudited)
Net Sales	$	50,591	$	51,967	$	28,314	$	29,767	$	58,068
Gross profit	4,558		4,373		2,847		3,291		6,458
Net income	1,561		1,762		855		1,022		1,940

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Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013		Jun. 30, 2012	Jun. 06, 2014	Jun. 05, 2014
Principles of Consolidation
Difference in financial statement date of certain subsidiaries and affiliates included in Company's results (in days)				93 days
Noncontrolling Interest, Ownership Percentage by Parent									80.00%
Noncontrolling interests previously associated with mandatorily redeemable instruments							$ 184,000,000
Noncontrolling Interests Subject to Mandatorily Redeemable Instruments					180,000,000
Noncontrolling interest Acquired, Ownership Percentage								20.00%
Payments for Repurchase of Redeemable Noncontrolling Interest	157,000,000
Loss on purchase of noncontrolling interest	12,000,000
Reclassifications
Affiliates' goodwill					198,000,000
Receivables
Allowance for Doubtful Accounts Receivable				81,000,000	81,000,000
Trade accounts receivable due from unconsolidated affiliates				15,000,000	73,000,000
Property, Plant, and Equipment
Capitalized interest on major construction projects		12,000,000	9,000,000	18,000,000	16,000,000		21,000,000
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment Loss		0	0	0	9,000,000	[1]	0
Asset Abandonments and Write-Downs
Impairment of long lived assets		0	337,000,000	35,000,000	84,000,000		367,000,000
Revenues
Revenues from unconsolidated affiliates		4,000,000,000	4,500,000,000	5,800,000,000	6,900,000,000		7,700,000,000
Research and Development
Research and development expenses, net of expenditures subsequently reimbursed by government grants		28,000,000	29,000,000	79,000,000	59,000,000		56,000,000
Minimum [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Asset, Useful Life				2 years
Minimum [Member] | Building [Member]
Property, Plant, and Equipment
Property, Plant and Equipment, Useful Life				10 years
Minimum [Member] | Machinery And Equipment [Member]
Property, Plant, and Equipment
Property, Plant and Equipment, Useful Life				3 years
Maximum [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Asset, Useful Life				25 years
Maximum [Member] | Building [Member]
Property, Plant, and Equipment
Property, Plant and Equipment, Useful Life				40 years
Maximum [Member] | Machinery And Equipment [Member]
Property, Plant, and Equipment
Property, Plant and Equipment, Useful Life				30 years
Noncontrolling Interest [Member]
Principles of Consolidation
Noncontrolling interests previously associated with mandatorily redeemable instruments			174,000,000				174,000,000
Noncontrolling Interests Subject to Mandatorily Redeemable Instruments					$ 180,000,000

[1] The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013.

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Investments In And Advances To Affiliates (Combined Balance Sheets And Statements Of Earnings Of The Company's Unconsolidated Affiliates) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Combined balance sheets and statements of earnings of the Company's unconsolidated affiliates:
Current assets			$ 27,307	$ 30,966
Non-current assets			21,624	20,846
Current liabilities			(19,370)	(27,423)
Non-current liabilities			(9,882)	(5,515)
Noncontrolling interests			(897)	(890)
Net assets			18,782	17,984
Net sales	28,314	29,767	50,591	51,967	58,068
Gross profit	2,847	3,291	4,558	4,373	6,458
Net income	$ 855	$ 1,022	$ 1,561	$ 1,762	$ 1,940

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Consolidated Statements Of Earnings (USD $) In Millions, except Per Share data, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Income Statement [Abstract]
Revenues	$ 46,729	$ 45,208	$ 81,201	$ 89,804	$ 89,038
Cost of products sold	44,927	43,361	76,433	85,915	85,370
Gross Profit	1,802	1,847	4,768	3,889	3,668
Selling, general and administrative expenses	869	830	1,907	1,759	1,626
Asset impairment, exit, and restructuring costs	146	352	105	259	449
Interest expense	213	209	337	413	441
Equity in earnings of unconsolidated affiliates	(255)	(251)	(372)	(411)	(472)
Interest income	(59)	(62)	(92)	(102)	(112)
Other (income) expense - net	(109)	(12)	(247)	(53)	(29)
Earnings Before Income Taxes	997	781	3,130	2,024	1,765
Income taxes	303	237	877	670	523
Net Earnings Including Noncontrolling Interests	694	544	2,253	1,354	1,242
Less: Net earnings (losses) attributable to noncontrolling interests	2	4	5	12	19
Net Earnings Attributable to Controlling Interests	$ 692	$ 540	$ 2,248	$ 1,342	$ 1,223
Average number of shares outstanding - basic	660	669	653	661	665
Average number of shares outstanding - diluted	661	670	656	663	666
Basic earnings per common share (dollars per share)	$ 1.05	$ 0.81	$ 3.44	$ 2.03	$ 1.84
Diluted earnings per common share (dollars per share)	$ 1.05	$ 0.81	$ 3.43	$ 2.02	$ 1.84

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components Of Earnings Before Income Taxes by Geographic Region

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
United States	$	2,224	$	1,509	$	611	$	592	$	1,035
Foreign	906		515		386		189		730
	$	3,130	$	2,024	$	997	$	781	$	1,765

Significant Components Of Income Taxes

	Year Ended						Six Months Ended				Year Ended
(In millions)	December 31						December 31				June 30
	2014			2013			2012		2011		2012
									(Unaudited)
Current
Federal	$	641		$	348		$	92	$	179	$	300
State	57			14			9		19		21
Foreign	235			146			83		7		118
Deferred
Federal	(29		)	112			92		14		66
State	28			(5		)	20		3		9
Foreign	(55		)	55			7		15		9
	$	877		$	670		$	303	$	237	$	523

Significant Components Of Deferred Tax Liabilities And Assets

	December 31, 2014			December 31, 2013
	(In millions)
Deferred tax liabilities
Property, plant, and equipment	$	1,631		$	1,286
Equity in earnings of affiliates	394			323
Debt exchange	135			123
Inventories	57			132
Other	192			119
	$	2,409		$	1,983
Deferred tax assets
Pension and postretirement benefits	$	460		$	267
Stock compensation	55			60
Foreign tax credit carryforwards	76			26
Foreign tax loss carryforwards	305			329
Capital loss carryforwards	21			24
State tax attributes	70			74
Reserves and other accruals	43			—
Other	271			205
Gross deferred tax assets	1,301			985
Valuation allowances	(347		)	(329		)
Net deferred tax assets	$	954		$	656
Net deferred tax liabilities	$	1,455		$	1,327
The net deferred tax liabilities are classified as follows:
Current assets	$	17		$	—
Current assets (foreign)	137			17
Current liabilities	—			(8		)
Current liabilities (foreign)	(33		)	(22		)
Noncurrent assets (foreign)	86			134
Noncurrent liabilities	(1,316		)	(1,404		)
Noncurrent liabilities (foreign)	(346		)	(44		)
	$	(1,455	)	$	(1,327	)

Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Statutory rate	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.1		0.2		2.4		2.4		1.4
Foreign earnings taxed at rates other than the U.S. statutory rate	(4.8	)	(3.7	)	(7.6	)	(7.2	)	(4.8	)
Foreign currency remeasurement	0.1		(0.9	)	2.6		(0.3	)	(3.3	)
Income tax adjustment to filed returns	(2.5	)	0.5		(1.5	)	(0.7	)	0.9
Tax benefit on U.S. biodiesel credits	(1.1	)	(5.1	)	—		—		—
Tax benefit on U.S. qualified production activity deduction	(1.8	)	(1.4	)	—		—		—
Valuation allowances	—		8.0		—		—		—
Other	1.0		0.5		(0.5	)	1.1		0.4
Effective income tax rate	28.0	%	33.1	%	30.4	%	30.3	%	29.6	%

Unrecognized Tax Benefits

	Unrecognized Tax Benefits
	December 31, 2014			December 31, 2013
	(In millions)
Beginning balance	$	66		$	77
Additions related to current year’s tax positions	5			—
Additions related to prior years’ tax positions	7			7
Reductions related to prior years’ tax positions	(3		)	—
Reductions related to lapse of statute of limitations	—			(6		)
Settlements with tax authorities	(3		)	(12		)
Ending balance	$	72		$	66

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Employee Benefit Plans (Principal Assumptions In Developing Year-End Actuarial Present Value Of The Projected Benefit Obligation) (Details)	Dec. 31, 2014	Dec. 31, 2013
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	3.50%	4.60%
Rate of compensation increase (as a percent)	3.80%	3.90%
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	3.80%	4.40%

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Quarterly Financial Data (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended							12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Restructuring and relocation cost, after tax	$ 21		$ 20
Restructuring and relocation cost, after tax, per share	$ 0.03		$ 0.03
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes	89
Gain on sale of assets, after tax, per share	$ 0.14
Gain on equity dilution, after tax		97
Gain on equity dilution, after tax, per share		$ 0.15
Loss on foreign exchange hedges, after tax		63		9	16	32
Loss on foreign exchange hedges, after tax, per share		$ 0.10		$ 0.01	$ 0.02	$ 0.05
Effective Tax Rate Adjustment				21
Effective Tax Rate Adjustment, Per Share				$ 0.03
Legal settlement, after tax						20	17
Legal settlement, after tax, per share						$ 0.03	$ 0.03
Asset abandonments and impairments, after tax	26			61	8
Impairment Effect on Earnings Per Share, after Tax	$ 0.04			$ 0.09	$ 0.01
Goodwill, Impairment Loss				9
Goodwill Impairment Charge, After Tax, Per Share				$ 0.02
Other Than Temporary Writedown of an Available for Sale Security, After Tax				155	7
Other Than Temporary Impairment Losses, Per Share				$ 0.23	$ 0.01
Other Charges Related to an Investment, After Tax				3
Other Charges Related to an Investment, Per Share				$ 0.01
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings				82
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings, Per Share				$ 0.12
Prior Period Income Tax Benefit Recognized in the Current Period				84				55
Prior Period Income Tax Benefit Recognized in the Current Period, Per Share				$ 0.13
Other Charges, After Tax				3
Other Charges, After Tax, Per Share				$ 0.01
After-tax pension settlement charges	61
After-tax pension settlement charges (per share)	$ 0.09
Prior period income recognized in the current period	$ 61
Prior Period Income Recognized in the Current Period, Per Share	$ 0.09

XML

Consolidated Statements Of Shareholders' Equity (USD $) In Millions, unless otherwise specified	Total	Common Stock [Member]	Reinvested Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]
Balance at Jun. 30, 2011	$ 18,838	$ 6,636	$ 11,996	$ 176	$ 30
Balance, shares at Jun. 30, 2011		676
Comprehensive income
Net earnings	1,242		1,223		19
Other comprehensive income (loss)	(1,089)			(1,083)	(6)
Total comprehensive income	153
Cash dividends paid	(455)		(455)
Treasury stock purchases	(527)	(527)
Treasury stock purchases, shares		(18)
Stock compensation expense	48	48
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(54)	(40)			(14)
Noncontrolling interests previously associated with mandatorily redeemable instruments	184		10		174
Other	(18)	(15)			(3)
Other, shares		1
Balance at Jun. 30, 2012	18,169	6,102	12,774	(907)	200
Balance, shares at Jun. 30, 2012		659
Comprehensive income
Net earnings	694		692		2
Other comprehensive income (loss)	465			457	8
Total comprehensive income	1,159
Cash dividends paid	(230)		(230)
Stock compensation expense	30	30
Other	3	2			1
Balance at Dec. 31, 2012	19,131	6,134	13,236	(450)	211
Balance, shares at Dec. 31, 2012		659
Comprehensive income
Net earnings	1,354		1,342		12
Other comprehensive income (loss)	384			393	(9)
Total comprehensive income	1,738
Cash dividends paid	(501)		(501)
Treasury stock purchases	(101)	(101)
Treasury stock purchases, shares		(3)
Stock compensation expense	43	43
Noncontrolling Interests Subject to Mandatorily Redeemable Instruments	(180)				(180)
Other	64	60			4
Other, shares		3
Balance at Dec. 31, 2013	20,194	6,136	14,077	(57)	38
Balance, shares at Dec. 31, 2013		659
Comprehensive income
Net earnings	2,253		2,248		5
Other comprehensive income (loss)	(1,185)			(1,184)	(1)
Total comprehensive income	1,068
Cash dividends paid	(624)		(624)
Treasury stock purchases	(1,183)	(1,183)
Treasury stock purchases, shares		(25)
Stock compensation expense	55	55
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	(12)	(12)
Noncontrolling Interest, Increase from Business Combination	19				19
Other	113	119			(6)
Other, shares		3
Balance at Dec. 31, 2014	$ 19,630	$ 5,115	$ 15,701	$ (1,241)	$ 55
Balance, shares at Dec. 31, 2014		637

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Employee Benefit Plans (Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, ending	$ 2,194			$ 2,194	$ 2,341
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, beginning				2,814	2,954
Service cost		44	36	71	84	71
Interest cost		61	65	126	114	130
Actuarial loss (gain)				688	(236)
Employee contributions				2	2
Curtailments				(5)	0
Settlements				(304)	0
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation				136	0
Remeasurement charge						30
Benefits paid				(109)	(119)
Plan Amendments				(4)	(1)
Actual expenses				(2)	(2)
Foreign currency effects				(108)	18
Benefit obligation, ending	3,305	2,954		3,305	2,814
Fair value of plan assets, beginning				2,341	2,174
Actual return on plan assets				292	222
Employer contributions				42	50
Settlements				(304)	0
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets				10	0
Foreign currency effects				(78)	14
Fair value of plan assets, ending	2,194	2,174		2,194	2,341
Funded status	(1,111)			(1,111)	(473)
Prepaid benefit cost	27			27	63
Accrued benefit liability - current	(17)			(17)	(15)
Accrued benefit liability - long-term	(1,121)			(1,121)	(521)
Net amount recognized in the balance sheet	(1,111)			(1,111)	(473)
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, beginning				174	208
Service cost		4	3	4	5	7
Interest cost		6	6	8	7	12
Actuarial loss (gain)				54	(34)
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation				0	0
Remeasurement charge						4
Benefits paid				(12)	(12)
Plan Amendments	3				0
Benefit obligation, ending	231	208		231	174
Employer contributions				12	12
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets				0	0
Funded status	(231)			(231)	(174)
Accrued benefit liability - current	(12)			(12)	(11)
Accrued benefit liability - long-term	(219)			(219)	(163)
Net amount recognized in the balance sheet	$ (231)			$ (231)	$ (174)

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Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 2,091	$ 1,888
Total increase (decrease) in unrealized gains included in cost of products sold	559	(171)
Purchases	16,114	14,638
Sales	(16,384)	(14,107)
Settlements	(948)	(567)
Transfers into Level 3	439	554
Transfers out of Level 3	(177)	(144)
Balance at end of period	1,694	2,091
Inventories Carried At Market [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	1,812	1,745
Total increase (decrease) in unrealized gains included in cost of products sold	15	(645)
Purchases	16,114	14,638
Sales	(16,384)	(14,107)
Transfers into Level 3	44	231
Transfers out of Level 3	(110)	(50)
Balance at end of period	1,491	1,812
Commodity Derivative Contracts Gains [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	279	143
Total increase (decrease) in unrealized gains included in cost of products sold	544	474
Settlements	(948)	(567)
Transfers into Level 3	395	323
Transfers out of Level 3	(67)	(94)
Balance at end of period	$ 203	$ 279

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Employee Benefit Plans (Actual Asset Allocation For Global Pension Plan Assets) (Details)	Dec. 31, 2014	Dec. 31, 2013
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	100.00%	100.00%
Pension Benefits [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	51.00%	54.00%
Pension Benefits [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	48.00%	45.00%
Pension Benefits [Member] | Other Pension Plan Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	1.00%	1.00%
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of U.S. pension plan to global pension plan assets (as a percent)	62.00%
U.S. Pension Plans [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	60.00%
U.S. Pension Plans [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	40.00%
Foreign Pension Plans [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	38.00%
Foreign Pension Plans [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	60.00%
Foreign Pension Plans [Member] | Other Pension Plan Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation	2.00%

XML

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements At Reporting Date

	Fair Value Measurements at December 31, 2014
	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	$	—	$	3,208	$	1,491	$	4,699
Unrealized derivative gains:
Commodity contracts	—		487		203		690
Foreign exchange contracts	—		186		—		186
Interest rate contracts	—		21		—		21
Cash equivalents	491		—		—		491
Marketable securities	860		80		—		940
Segregated investments	2,158		—		—		2,158
Deferred consideration	—		511		—		511
Total Assets	$	3,509	$	4,493	$	1,694	$	9,696
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	564	$	212	$	776
Foreign exchange contracts	—		150		—		150
Inventory-related payables	—		612		40		652
Total Liabilities	$	—	$	1,326	$	252	$	1,578

	Fair Value Measurements at December 31, 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	$	—	$	4,247	$	1,812	$	6,059
Unrealized derivative gains:
Commodity contracts	31		540		279		850
Foreign exchange contracts	30		88		—		118
Interest rate contracts	—		1		—		1
Cash equivalents	2,518		—		—		2,518
Marketable securities	881		26		—		907
Segregated investments	1,707		—		—		1,707
Deferred consideration	—		757		—		757
Total Assets	$	5,167	$	5,659	$	2,091	$	12,917
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	45	$	343	$	261	$	649
Foreign exchange contracts	—		166		—		166
Interest rate contracts	—		9		—		9
Inventory-related payables	—		708		34		742
Total Liabilities	$	45	$	1,226	$	295	$	1,566

Reconciliation Of Assets Measured At Fair Value On A Recurring Basis

	Level 3 Fair Value Assets Measurements at December 31, 2014
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2013	$	1,812		$	279		$	2,091
Total increase (decrease) in unrealized gains included in cost of products sold*	15			544			559
Purchases	16,114			—			16,114
Sales	(16,384		)	—			(16,384		)
Settlements	—			(948		)	(948		)
Transfers into Level 3	44			395			439
Transfers out of Level 3	(110		)	(67		)	(177		)
Ending balance, December 31, 2014	$	1,491		$	203		$	1,694

* Includes gains of $602 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2014.

	Level 3 Fair Value AssetsMeasurements at December 31, 2013
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2012	$	1,745		$	143		$	1,888
Total increase (decrease) in unrealized gains included in cost of products sold*	(645		)	474			(171		)
Purchases	14,638			—			14,638
Sales	(14,107		)	—			(14,107		)
Settlements	—			(567		)	(567		)
Transfers into Level 3	231			323			554
Transfers out of Level 3	(50		)	(94		)	(144		)
Ending balance, December 31, 2013	$	1,812		$	279		$	2,091

* Includes gains of $700 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2013.

Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis

	Level 3 Fair Value LiabilitiesMeasurements at December 31, 2014
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2013	$	34		$	261		$	295
Total increase (decrease) in unrealized losses included in cost of products sold*	22			534			556
Purchases	29			—			29
Sales	(45		)	—			(45		)
Settlements	—			(785		)	(785		)
Transfers into Level 3	—			256			256
Transfers out of Level 3	—			(54		)	(54		)
Ending balance, December 31, 2014	$	40		$	212		$	252

* Includes losses of $558 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2014.

	Level 3 Fair Value LiabilitiesMeasurements at December 31, 2013
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2012	$	33		$	138		$	171
Total increase (decrease) in unrealized losses included in cost of products sold*	(191		)	524			333
Purchases	219			—			219
Sales	(26		)	—			(26		)
Settlements	—			(550		)	(550		)
Transfers into Level 3	—			197			197
Transfers out of Level 3	(1		)	(48		)	(49		)
Ending balance, December 31, 2013	$	34		$	261		$	295

* Includes losses of $380 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2013.

Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	Weighted Average % of Total Price
	December 31, 2014		December 31, 2013
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories
Basis	23.4%	43.4%	21.9%	13.2%
Transportation cost	4.9%	15.2%	12.3%	—%
Commodity Derivative Contracts
Basis	13.5%	13.6%	22.8%	17.6%
Transportation cost	10.2%	19.5%	32.5%	12.3%

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Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) (Designated As Hedging Instrument [Member], USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Derivative [Line Items]
Total amount recognized in earnings	$ 129	$ 57	$ (225)	$ (157)	$ 57
Interest Expense [Member]
Derivative [Line Items]
Interest contracts effective amount recognized in earnings	0	0	1	1	1
Cost Of Products Sold [Member]
Derivative [Line Items]
Commodity Contracts effective amount recognized in earnings	158	11	(124)	(41)	5
Commodity contracts ineffective amount recognized in earnings	(30)	39	(4)	(120)	49
Sales [Member]
Derivative [Line Items]
Commodity Contracts effective amount recognized in earnings	2	8	(69)	4	3
Commodity contracts ineffective amount recognized in earnings			(34)
Other Income (Expense) - Net [Member]
Derivative [Line Items]
FX Contracts effective amount recognized in earnings	$ (1)	$ (1)	$ 5	$ (1)	$ (1)

XML

Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company provides substantially all U.S. employees and employees at certain foreign subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans.  The Company provides eligible U.S. employees who retire under qualifying conditions with access to postretirement health care, at full cost to the retiree (certain employees are “grandfathered” into subsidized coverage while others are provided with Health Care Reimbursement Accounts as described below).

On August 5, 2014, the Company amended its U.S. qualified pension plans and began notifying certain eligible individuals of its offer to pay those individuals’ pension benefit in a lump sum. Individuals eligible for the voluntary lump sum payment option are generally those who are retirees, surviving joint annuitants, beneficiaries, and alternate payees of the U.S. qualified pension plans who are currently receiving a payment and commenced their benefit prior to June 30, 2014. The voluntary lump sum which amounted to $296 million reduced the Company's global pension benefit obligation by $336 million resulting in a net improvement of its pension underfunding by $40 million. The Company incurred a non-cash pre-tax income statement charge of $98 million in the quarter ended December 31, 2014 as a result of the requirement to expense the unrealized actuarial losses recognized in accumulated other comprehensive income (loss) pertaining to liabilities settled at December 31, 2014.

The Company maintains 401(k) plans covering substantially all U.S. employees.  The Company contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching employer contribution of 1% of pay to eligible participants.  Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in ADM stock as part of their own investment elections.  The employer contributions are expensed when paid.  Assets of the Company’s 401(k) plans consist primarily of listed common stocks and pooled funds.  The Company’s 401(k) plans held 11 million shares of Company common stock at December 31, 2014, with a market value of $596 million.  Cash dividends received on shares of Company common stock by these plans during the year ended December 31, 2014 were $12 million.

	Pension Benefits						Postretirement Benefits
(In millions)	Year Ended December 31						Year Ended December 31
	2014			2013			2014			2013
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	71		$	84		$	4		$	5
Interest cost	126			114			8			7
Expected return on plan assets	(155		)	(144		)	—			—
Settlement charges	95			—			—			—
Amortization of actuarial loss	36			74			2			5
Other amortization expense	3			3			(18		)	(18		)
Net periodic defined benefit plan expense	176			131			(4		)	(1		)
Defined contribution plans	50			44			—			—
Total retirement plan expense	$	226		$	175		$	(4	)	$	(1	)

	Pension Benefits						Postretirement Benefits
(In millions)	Six Months Ended December 31						Six Months Ended December 31
	2012			2011			2012		2011
				(Unaudited)					(Unaudited)
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	44		$	36		$	4	$	3
Interest cost	61			65			6		6
Expected return on plan assets	(75		)	(70		)	—		—
Settlement charges	68			—			—		—
Amortization of actuarial loss	42			24			—		—
Other amortization	2			2			—		—
Net periodic defined benefit plan expense	142			57			10		9
Defined contribution plans	23			23			—		—
Total retirement plan expense	$	165		$	80		$	10	$	9

	Pension Benefits			Postretirement Benefits
(In millions)	Year Ended June 30			Year Ended June 30
	2012			2012
Retirement plan expense
Defined benefit plans:
Service cost (benefits earned during the period)	$	71		$	7
Interest cost	130			12
Expected return on plan assets	(141		)	—
Remeasurement charge(1)	30			4
Amortization of actuarial loss	52			—
Other amortization	5			(2		)
Net periodic defined benefit plan expense	147			21
Defined contribution plans	45			—
Total retirement plan expense	$	192		$	21

(1) See Note 19

Prior to December 31, 2012, the Company used a June 30 measurement date for all defined benefit plans.  As a result of the change in fiscal year end (see Note 1), the Company changed its measurement date for all defined benefit plans to December 31 effective in the transition period ended December 31, 2012.  The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2014 and 2013:

	Pension Benefits						Postretirement Benefits
	December 31 2014			December 31 2013			December 31 2014			December 31 2013
	(In millions)						(In millions)
Benefit obligation, beginning	$	2,814		$	2,954		$	174		$	208
Service cost	71			84			4			5
Interest cost	126			114			8			7
Actuarial loss (gain)	688			(236		)	54			(34		)
Employee contributions	2			2			—			—
Curtailments	(5		)	—			—			—
Settlements	(304		)	—			—			—
Business combinations	136			—			—			—
Benefits paid	(109		)	(119		)	(12		)	(12		)
Plan amendments	(4		)	(1		)	3			—
Actual expenses	(2		)	(2		)	—			—
Foreign currency effects	(108		)	18			—			—
Benefit obligation, ending	$	3,305		$	2,814		$	231		$	174
Fair value of plan assets, beginning	$	2,341		$	2,174		$	—		$	—
Actual return on plan assets	292			222			—			—
Employer contributions	42			50			12			12
Employee contributions	2			2			—			—
Settlements	(304		)	—			—			—
Business combinations	10			—			—			—
Benefits paid	(109		)	(119		)	(12		)	(12		)
Actual expenses	(2		)	(2		)	—			—
Foreign currency effects	(78		)	14			—			—
Fair value of plan assets, ending	$	2,194		$	2,341		$	—		$	—
Funded status	$	(1,111	)	$	(473	)	$	(231	)	$	(174	)
Prepaid benefit cost	$	27		$	63		$	—		$	—
Accrued benefit liability – current	(17		)	(15		)	(12		)	(11		)
Accrued benefit liability – long-term	(1,121		)	(521		)	(219		)	(163		)
Net amount recognized in the balance sheet	$	(1,111	)	$	(473	)	$	(231	)	$	(174	)

Included in accumulated other comprehensive income for pension benefits at December 31, 2014 is an unrecognized actuarial loss of $983 million  that has not yet been recognized in net periodic pension cost. The prior service cost and actuarial loss included in accumulated other comprehensive income expected to be recognized in net periodic pension cost during 2015 is $2 million and $68 million, respectively.

Included in accumulated other comprehensive income for postretirement benefits at December 31, 2014, are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service credit of $85 million and unrecognized actuarial loss of $80 million.  Prior service credit of $18 million and actuarial loss of $7 million included in accumulated other comprehensive income are expected to be recognized in net periodic benefit cost during 2015.

The following table sets forth the principal assumptions used in developing net periodic pension cost:

	Pension Benefits		Postretirement Benefits
	December 31 2014	December 31 2013	December 31 2014	December 31 2013
Discount rate	4.6%	3.9%	4.4%	3.6%
Expected return on plan assets	7.0%	7.0%	N/A	N/A
Rate of compensation increase	3.9%	3.9%	N/A	N/A

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

	Pension Benefits				Postretirement Benefits
	December 31 2014		December 31 2013		December 31 2014	December 31 2013
Discount rate	3.5	%	4.6	%	3.8%	4.4%
Rate of compensation increase	3.8	%	3.9	%	N/A	N/A

At December 31, 2014, a new mortality table was used to estimate anticipated mortality rates that contributed to an increase in projected benefit obligations of approximately $0.2 billion.

The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $2.9 billion, $2.6 billion, and $1.7 billion, respectively as of December 31, 2014, and $2.2 billion, $2.0 billion, and $1.6 billion, respectively, as of December 31, 2013.  The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $2.8 billion, $2.5 billion, and $1.7 billion, respectively, as of December 31, 2014 and $2.1 billion, $1.9 billion, and $1.6 billion, respectively, as of December 31, 2013.  The accumulated benefit obligation for all pension plans as of December 31, 2014 and 2013, was $3.0 billion and $2.6 billion, respectively.

For postretirement benefit measurement purposes, a 7.25% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended December 31, 2014.  The rate was assumed to decrease gradually to 5% by 2024 and remain at that level thereafter. The credits used to fund certain retirees with Health Reimbursement Accounts are indexed up to a maximum of 3% per year.

A 1% change in assumed health care cost trend rates would have the following effects:

	1% Increase		1% Decrease
	(In millions)
Effect on combined service and interest cost components	$	1	$	(1	)
Effect on accumulated postretirement benefit obligations	$	8	$	(7	)

Plan Assets

The Company’s employee benefit plan assets are principally comprised of the following types of investments:

Common stock:

Equity securities are valued based on quoted exchange prices and are classified within Level 1 of the valuation hierarchy.

Mutual funds:

Mutual funds are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

Common collective trust (CCT) funds:

The fair values of the CCTs are based on the cumulative net asset value (NAV) of their underlying investments. The investments in CCTs are comprised of international equity funds, a small cap U.S. equity fund, large cap U.S. equity funds, fixed income funds, and other funds.  The fund units are valued at NAV based on the closing market value of the units bought or sold as of the valuation date and are classified in Level 2 of the fair value hierarchy. The CCTs seek primarily to provide investment results approximating the aggregate price, dividend performance, total return, and income stream of underlying investments of the funds.  Issuances and redemptions of certain of the CCT investments may be restricted by date and/or amount.

Corporate debt instruments:

Corporate debt instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 2 of the valuation hierarchy.

U.S.  Treasury instruments:

U.S. Treasury instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy.

U.S. government agency, state, and local government bonds:

U.S. government agency obligations and state and municipal debt securities are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy.  

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants’ methods, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2014 and 2013.

	Fair Value Measurements at December 31, 2014
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	(In millions)
Common stock
U.S. companies	$	180	$	—	$	—	$	180
International companies	6		—		—		6
Equity mutual funds
Emerging markets	62		—		—		62
International	91		—		—		91
Large cap U.S.	362		—		—		362
Common collective trust funds
International equity	—		370		—		370
Large cap U.S. equity	—		33		—		33
Fixed income	—		500		—		500
Other	—		35		—		35
Debt instruments
Corporate bonds	—		422		—		422
U.S. Treasury instruments	95		—		—		95
U.S. government agency, state and local government bonds	—		37		—		37
Other	—		1		—		1
Total assets at fair value	$	796	$	1,398	$	—	$	2,194

	Fair Value Measurements at December 31, 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)
Common stock
U.S. companies	$	221	$	—	$	—	$	221
International companies	2		—		—		2
Equity mutual funds
Emerging markets	75		—		—		75
International	111		—		—		111
Large cap U.S.	419		—		—		419
Common collective trust funds
International equity	—		373		—		373
Large cap U.S. equity	—		51		—		51
Fixed income	—		437		—		437
Other	—		62		—		62
Debt instruments
Corporate bonds	—		422		—		422
U.S. Treasury instruments	134		—		—		134
U.S. government agency, state and local government bonds	—		32		—		32
Other	—		2		—		2
Total assets at fair value	$	962	$	1,379	$	—	$	2,341

Level 3 Gains and Losses:

There are no Plan assets classified as Level 3 in the fair value hierarchy; therefore there are no gains or losses associated with Level 3 assets.

The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date:

	December 31 2014(1)(2)	December 31 2013(2)
Equity securities	51%	54%
Debt securities	48%	45%
Other	1%	1%
Total	100%	100%

(1) The Company’s U.S. pension plans contain approximately 62% of the Company’s global pension plan assets.  The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt securities.  The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation.  The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 38% equity securities, 60% debt securities, and 2% in other investments.  The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.

(2) The Company’s pension plans did not hold any shares of Company common stock as of the December 31, 2014 and 2013 measurement dates. 

Investment objectives for the Company’s plan assets are to:

• Optimize the long-term return on plan assets at an acceptable level of risk.

• Maintain a broad diversification across asset classes and among investment managers.

• Maintain careful control of the risk level within each asset class.

Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans.  Selection of the targeted asset allocation for plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes.  The U.S. pension plans target asset allocation is also based on an asset and liability study that is updated periodically.

Investment guidelines are established with each investment manager.  These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements, and credit quality standards, where applicable.  In some countries, derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of underlying investments.

The Company uses external consultants to assist in monitoring the investment strategy and asset mix for the Company’s plan assets.  To develop the Company’s expected long-term rate of return assumption on plan assets, the Company generally uses long-term historical return information for the targeted asset mix identified in asset and liability studies.  Adjustments are made to the expected long-term rate of return assumption when deemed necessary based upon revised expectations of future investment performance of the overall investment markets.

Contributions and Expected Future Benefit Payments

Based on actuarial calculations, the Company expects to contribute $38 million to the pension plans and $12 million to the postretirement benefit plan during 2015.  The Company may elect to make additional discretionary contributions during this period.

The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans:

	Pension Benefits		Postretirement Benefits
	(In millions)
2015	$	97	$	12
2016	103		13
2017	108		13
2018	115		13
2019	122		14
2020 – 2024	721		75

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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

	December 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	186	$	150	$	118	$	166
Interest Contracts	—		—		1		—
Commodity Contracts	690		776		850		649
Total	$	876	$	926	$	969	$	815

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Interest Contracts
Other income (expense) - net	$	—		$	1		$	—		$	—		$	—
Foreign Currency Contracts
Revenues	$	(1	)	$	108		$	129		$	33		$	117
Cost of products sold	131			(157		)	(49		)	(116		)	(255		)
Other income (expense) - net	(171		)	61			94			(69		)	(21		)
Commodity Contracts
Cost of products sold	$	(263	)	$	301		$	136		$	(4	)	$	(527	)
Other Contracts
Other income (expense) - net	$	—		$	—		$	58		$	—		$	(1	)
Total gain(loss) recognized in earnings	$	(304	)	$	314		$	368		$	(156	)	$	(687	)

Schedule Of Derivatives Designated As Hedging Instruments

		Year Ended						Six Months Ended						Year Ended
	Consolidated Statement of	December 31						December 31						June 30
(In millions)	Earnings Locations	2014			2013			2012			2011			2012
											(Unaudited)
Effective amounts recognized in earnings
FX Contracts	Other income/expense -net	$	5		$	(1	)	$	(1	)	$	(1	)	$	(1	)
Interest Contracts	Interest expense	1			1			—			—			1
Commodity Contracts	Cost of products sold	(124		)	(41		)	158			11			5
	Revenues	(69		)	4			2			8			3
Ineffective amount recognized in earnings
Interest contracts	Interest expense	—			—			—			—			—
Commodity contracts	Cost of products sold	(4		)	(120		)	(30		)	39			49
	Revenues	(34		)	—			—			—			—
Total amount recognized in earnings		$	(225	)	$	(157	)	$	129		$	57		$	57

	December 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Contracts	$	21	$	—	$	—	$	9
Total	$	21	$	—	$	—	$	9

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Employee Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 2,194	$ 2,341
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	796	962
Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	1,398	1,379
Common stock - U.S. companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	180	221
Common stock - U.S. companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	180	221
Common stock - International companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	6	2
Common stock - International companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	6	2
Equity mutual funds - Emerging markets [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	62	75
Equity mutual funds - Emerging markets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	62	75
Equity mutual funds - International [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	91	111
Equity mutual funds - International [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	91	111
Equity mutual funds - Large cap U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	362	419
Equity mutual funds - Large cap U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	362	419
Common collective trust funds - International equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	370	373
Common collective trust funds - International equity [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	370	373
Common collective trust funds - Large cap U.S. equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	33	51
Common collective trust funds - Large cap U.S. equity [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	33	51
Common collective trust funds - Fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	500	437
Common collective trust funds - Fixed income [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	500	437
Common collective trust funds - Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	35	62
Common collective trust funds - Other [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	35	62
Debt instruments - Corporate bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	422	422
Debt instruments - Corporate bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	422	422
Debt instruments - U.S. Treasury instruments [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	95	134
Debt instruments - U.S. Treasury instruments [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	95	134
Debt instruments - U.S. government agency, state and local government bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	37	32
Debt instruments - U.S. government agency, state and local government bonds [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	37	32
Other Debt Instruments [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	1	2
Other Debt Instruments [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 1	$ 2

XML

Segment and Geographic Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment And Geographic Information

Segment and Geographic Information

The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products.  The Company’s operations are organized, managed and classified into three reportable business segments:  Oilseeds Processing, Corn Processing, and Agricultural Services.  Each of these segments is organized based upon the nature of products and services offered.  The Company’s remaining operations are not reportable segments, as defined by ASC Topic 280, Segment Reporting, and are classified as Other.

During the fourth quarter of 2014, the Company completed the acquisition of Wild Flavors and SCI, making the Company one of the world’s leading flavors and specialty ingredients companies. Effective January 1, 2015, the Company has formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors and SCI were reported in Other as the 2014 results were not material to the Company.

The Oilseeds Processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals.  Oilseeds products produced and marketed by the Company include ingredients for the food, feed, energy, and other industrial products industries.  Crude vegetable oils produced by the segment’s crushing activities are sold “as is” or are further processed by refining, blending, bleaching, and deodorizing into salad oils.  Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel or are sold to other manufacturers for use in chemicals, paints, and other industrial products.  Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds.  The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food processing industry.  In Europe and South America, the Oilseeds Processing segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets.  These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds.  The Oilseeds Processing segment produces natural health and nutrition products and other specialty food and feed ingredients.  The Oilseeds Processing segment is a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets.  In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets.  In South America, the Oilseeds Processing segment operates fertilizer blending facilities.  The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar and its share of results for its Stratas Foods LLC and Edible Oils Limited joint ventures.

The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States.  The Corn Processing segment converts corn into sweeteners and starches, and bioproducts.  Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose.  Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations.  By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other specialty food and animal feed ingredients.  Ethyl alcohol is produced by the Company for industrial use as ethanol or as beverage grade.  Ethanol, in gasoline, increases octane and is used as an extender and oxygenate.  Bioproducts also include amino acids such as lysine and threonine that are vital compounds used in swine feeds to produce leaner animals and in poultry feeds to enhance the speed and efficiency of poultry production.  Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients.  Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal.  Other Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products.  The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related operations. This segment also includes the Company’s share of the results of its equity investments in Almidones Mexicanos S.A., Eaststarch C.V., and Red Star Yeast Company LLC.

The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry.  Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services.  Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour, the processing and distribution of formula feeds, animal health and nutrition products, and the procurement, processing, and distribution of edible beans.  The Agricultural Services segment includes the activities of Alfred C. Toepfer International (Toepfer), a global merchant of agricultural commodities and processed products.  On June 6, 2014, the Company announced that it has completed its acquisition of the remaining 20% interest in Toepfer. The Agricultural Services segment also includes the Company’s 32.2% share of the results of its Pacificor (formerly Kalama Export Company LLC) joint venture and returns associated with the Company's 19.8% investment in GrainCorp.   Prior to December 2012, the Company had a 23.2% interest in Gruma S.A.B. de C.V. (Gruma), the world’s largest producer and marketer of corn flour and tortillas.  Additionally, the Company had joint ventures in corn flour and wheat flour mills with and through Gruma.  In December 2012, the Company sold its 23.2% interest in Gruma and the Gruma-related joint ventures.

Other includes the activities of Wild Flavors, SCI, and the Company’s remaining operations, primarily its financial business units, related principally to futures commission merchant and insurance activities. 

Intersegment sales have been recorded at amounts approximating market.  Operating profit for each segment is based on net sales less identifiable operating expenses.  Also included in segment operating profit is equity in earnings of affiliates based on the equity method of accounting.  Certain Corporate items are not allocated to the Company’s reportable business segments.  Corporate results principally include the impact of LIFO-related adjustments, unallocated corporate expenses, interest cost net of investment income, and the Company’s share of the results of an equity investment.  Corporate results also include the after-tax elimination of income attributable to mandatorily redeemable interests in consolidated subsidiaries except during the calendar year 2012 when the put options related to these interests expired and the results were included in noncontrolling interest. The Company acquired the remaining 20% interest in Toepfer during the second quarter of 2014, thus no longer requiring the elimination of income attributable to the minority shareholder as of June 30, 2014.

Segment Information

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Gross revenues
Oilseeds Processing	$	34,196		$	38,490		$	19,465		$	18,073		$	36,990
Corn Processing	11,814			13,299			6,223			6,564			12,287
Agricultural Services	41,150			46,950			25,487			24,115			47,691
Other	885			515			151			136			288
Intersegment elimination	(6,844		)	(9,450		)	(4,597		)	(3,680		)	(8,218		)
Total	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038
Intersegment revenues
Oilseeds Processing	$	2,650		$	3,607		$	1,413		$	736		$	2,275
Corn Processing	128			160			56			113			173
Agricultural Services	3,823			5,470			3,046			2,751			5,609
Other	243			213			82			80			161
Total	$	6,844		$	9,450		$	4,597		$	3,680		$	8,218
Revenues from external customers
Oilseeds Processing
Crushing and Origination	$	18,542		$	20,522		$	10,784		$	8,927		$	18,794
Refining, Packaging, Biodiesel, and Other	9,111			10,375			5,256			6,218			11,628
Cocoa and Other	3,439			3,281			1,746			1,952			3,715
Asia	454			705			266			240			578
Total Oilseeds Processing	31,546			34,883			18,052			17,337			34,715
Corn Processing
Sweeteners and Starches	3,749			4,717			2,405			2,316			4,793
Bioproducts	7,937			8,422			3,762			4,135			7,321
Total Corn Processing	11,686			13,139			6,167			6,451			12,114
Agricultural Services
Merchandising and Handling	33,061			36,968			20,159			19,061			37,631
Transportation	265			228			128			149			269
Milling and Other	4,001			4,284			2,154			2,154			4,182
Total Agricultural Services	37,327			41,480			22,441			21,364			42,082
Other
Processing	312			—			—			—			—
Financial	330			302			69			56			127
Total Other	642			302			69			56			127
Total	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Depreciation
Oilseeds Processing	$	244		$	237		$	113		$	108		$	228
Corn Processing	323			325			165			178			345
Agricultural Services	214			220			99			90			188
Other	15			5			2			2			4
Corporate	54			40			17			13			28
Total	$	850		$	827		$	396		$	391		$	793
Long-lived asset abandonments and write-downs(1)
Oilseeds Processing	$	3		$	4		$	—		$	—		$	1
Corn Processing	15			62			—			337			360
Agricultural Services	17			3			—			—			2
Corporate	—			15			—			—			4
Total	$	35		$	84		$	—		$	337		$	367
Interest income
Oilseeds Processing	$	30		$	36		$	18		$	16		$	35
Corn Processing	10			3			1			—			1
Agricultural Services	31			47			18			10			22
Other	14			12			11			14			21
Corporate	7			4			11			22			33
Total	$	92		$	102		$	59		$	62		$	112
Equity in earnings of affiliates
Oilseeds Processing	$	236		$	261		$	96		$	129		$	226
Corn Processing	113			98			49			53			107
Agricultural Services	41			64			49			55			110
Other	10			1			—			—			—
Corporate	(28		)	(13		)	61			14			29
Total	$	372		$	411		$	255		$	251		$	472
Operating Profit
Oilseeds Processing	$	1,605		$	1,473		$	747		$	429		$	1,302
Corn Processing	1,188			814			71			54			261
Agricultural Services	1,089			380			395			563			947
Other	33			41			93			17			15
Total operating profit	3,915			2,708			1,306			1,063			2,525
Corporate	(785		)	(684		)	(309		)	(282		)	(760		)
Earnings before income taxes	$	3,130		$	2,024		$	997		$	781		$	1,765
(1) See Note 19 for total asset impairment, exit, and restructuring costs.

	December 31
	2014		2013
	(In millions)
Investments in and advances to affiliates
Oilseeds Processing	$	2,596	$	2,304
Corn Processing	426		438
Agricultural Services	460		309
Other	33		24
Corporate	377		463
Total	$	3,892	$	3,538
Identifiable assets
Oilseeds Processing	$	12,979	$	15,408
Corn Processing	6,196		6,558
Agricultural Services	10,716		12,358
Other	10,833		6,408
Corporate	3,303		3,020
Total	$	44,027	$	43,752

	Year Ended
	December 31
	2014		2013
	(In millions)
Gross additions to property, plant, and equipment
Oilseeds Processing	$	335	$	302
Corn Processing	334		317
Agricultural Services	186		239
Other	434		1
Corporate	68		88
Total	$	1,357	$	947

Geographic information:  The following geographic data include revenues attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location.  Long-lived assets represent the net book value of property, plant, and equipment.

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Revenues
United States	$	39,609	$	41,427	$	25,033	$	24,490	$	46,593
Switzerland	10,118		10,467		4,991		5,237		9,698
Germany	7,174		10,029		4,450		4,521		9,656
Other Foreign	24,300		27,881		12,255		10,960		23,091
	$	81,201	$	89,804	$	46,729	$	45,208	$	89,038
(In millions)	December 31
	2014		2013
Long-lived assets
United States	$	6,693	$	7,192
Foreign	3,267		2,945
	$	9,960	$	10,137

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Marketable Securities (Investments In Debt And Equity Securities) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 1,011	$ 942
Available-for-sale securities, gross unrealized gain accumulated in investment	1	1
Available-for-sale securities, gross unrealized loss accumulated in investment	(12)	(2)
Fair Value	1,000	941
United States Government Obligations [Member] | Maturity Less Than 1 Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	385	395
Available-for-sale securities, gross unrealized gain accumulated in investment	0	0
Available-for-sale securities, gross unrealized loss accumulated in investment	0	0
Available-for-sale Securities, Debt Securities	385	395
United States Government Obligations [Member] | Maturity Period After Within One Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	93	124
Available-for-sale securities, gross unrealized gain accumulated in investment	0	0
Available-for-sale securities, gross unrealized loss accumulated in investment	0	0
Available-for-sale Securities, Debt Securities	93	124
Government-Sponsored Enterprise Obligations [Member] | Maturity Period After Within One Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis		4
Available-for-sale securities, gross unrealized gain accumulated in investment		0
Available-for-sale securities, gross unrealized loss accumulated in investment		0
Available-for-sale Securities, Debt Securities		4
Corporate Debt Securities [Member] | Maturity Period After Within One Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	72	16
Available-for-sale securities, gross unrealized gain accumulated in investment	0	0
Available-for-sale securities, gross unrealized loss accumulated in investment	0	0
Available-for-sale Securities, Debt Securities	72	16
Other Debt Instruments [Member] | Maturity Less Than 1 Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	130	38
Available-for-sale securities, gross unrealized gain accumulated in investment	0	0
Available-for-sale securities, gross unrealized loss accumulated in investment	0	0
Available-for-sale Securities, Debt Securities	130	38
Other Debt Instruments [Member] | Maturity Period After Within One Year [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Debt Securities, Amortized Cost Basis	3	3
Available-for-sale securities, gross unrealized gain accumulated in investment	0	0
Available-for-sale securities, gross unrealized loss accumulated in investment	0	0
Available-for-sale Securities, Debt Securities	3	3
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Equity Securities	317	361
Available-for-sale securities, gross unrealized gain accumulated in investment	1	1
Available-for-sale securities, gross unrealized loss accumulated in investment	(12)	(2)
Available-for-sale Equity Securities, Amortized Cost Basis	$ 328	$ 362

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Asset Impairment, Exit, and Restructuring Costs (Narrative) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	6 Months Ended				12 Months Ended						3 Months Ended
	Dec. 31, 2012		Dec. 31, 2011		Dec. 31, 2014		Dec. 31, 2013		Jun. 30, 2012		Sep. 30, 2012
Asset Impairment Charges And Exit Costs [Line Items]
Relocation and restructuring costs	$ 0		$ 0		$ 64	[1]	$ 0		$ 71	[1]
Restructuring, Settlement and Impairment Provisions	146		352		105		259		449
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	0		13	[2]	6	[2]	166	[2]	25	[2]
Other Asset Impairment Charges	0		339	[3]	35	[3]	84	[3]	353	[3]
Equity Method Investment, Other than Temporary Impairment	146	[4]	0		0		0		0
Gruma S.A.B. de C.V. [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Equity Method Investment, Other than Temporary Impairment											146
Restructuring settlement and impairment provisions per share											$ 0.16
Cumulative translation losses											123
Corporate [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net							11
Other Asset Impairment Charges							15		4
Agricultural Services [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net							155
Other Asset Impairment Charges					17		3
Corn Processing [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Other Asset Impairment Charges					15		62		349
Oilseeds Processing
Asset Impairment Charges And Exit Costs [Line Items]
Other Asset Impairment Charges					3		4
Relocation costs [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Relocation and restructuring costs					16
Restructuring Charges [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Relocation and restructuring costs					48
One-time Termination Benefits [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Relocation and restructuring costs									37
Remeasurement charges [Member]
Asset Impairment Charges And Exit Costs [Line Items]
Relocation and restructuring costs									$ 34

[1] Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.

[2] Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

[3] Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate.

[4] 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.

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Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Statement of Stockholders' Equity [Abstract]
Cash dividends paid (dollars per share)	$ 0.35	$ 0.96	$ 0.76	$ 0.685

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Statement of Comprehensive Income [Abstract]
Net earnings including noncontrolling interests	$ 694	$ 544	$ 2,253	$ 1,354	$ 1,242
Other Comprehensive Income (Loss), Before tax
Foreign currency translation adjustment, before tax	371	(707)	(954)	125	(751)
Pension and other postretirement benefit liabilities adjustment, before tax	292	11	(464)	411	(565)
Deferred gain (loss) on hedging avtivities, before tax	(72)	3	68	2	36
Unrealized gain (loss) on investments, before tax	(1)	(65)	(5)	0	(90)
Other Comprehensive Income (Loss), Tax
Foreign currency translation adjustment, tax effect	(51)	0	30	2	60
Pension and other postretirement benefit liabilities adjustment, tax effect	(100)	(3)	164	(154)	202
Deferred gain (loss) on hedging activities, tax effect	26	(2)	(26)	(1)	(15)
Unrealized gain (loss) on investments, tax effect	0	24	2	(1)	34
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment, net of tax	320	(707)	(924)	127	(691)
Pension and other postretirement benefit liabilities adjustment, net of tax	192	8	(300)	257	(363)
Deferred gain (loss) on hedging activities, net of tax	(46)	1	42	1	21
Unrealized gain (loss) on investments, net of tax	(1)	(41)	(3)	(1)	(56)
Other comprehensive income (loss)	465	(739)	(1,185)	384	(1,089)
Comprehensive income (loss)	1,159	(195)	1,068	1,738	153
Less: Comprehensive income (loss) attributable to noncontrolling interests	10	4	4	3	13
Comprehensive income (loss) attributable to controlling interests	$ 1,149	$ (199)	$ 1,064	$ 1,735	$ 140

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Debt Financing Arrangements

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Financing Arrangements

Debt Financing Arrangements

	December 31, 2014			December 31, 2013
	(In millions)
4.479% Debentures $750 million face amount, due in 2021	773			746
5.45% Notes $700 million face amount, due in 2018	701			699
5.765% Debentures $596 million face amount, due in 2041	600			600
5.375% Debentures $600 million face amount, due in 2035	589			588
5.935% Debentures $420 million face amount, due in 2032	417			416
4.016% Debentures $570 million face amount, due in 2043	378			376
4.535% Debentures $528 million face amount due in 2042	375			373
8.375% Debentures $295 million face amount, due in 2017	294			294
7.5% Debentures $187 million face amount, due in 2027	186			186
7.0% Debentures $185 million face amount, due in 2031	184			184
6.625% Debentures $182 million face amount, due in 2029	182			182
6.95% Debentures $172 million face amount, due in 2097	170			170
6.45% Debentures $154 million face amount, due in 2038	153			153
6.75% Debentures $124 million face amount, due in 2027	122			122
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014	—			1,144
Other	458			279
Total long-term debt including current maturities	5,582			6,512
Current maturities	(24		)	(1,165		)
Total long-term debt	$	5,558		$	5,347

In February 2007, the Company issued $1.15 billion principal amount of convertible senior notes due in 2014 (the Notes) in a private placement.  The Notes were issued at par and bear interest at a rate of 0.875% per year, payable semiannually. In accordance with applicable accounting standards, the Company recognized the Notes proceeds received in 2007 as long-term debt of $853 million and equity of $297 million.  The discount on the long-term debt was amortized over the life of the Notes using the effective interest method. Discount amortization expense of $6 million, $49 million, $24 million, $22 million, and $45 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively, were included in interest expense related to the Notes.

On February 18, 2014, the Notes were repaid with available funds.

Discount amortization expense net of premium of $11 million, $54 million, $23 million, $26 million, and $49 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively, were included in interest expense related to the Company's long-term debt.

At December 31, 2014, the fair value of the Company’s long-term debt exceeded the carrying value by $1.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

The aggregate maturities of long-term debt for the five years after December 31, 2014, are $24 million, $14 million, $307 million, $711 million, and $10 million, respectively.

At December 31, 2014, the Company had lines of credit totaling $6.6 billion which was unused.  The weighted average interest rates on short-term borrowings outstanding at December 31, 2014 and 2013, were 3.76% and 4.24%, respectively.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was no commercial paper outstanding at December 31, 2014.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements.  The Company is in compliance with these covenants as of December 31, 2014.

The Company has outstanding standby letters of credit and surety bonds at December 31, 2014 and 2013, totaling $980 million and $795 million, respectively.

The Company has accounts receivable securitization programs (the “Programs”).  The Programs provide the Company with up to $1.6 billion in funding resulting from the sale of accounts receivable.  As of December 31, 2014, the Company utilized $1.6 billion of its facility under the Programs (see Note 20 for more information on the Programs).

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Shareholders' Equity Shareholders' Equity Reclassification Components (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended								6 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Accumulated Other Comprehensive Income [Line Items]
Cost of products sold									$ 44,927	$ 43,361	$ 76,433	$ 85,915	$ 85,370
Other (income) expense - net									(109)	(12)	(247)	(53)	(29)
Interest expense									213	209	337	413	441
Revenues	(20,894)	(18,117)	(21,494)	(20,696)	(24,143)	(21,393)	(22,541)	(21,727)	(46,729)	(45,208)	(81,201)	(89,804)	(89,038)
Restructuring, Settlement and Impairment Provisions									146	352	105	259	449
Loss (Earnings) before Income Taxes									(997)	(781)	(3,130)	(2,024)	(1,765)
Income Tax Expense (Benefit)									303	237	877	670	523
Net Loss (Earnings) Including Noncontrolling Interests									(694)	(544)	(2,253)	(1,354)	(1,242)
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income [Line Items]
Restructuring, Settlement and Impairment Provisions											6	157
Income Tax Expense (Benefit)											(2)	(3)
Net Loss (Earnings) Including Noncontrolling Interests											4	154
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax											(15)	(15)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (loss), before Tax											36	75
Loss (Earnings) before Income Taxes											21	60
Income Tax Expense (Benefit)											(7)	(23)
Net Loss (Earnings) Including Noncontrolling Interests											14	37
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income [Line Items]
Cost of products sold											124	41
Other (income) expense - net											(5)	(1)
Interest expense											(1)	1
Revenues											69	(4)
Loss (Earnings) before Income Taxes											187	37
Income Tax Expense (Benefit)											(70)	(14)
Net Loss (Earnings) Including Noncontrolling Interests											$ 117	$ 23

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Employee Benefit Plans (Retirement Plan Expense) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Defined Benefit Plan Disclosure [Line Items]
Settlement charges	$ 98
Defined contribution plans		23	23	50	44	45
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost (benefits earned during the period)		44	36	71	84	71
Interest cost		61	65	126	114	130
Expected return on plan assets		(75)	(70)	(155)	(144)	(141)
Settlement charges		68	0	95	0
Remeasurement charge						30
Amortization of actuarial loss		42	24	36	74	52
Defined Benefit Plan, Other Costs		2	2	3	3	5
Net periodic defined benefit plan expense		142	57	176	131	147
Pension Expense		165	80	226	175	192
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost (benefits earned during the period)		4	3	4	5	7
Interest cost		6	6	8	7	12
Remeasurement charge						4
Amortization of actuarial loss				2	5
Defined Benefit Plan, Other Costs				(18)	(18)	(2)
Net periodic defined benefit plan expense		10	9	(4)	(1)	21
Pension Expense		$ 10	$ 9	$ (4)	$ (1)	$ 21

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Leases (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Leases [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 226
Operating Leases, Future Minimum Payments, Due in Two Years	198
Operating Leases, Future Minimum Payments, Due in Three Years	158
Operating Leases, Future Minimum Payments, Due in Four Years	106
Operating Leases, Future Minimum Payments, Due in Five Years	59
Thereafter	240
Total minimum lease payments	$ 987

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Document And Entity Information (USD $) In Billions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Jan. 30, 2015	Jun. 30, 2014
Document And Entity Information [Abstract]
Entity Registrant Name	ARCHER DANIELS MIDLAND CO
Entity Central Index Key	0000007084
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		634,287,854
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 28

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Stock Compensation

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stock Compensation

Stock Compensation

The Company’s employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Company’s 2002 and 2009 Incentive Compensation Plans.  These options are issued at market value on the date of grant, vest incrementally over one to five years, and expire ten years after the date of grant.

The fair value of each option grant is estimated as of the date of grant using the Black-Scholes single option pricing model.  The volatility assumption used in the Black-Scholes single option pricing model is based on the historical volatility of the Company’s stock.  The volatility of the Company’s stock was calculated based upon the monthly closing price of the Company’s stock for the period immediately prior to the date of grant corresponding to the average expected life of the grant.  The average expected life represents the period of time that option grants are expected to be outstanding.  The risk-free rate is based on the rate of U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of option grants.  The assumptions used in the Black-Scholes single option pricing model are as follows.

	Year Ended December 31		Six Months Ended December 31	Year Ended June 30
	2014	2013	2012	2012
Dividend yield	2%	2%	3%	2%
Risk-free interest rate	2%	1%	1%	2%
Stock volatility	37%	38%	30%	32%
Average expected life (years)	6	6	7	8

A summary of option activity during 2014 is presented below:

	Shares		Weighted-Average Exercise Price
	(In thousands, except per share amounts)
Shares under option at December 31, 2013	13,304		$	28.31
Granted	1,253		40.65
Exercised	(3,376	)	27.63
Forfeited or expired	(68	)	27.50
Shares under option at December 31, 2014	11,113		$	29.91
Exercisable at December 31, 2014	6,835		$	29.01

The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2014, is 6 years and 5 years, respectively.  The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014, is $248 million and $158 million, respectively.  The weighted-average grant-date fair values of options granted during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $12.80, $10.02, $5.89, and $6.98, respectively.  The total intrinsic values of options exercised during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $66 million, $29 million, $1 million, and $5 million, respectively.  Cash proceeds received from options exercised during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $93 million, $73 million, $2 million, and $7 million, respectively.

At December 31, 2014, there was $21 million of total unrecognized compensation expense related to option grants.  Amounts to be recognized as compensation expense during the next four years are $10 million, $6 million, $3 million, and $2 million, respectively.

The Company’s 2002 and 2009 Incentive Compensation Plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards) at no cost to certain officers and key employees.  In addition, the Company’s 2002 and 2009 Incentive Compensation Plans also provide for the granting of performance stock units (PSUs) at no cost to certain officers and key employees.  Restricted Stock Awards are made in common stock or stock units with equivalent rights and vest at the end of a three-year restriction period.  The awards for PSUs are made in common stock units and vest at the end of a three-year vesting period subject to the attainment of certain future performance criteria based on the Company's adjusted return on invested capital compared to the weighted average cost of capital.  During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, 1.4 million, 0.9 million, 1.3 million, and 1.2 million common stock or stock units, respectively, were granted as Restricted Stock Awards and PSUs.  At December 31, 2014, there were 17.3 million shares available for future grants pursuant to the 2009 plan.

The fair value of Restricted Stock Awards and PSUs is determined based on the market value of the Company’s shares on the grant date.  The weighted-average grant-date fair values of awards granted during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012 were $40.78, $32.96, $26.34, and $26.75, respectively.

A summary of Restricted Stock Awards and PSUs activity during 2014 is presented below:

	Restricted Stock Awards and PSUs		Weighted Average Grant-Date Fair Value
	(In thousands, except per share amounts)
Non-vested at December 31, 2013	3,557		$	28.86
Granted	1,396		40.78
Vested	(1,250	)	27.86
Forfeited	(147	)	33.68
Non-vested  at December 31, 2014	3,556		$	34.17

At December 31, 2014, there was $44 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs.  Amounts to be recognized as compensation expense during the next three years are $27 million, $15 million, and $2 million, respectively.  At the vesting date, the total fair value of Restricted Stock Awards vested during the year ended December 31, 2014 was $35 million.

Compensation expense for option grants, Restricted Stock Awards and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant.  Certain of the Company’s option grants, Restricted Stock Awards and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant.  Compensation expense for PSUs is based on the probability of meeting the performance criteria.

Total compensation expense for option grants, Restricted Stock Awards and PSUs recognized during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 was $55 million, $43 million, $31 million, $34 million, and $48 million, respectively.

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Stock Compensation (Summary Of Option Activity During The Period) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Shares under option at beginning of period	13,304
Shares under option, Granted	1,253
Shares under option, Exercised	(3,376)
Shares under option, Forfeited or expired	(68)
Shares under option at end of period	11,113
Shares under option, Exercisable	6,835
Weighted-average exercise price of Shares under option at beginning of period (in dollars per share)	$ 28.31
Weighted-average exercise price of Shares under option, Granted (in dollars per share)	$ 40.65
Weighted-average exercise price of Shares under option, Exercised (in dollars per share)	$ 27.63
Weighted-average exercise price of Shares under option, Forfeited or expired (in dollars per share)	$ 27.50
Weighted-average exercise price of Shares under option at end of period (in dollars per share)	$ 29.91
Weighted-average exercise price of Shares under option, Exercisable (in dollars per share)	$ 29.01

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Leases (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Leases [Abstract]
Rent expense	$ 106	$ 103	$ 224	$ 199	$ 209
Time charters	$ 62	$ 76	$ 136	$ 147	$ 164

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current Assets
Cash and cash equivalents	$ 1,099	$ 3,121
Short-term marketable securities	515	433
Segregated cash and investments	4,877	3,961
Trade receivables	2,704	3,224
Inventories	9,374	11,441
Current assets held for sale	1,403	0
Other current assets	6,056	6,350
Total Current Assets	26,028	28,530
Investments and Other Assets
Investments in and advances to affiliates	3,892	3,538
Long-term marketable securities	485	508
Goodwill and other intangible assets	3,283	561
Other assets	379	478
Total Investments and Other Assets	8,039	5,085
Property, Plant, and Equipment
Land	441	408
Buildings	4,668	4,877
Machinery and equipment	17,044	17,472
Construction in progress	819	773
Gross Property, Plant, and Equipment	22,972	23,530
Accumulated depreciation	(13,012)	(13,393)
Net Property, Plant, and Equipment	9,960	10,137
Total Assets	44,027	43,752
Current Liabilities
Short-term debt	108	358
Trade payables	4,326	4,513
Payables to brokerage customers	5,874	4,832
Accrued expenses and other payables	5,040	4,790
Current maturities of long-term debt	24	1,165
Current liabilities held for sale	230	0
Total Current Liabilities	15,602	15,658
Long-Term Liabilities
Long-term debt	5,558	5,347
Deferred income taxes	1,662	1,448
Other	1,575	1,105
Total Long-Term Liabilities	8,795	7,900
Shareholders’ Equity
Common stock	5,115	6,136
Reinvested earnings	15,701	14,077
Accumulated other comprehensive income (loss)	(1,241)	(57)
Noncontrolling interests	55	38
Total Shareholders’ Equity	19,630	20,194
Total Liabilities and Shareholders’ Equity	$ 44,027	$ 43,752

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Marketable Securities

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The following table sets forth items in short-term and long-term investments. 

	Cost		Unrealized  Gains		Unrealized  Losses			Fair  Value
	(In millions)
December 31, 2014
United States government obligations
Maturity less than 1 year	$	385	$	—	$	—		$	385
Maturity 1 to 5 years	93		—		—			93
Corporate debt securities
Maturity 1 to 5 years	72		—		—			72
Other debt securities
Maturity less than 1 year	130		—		—			130
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	328		1		(12		)	317
	$	1,011	$	1	$	(12	)	$	1,000
	Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
December 31, 2013
United States government obligations
Maturity less than 1 year	$	395	$	—	$	—		$	395
Maturity 1 to 5 years	124		—		—			124
Government-sponsored enterprise obligations
Maturity 1 to 5 years	4		—		—			4
Corporate debt securities
Maturity 1 to 5 years	16		—		—			16
Other debt securities
Maturity less than 1 year	38		—		—			38
Maturity 1 to 5 years	3		—		—			3
Equity securities
Available-for-sale	362		1		(2		)	361
	$	942	$	1	$	(2	)	$	941

All of the $12 million in unrealized losses at December 31, 2014 arose within the last 12 months and is related to the Company’s investment in two available for sale equity securities with a fair value of $310 million. The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment.  Based on that evaluation and the Company’s ability and intent to hold these investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2014.

For information on other-than-temporary impairment charges, see Note 19.

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Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments & Hedging Activities

Derivative Instruments & Hedging Activities

Derivatives Not Designated as Hedging Instruments

The majority of the Company's derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.  The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins.  The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets.  Derivatives, including exchange traded contracts and physical purchase or sale contracts, and inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value.  Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below. 

The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2014 and 2013.

	December 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	186	$	150	$	118	$	166
Interest Contracts	—		—		1		—
Commodity Contracts	690		776		850		649
Total	$	876	$	926	$	969	$	815

The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012.

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Interest Contracts
Other income (expense) - net	$	—		$	1		$	—		$	—		$	—
Foreign Currency Contracts
Revenues	$	(1	)	$	108		$	129		$	33		$	117
Cost of products sold	131			(157		)	(49		)	(116		)	(255		)
Other income (expense) - net	(171		)	61			94			(69		)	(21		)
Commodity Contracts
Cost of products sold	$	(263	)	$	301		$	136		$	(4	)	$	(527	)
Other Contracts
Other income (expense) - net	$	—		$	—		$	58		$	—		$	(1	)
Total gain(loss) recognized in earnings	$	(304	)	$	314		$	368		$	(156	)	$	(687	)

During the quarter ended September 30, 2014, the Company recognized $102 million of pre-tax foreign exchange hedging losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition.

During December 2012, the Company entered into two transactions with investment bank counterparties resulting in an economic interest in GrainCorp shares. The purpose of these transactions was to facilitate the Company’s planned acquisition of GrainCorp, which was rejected by the Australian Federal Treasurer in November 2013.  One of the transactions was accounted for as an unfunded derivative instrument.  The other transaction was a hybrid financial instrument, as defined by applicable accounting standards, whereby the accounting rules required the Company to account for a funded host instrument and a separate embedded derivative instrument.  In December 2012, the Company settled the derivative instruments known as “Total Return Swaps”, and recognized pre-tax gains reported as “Other Contracts” in the table above.  After the settlement of these transactions, the interest in GrainCorp is recorded as a long-term marketable security.

Inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value.  Changes in the market value of inventories of certain merchandisable agricultural commodities, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately.

Derivatives Designated as Cash Flow or Fair Value Hedging Strategies

As of December 31, 2014 and 2013, the Company has certain derivatives designated as cash flow hedges and fair value hedges.

The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt are recorded in other (income) expense - net. The terms of the interest rate swaps match the terms of the underlying debt resulting in no ineffectiveness. At December 31, 2014, the Company has $21 million in other current assets representing the fair value of the interest rate swaps and a corresponding increase in the underlying debt for the same amount with no impact to earnings.

For each of the commodity hedge programs described below, the derivatives are designated as cash flow hedges.  Assuming normal market conditions, the changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.  Once the hedged item is recognized in earnings, the gains/losses arising from the hedge are reclassified from AOCI to either revenues, cost of products sold, interest expense or other (income) expense – net, as applicable.  As of December 31, 2014, the Company has $30 million of after-tax gains in AOCI related to gains and losses from commodity cash flow hedge transactions.  The Company expects to recognize the $30 million of gains in its consolidated statement of earnings during the next 12 months.

The Company uses futures or options contracts to fix the purchase price of anticipated volumes of corn to be purchased and processed in a future month.  The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn.  The Company’s corn processing plants currently grind approximately 76 million bushels of corn per month.  During the past 12 months, the Company hedged between 24% and 71% of its monthly anticipated grind.  At December 31, 2014, the Company has designated hedges representing between 0.3% to 23% of its anticipated monthly grind of corn for the next 12 months.

The Company, from time to time, also uses futures, options, and swaps to fix the sales price of certain ethanol sales contracts.  The Company has established hedging programs for ethanol sales contracts that are indexed to unleaded gasoline prices and to various exchange-traded ethanol contracts. The objective of these hedging programs is to reduce the variability of cash flows associated with the Company’s sales of ethanol. During the past 12 months, the Company hedged between 9 million and 121 million gallons of ethanol sales per month under these programs.  At December 31, 2014, the Company has designated hedges representing between 1 million to 30 million gallons of ethanol sales per month over the next 6 months.

The following tables set forth the fair value of derivatives designated as hedging instruments as of December 31, 2014 and 2013.

	December 31, 2014				December 31, 2013
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Interest Contracts	$	21	$	—	$	—	$	9
Total	$	21	$	—	$	—	$	9

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statement of earnings for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012.

		Year Ended						Six Months Ended						Year Ended
	Consolidated Statement of	December 31						December 31						June 30
(In millions)	Earnings Locations	2014			2013			2012			2011			2012
											(Unaudited)
Effective amounts recognized in earnings
FX Contracts	Other income/expense -net	$	5		$	(1	)	$	(1	)	$	(1	)	$	(1	)
Interest Contracts	Interest expense	1			1			—			—			1
Commodity Contracts	Cost of products sold	(124		)	(41		)	158			11			5
	Revenues	(69		)	4			2			8			3
Ineffective amount recognized in earnings
Interest contracts	Interest expense	—			—			—			—			—
Commodity contracts	Cost of products sold	(4		)	(120		)	(30		)	39			49
	Revenues	(34		)	—			—			—			—
Total amount recognized in earnings		$	(225	)	$	(157	)	$	129		$	57		$	57

Hedge ineffectiveness for commodity contracts results when the change in the price of the underlying commodity in a specific cash market differs from the change in the price of the derivative financial instrument used to establish the hedging relationship. As an example, if the change in the price of a corn futures contract is strongly correlated to the change in the cash price paid for corn, the gain or loss on the derivative instrument is deferred and recognized at the time the corn grind occurs. If the change in price of the derivative does not strongly correlate to the change in the cash price of corn, in the same example, some portion or all of the derivative gains or losses may be required to be recognized in earnings prior to the corn grind occurring.

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Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Shareholders' Equity

Shareholders' Equity

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value.  No preferred stock has been issued.  At December 31, 2014 and 2013, the Company had approximately 79.4 million shares and 57.5 million shares, respectively, of its common shares in treasury.  Treasury stock of $2.7 billion and $1.6 billion at December 31, 2014 and 2013, respectively, is recorded at cost as a reduction of common stock.

Included in the foreign currency translation adjustment component of AOCI, is a $43 million net of tax loss pertaining to a foreign currency-denominated debt that was designated as a net investment hedge on October 27, 2014.

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2014 and 2013:

	Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Hedging Activities			Pension and Other Postretirement Benefit Liabilities Adjustment			Unrealized Gain (Loss) on Investments			Accumulated Other Comprehensive Income (Loss)
							(In millions)
Balance at December 31, 2012	$	136		$	4		$	(590	)	$	—		$	(450	)
Other comprehensive income before reclassifications	131			(35		)	354			(157		)	293
Amounts reclassified from AOCI	—			37			60			157			254
Tax effect	2			(1		)	(154		)	(1		)	(154		)
Net of tax amount	133			1			260			(1		)	393
Balance at December 31, 2013	$	269		$	5		$	(330	)	$	(1	)	$	(57	)
Other comprehensive income before reclassifications	(953		)	(119		)	(485		)	(11		)	(1,568		)
Amounts reclassified from AOCI	—			187			21			6			214
Tax effect	30			(26		)	164			2			170
Net of tax amount	(923		)	42			(300		)	(3		)	(1,184		)
Balance at December 31, 2014	$	(654	)	$	47		$	(630	)	$	(4	)	$	(1,241	)

	Amount reclassified from AOCI
	Year Ended December 31						Affected line item in the consolidated
Details about AOCI components	2014			2013			statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	124		$	41		Cost of products sold
	(5		)	(1		)	Other income/expense
	(1		)	1			Interest expense
	69			(4		)	Revenues
	187			37			Total before tax
	(70		)	(14		)	Tax on reclassifications
	$	117		$	23		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(15	)	$	(15	)
Actuarial losses	36			75
	21			60			Total before tax
	(7		)	(23		)	Tax on reclassifications
	$	14		$	37		Net of tax
Unrealized loss on investments
	$	6		$	157		Asset impairment, exit, and restructuring costs
	(2		)	(3		)	Tax on reclassifications
	$	4		$	154		Net of tax

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Other (Income) Expense - Net

12 Months Ended

Dec. 31, 2014

Other Income and Expenses [Abstract]

Other (Income) Expense - Net

Other (Income) Expense – Net

The following table sets forth the items in other (income) expense:

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
(Gain) loss on derivatives	102			40			(62		)	—			—
Gain on sale of assets and equity dilution	(351		)	(41		)	(51		)	(17		)	(30		)
Charges from early extinguishment of debt	—			—			5			12			12
Gain on marketable securities transactions	—			(8		)	(6		)	(16		)	(37		)
Other – net	2			(44		)	5			9			26
	$	(247	)	$	(53	)	$	(109	)	$	(12	)	$	(29	)

Individually significant items included in the table above are:

The loss on derivatives for the year ended December 31, 2014 was due to losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition. The loss on derivatives for the year ended December 31, 2013 was due to losses on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp Limited (GrainCorp) acquisition. The gain on derivatives for the six months and year ended December 31, 2012 relates to the settlement of the Total Return Swap instruments related to the Company's investment in GrainCorp (see Note 4 for more information).

Gain on sale of assets for the year ended December 31, 2014 includes a gain of $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture resulting from the contribution of additional assets by another member in exchange for new equity units and a gain of $126 million on the sale of the fertilizer business. Gain on sale of assets for six months ended December 31, 2012 includes a $39 million gain related to the sale of certain of the Company’s exchange membership interests.

Realized gains on sales of available-for-sale marketable securities totaled $8 million, $8 million, $17 million, and $38 million for the year ended December 31, 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. Realized gains on sales of available-for-sale marketable securities were immaterial for the year ended December 31, 2014. Realized losses on sales of available-for-sale marketable securities were immaterial for all periods presented. Impairment losses on securities of $6 million, $166 million, $13 million, and $25 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2011, and year ended June 30, 2012, respectively, were classified as asset impairment, exit, and restructuring charges in the consolidated statements of earnings (see Note 19 for more information).

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Income Taxes (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2014
Income Taxes [Line Items]
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries	$ 329,000,000	$ 329,000,000	$ 305,000,000
Deferred Tax Assets, Valuation Allowance	329,000,000	329,000,000	347,000,000
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings	82,000,000
Deferred Tax Assets, Tax Credit Carryforwards		107,000,000
Prior Period Income Tax Benefit Recognized in the Current Period	84,000,000	55,000,000
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings, Per Share	$ 0.12
Tax assets related to net operating loss carry-forwards related to capital losses	24,000,000	24,000,000	21,000,000
Tax assets related to excess foreign tax credits	26,000,000	26,000,000	76,000,000
State tax attributes	74,000,000	74,000,000	70,000,000
Approximate undistributed earnings of foreign subsidiaries and affiliated corporate joint venture companies accounted for on the equity method			8,600,000,000
Accrued interest and penalties on unrecognized tax benefits	18,000,000	18,000,000	21,000,000
Positive impact on the tax expense if the total amount of unrecognized tax benefits were recognized by the Company at one time			62,000,000
Capital Loss Carryforward [Member]
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance			21,000,000
Domestic Tax Authority [Member]
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance	41,000,000	41,000,000
State Income Tax Attributes Net of Federal Tax Benefit [Member]
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance	53,000,000	53,000,000	51,000,000
Brazilian Federal Revenue Service [Member]
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance	17,000,000	17,000,000
Number of separate tax assessments			3
Tax assessment including penalty and interest			493,000,000
Estimated additional tax assessment			57,000,000
Argentine Tax Authorities [Member]
Income Taxes [Line Items]
Estimated additional tax assessment			325,000,000
Tax assessment including interest			93,000,000
Foreign [Member]
Income Taxes [Line Items]
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries with no expiration date			274,000,000
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries with expiration date			31,000,000
Valuation allowance recorded against tax assets related to net operating loss carry-forwards related to certain international subsidiaries	196,000,000	196,000,000	218,000,000
German Tax Authority [Member]
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 103,000,000	$ 103,000,000

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Investments In And Advances To Affiliates

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments In And Advances To Affiliates

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 17.3% and 16.4% share ownership in Wilmar as of December 31, 2014 and 2013, respectively.  The Company had 60 unconsolidated domestic and foreign affiliates as of December 31, 2014 and 2013, respectively.  The following table summarizes the combined balance sheets as of December 31, 2014 and 2013, and the combined statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012.

	December 31
(In millions)	2014			2013
Current assets	$	27,307		$	30,966
Non-current assets	21,624			20,846
Current liabilities	(19,370		)	(27,423		)
Non-current liabilities	(9,882		)	(5,515		)
Noncontrolling interests	(897		)	(890		)
Net assets	$	18,782		$	17,984

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
(In millions)	2014		2013		2012		2011		2012
							(Unaudited)
Net Sales	$	50,591	$	51,967	$	28,314	$	29,767	$	58,068
Gross profit	4,558		4,373		2,847		3,291		6,458
Net income	1,561		1,762		855		1,022		1,940

The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December 31, 2014, is $2.1 billion.  The Company has a direct investment in a foreign equity method investee with a carrying value of $2.4 billion as of December 31, 2014, and a market value of $2.7 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at December 31, 2014.

The Company provides credit facilities totaling $168 million to five unconsolidated affiliates.  One facility that is due on demand and bears interest at the one month British pound LIBOR rate plus 1.5% has an outstanding balance of $17 million. The other four facilities have no outstanding balances as of December 31, 2014.  The outstanding balance is 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.

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Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 295	$ 171
Total increase (decrease) in unrealized gains included in cost of products sold	556	333
Purchases	29	219
Sales	(45)	(26)
Settlements	(785)	(550)
Transfers into Level 3	256	197
Transfers out of Level 3	(54)	(49)
Balance at end of period	252	295
Commodity Derivative Contracts Losses [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	261	138
Total increase (decrease) in unrealized gains included in cost of products sold	534	524
Purchases	0	0
Sales	0	0
Settlements	(785)	(550)
Transfers into Level 3	256	197
Transfers out of Level 3	(54)	(48)
Balance at end of period	212	261
Inventory Related Payables [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	34	33
Total increase (decrease) in unrealized gains included in cost of products sold	22	(191)
Purchases	29	219
Sales	(45)	(26)
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	(1)
Balance at end of period	$ 40	$ 34

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Sale of Accounts Receivable (Narrative) (Details) (USD $)	6 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Accounts Receivable Securitization Programs [Line Items]
Proceeds from transfer of receivables		$ 1,600,000,000	$ 1,100,000,000
Deferred receivables consideration		511,000,000	757,000,000
Proceeds from the collection of receivables sold	21,900,000,000	36,400,000,000	39,800,000,000	8,900,000,000
Collections applied to deferred consideration	21,900,000,000	35,100,000,000	39,800,000,000	8,900,000,000
Receivables sold under securitization facility derecognized during the period		2,100,000,000	1,900,000,000
Loss on transfer of accounts receivables to purchasers	4,000,000	5,000,000	4,000,000	4,000,000
Accounts Receivable Securitization Facility [Member]
Accounts Receivable Securitization Programs [Line Items]
Maximum amount provided under accounts receivable securitization facility excluded in lines of credit		1,600,000,000
Program [Member] | Accounts Receivable Securitization Facility [Member]
Accounts Receivable Securitization Programs [Line Items]
Maximum amount provided under accounts receivable securitization facility excluded in lines of credit		1,200,000,000.0
Second Program [Member] | Accounts Receivable Securitization Facility [Member]
Accounts Receivable Securitization Programs [Line Items]
Maximum amount provided under accounts receivable securitization facility excluded in lines of credit		$ 400,000,000

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Other Current Assets

12 Months Ended

Dec. 31, 2014

Other Assets [Abstract]

Other Current Assets

Other Current Assets

The following table sets forth the items in other current assets:

	December 31, 2014		December 31, 2013
	(In millions)
Unrealized gains on derivative contracts	$	897	$	969
Deferred receivables consideration	511		757
Customer omnibus receivable	1,532		1,298
Financing receivables - net (1)	402		576
Other current assets	2,714		2,750
	$	6,056	$	6,350

⁽¹⁾ The Company provides financing to suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $11 million and $15 million at December 31, 2014 and 2013, respectively. Changes in the allowance for 2014 included an increase of $4 million for additional bad debt provisions and a reduction in the allowance for adjustments of $8 million, respectively. Interest earned on financing receivables of $23 million, $26 million, $15 million, $12 million, and $26 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, respectively, is included in interest income in the consolidated statements of earnings.

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Accrued Expenses And Other Payables

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accrued Expenses And Other Payables

Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables:

	December 31, 2014		December 31, 2013
	(In millions)
Unrealized losses on derivative contracts	$	926	$	824
Other accruals and payables	4,114		3,966
	$	5,040	$	4,790

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill balances attributable to consolidated businesses, by segment, are set forth in the following table.

	December 31, 2014		December 31, 2013
	(In millions)
Oilseeds Processing	$	130	$	192
Corn Processing	81		81
Agricultural Services	79		81
Other	1,720		10
Total	$	2,010	$	364

The changes in goodwill during the year ended December 31, 2014 related primarily to acquisitions (see Note 2) and assets classified as held for sale (see Note 18).

The following table sets forth the other intangible assets:

		December 31, 2014							December 31, 2013
	Useful	Gross		Accumulated					Gross		Accumulated
	Life	Amount		Amortization			Net		Amount		Amortization			Net
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	267	$	—		$	267	$	5	$	—		5
Other		1		—			1		2		—			2
Intangible assets with definite lives:
Trademarks/brands	8 to 25	25		(5		)	20		44		(11		)	33
Customer lists	9 to 20	663		(32		)	631		130		(34		)	96
Patents	15 to 20	44		(29		)	15		43		(27		)	16
Recipes and other	2 to 25	372		(33		)	339		73		(28		)	45
Total		$	1,372	$	(99	)	$	1,273	$	297	$	(100	)	$	197

The change in the gross carrying amount of intangible assets during the year ended December 31, 2014 is primarily related to acquisitions as discussed in Note 2 partially offset by reclassification for held for sale presentation and foreign currency translation adjustments.

Aggregate amortization expense was $27 million, $22 million, $10 million, $14 million, and $28 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. The estimated future aggregate amortization expense for the next five years are $81 million, $78 million, $74 million, $72 million, and $72 million.

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Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) (Not Designated As Hedging Instrument [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
FX Contracts Assets	$ 186	$ 118
Interest Contracts Assets	0	1
Commodity Contracts Assets	690	850
Total fair value of derivative assets not designated as hedging instruments	876	969
FX Contracts Liabilities	150	166
Commodity Contracts Liabilities	776	649
Total fair value of derivative liabilities not designated as hedging instruments.	$ 926	$ 815

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Income Taxes (Earnings Before Income Taxes) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
United States	$ 611	$ 592	$ 2,224	$ 1,509	$ 1,035
Foreign	386	189	906	515	730
Earnings Before Income Taxes	$ 997	$ 781	$ 3,130	$ 2,024	$ 1,765

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Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) (Designated As Hedging Instrument [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Designated As Hedging Instrument [Member]
Derivative [Line Items]
Interest Rate Derivative Assets, at Fair Value	$ 21	$ 0
Interest Rate Derivative Liabilities, at Fair Value	0	9
Derivative Instruments in Hedges, Assets, at Fair Value	21	0
Derivative Instruments in Hedges, Liabilities, at Fair Value	$ 0	$ 9

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Shareholders' Equity Shareholders' Equity Narrative (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Shareholders' Equity [Abstract]
Preferred Stock, No Par Value	$ 0
Common Stock, Shares Authorized	1,000,000,000
Preferred Stock, Shares Authorized	500,000
Common Stock, No Par Value	$ 0
Treasury Stock, Shares	79,400,000	57,500,000
Treasury Stock, Value	$ 2,700,000,000	$ 1,600,000,000
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax	$ (43,000,000)

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Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Derivative [Line Items]
Total gain (loss) recognized in earnings	$ 368	$ (156)	$ (304)	$ 314	$ (687)
Cost Of Products Sold [Member]
Derivative [Line Items]
FX Contracts	(49)	(116)	131	(157)	(255)
Commodity Contracts	136	(4)	(263)	301	(527)
Other Income (Expense) - Net [Member]
Derivative [Line Items]
Interest Contracts			0	1
FX Contracts	94	(69)	(171)	61	(21)
Other Contracts	58	0	0	0	(1)
Sales [Member]
Derivative [Line Items]
FX Contracts	$ 129	$ 33	$ (1)	$ 108	$ 117

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Employee Benefit Plans (Narrative) (Details) (USD $) Share data in Millions, unless otherwise specified	3 Months Ended	12 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Pension plan voluntary lump-sum payments		$ 296,000,000
Reduction in pension benefit obligation as a result of voluntary lump-sum payments	336,000,000	336,000,000
Change In Pension Funding Status Resulting From Pension Plan Voluntary Lump Sum Payments	40,000,000	40,000,000
Non-cash charge resulting from expensing unrealized actuarial losses in AOCI that relate to liabilities that will be settled as a result of pension plan voluntary lump-sum payments, pre-tax	98,000,000
Percentage of non-matching employer's contribution to eligible participants (as a percent)	1.00%	1.00%
Employer's Common stock held under 401 (k) plan (in shares)	11	11
Market value of employer's Common stock held under 401 (k) plan	596,000,000	596,000,000
Cash dividend received on employer's Common stock held under 401 (k) plan		12,000,000
Estimated increase in projected benefit obligation	200,000,000	200,000,000
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Non-cash charge resulting from expensing unrealized actuarial losses in AOCI that relate to liabilities that will be settled as a result of pension plan voluntary lump-sum payments, pre-tax		95,000,000	68,000,000	0	0
Accumulated other comprehensive income, unrecognized actuarial losses	983,000,000	983,000,000
Prior service cost (credit), expected to be recognized in net periodic benefit cost (credit) in next fiscal year		2,000,000
Actuarial loss, expected to be recognized in net periodic benefit cost in next fiscal year		68,000,000
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit obligation	2,900,000,000	2,900,000,000			2,200,000,000
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation	2,600,000,000	2,600,000,000			2,000,000,000
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	1,700,000,000	1,700,000,000			1,600,000,000
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation	2,800,000,000	2,800,000,000			2,100,000,000
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation	2,500,000,000	2,500,000,000			1,900,000,000
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	1,700,000,000	1,700,000,000			1,600,000,000
Accumulated benefit obligation	3,000,000,000	3,000,000,000			2,600,000,000
Contributions and expected future benefit payments		38,000,000
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive income, unrecognized prior service cost (credit)	(85,000,000)	(85,000,000)
Accumulated other comprehensive income, unrecognized actuarial losses	80,000,000	80,000,000
Prior service cost (credit), expected to be recognized in net periodic benefit cost (credit) in next fiscal year		(18,000,000)
Actuarial loss, expected to be recognized in net periodic benefit cost in next fiscal year		7,000,000
Annual rate of increase in per capita cost of covered health care benefits assumed for transition period (as a percent)		7.25%
Annual rate for per capita cost of covered health care benefits assumed for 2022 and thereafter (as a percent)		5.00%
Year ultimate rate assumed for per capita cost of health care benefits is to be reached	2024	2024
Contributions and expected future benefit payments		$ 12,000,000
Maximum [Member] | Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Annual index on credits used to fund Health Care Reimbursement accounts	3.00%	3.00%

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Acquisitions Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

(In millions)	Wild Flavors			SCI			Others			Total
Trade receivables	$	176		$	48		$	8		$	232
Inventories	286			72			25			383
Other current assets	64			2			—			66
Goodwill	1,698			59			15			1,772
Other intangible assets	1,103			46			35			1,184
Property, plant, and equipment	423			10			30			463
Other assets	68			6			—			74
Short-term debt	(215		)	—			(1		)	(216		)
Trade payables	(128		)	(25		)	(1		)	(154		)
Accrued expenses and other payables	(214		)	(14		)	(10		)	(238		)
Long-term debt	(238		)	—			(3		)	(241		)
Deferred income taxes	(378		)	(16		)	—			(394		)
Other liabilities	(173		)	—			—			(173		)
Total purchase price, net of cash acquired	$	2,472		$	188		$	98		$	2,758

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Weighted Average
	Useful Life	Wild Flavors		SCI		Others		Total
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	238	$	—	$	12	$	250
Intangible assets with finite lives:
Patents	15	—		3		—		3
Customer lists	15	552		36		21		609
Recipes and other	15	313		7		2		322
Total other intangible assets acquired		$	1,103	$	46	$	35	$	1,184

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Asset Impairment, Exit, And Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2014

Restructuring, Settlement and Impairment Provisions [Abstract]

Asset Impairment, Exit, and Restructuring Costs

(In millions)	Year Ended December 31				Six Months Ended December 31				Year Ended June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Relocation and restructuring costs (1)	$	64	$	—	$	—	$	—	$	71
Asset impairment charge - equity method investment (2)	—		—		146		—		—
Asset impairment charge - equity securities(3)	6		166		—		13		25
Asset impairment charge - goodwill (4)	—		9		—		—		—
Asset impairments (5)	35		84		—		339		353
Total asset impairment, exit, and restructuring costs	$	105	$	259	$	146	$	352	$	449

(1) Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.

(2) 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.

(3) Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

(4) The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013.

(5) Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate.

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Leases

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Leases

Leases

The Company leases manufacturing and warehouse facilities, real estate, transportation assets, and other equipment under non-cancelable operating leases, the majority of which expire at various dates through the year 2044. Rent expense for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 was $224 million, $199 million, $106 million, $103 million, and $209 million, respectively.  Additional amounts incurred for charges pertaining to time charters of ocean going vessels accounted for as leases for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 were $136 million, $147 million, $62 million, $76 million, and $164 million, respectively.  Future minimum rental payments for non-cancelable operating leases with initial or remaining terms in excess of one year are as follows:

	Minimum
	Rental Payments
	(In millions)
2015	$	226
2016	198
2017	158
2018	106
2019	59
Thereafter	240
Total minimum lease payments	$	987

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Valuation And Qualifying Accounts And Reserves (Schedule Of Valuation And Qualifying Accounts) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Valuation and Qualifying Accounts [Abstract]
Balance at Beginning of Year	$ 92	$ 81	$ 87	$ 100
Additions	8	37	35	13
Deductions	(8)	(32)	(39)	(13)
Other	(5)	(5)	(2)	(8)
Balance at End of Year	$ 87	$ 81	$ 81	$ 92

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Asset Impairment, Exit, and Restructuring Costs

12 Months Ended

Dec. 31, 2014

Restructuring, Settlement and Impairment Provisions [Abstract]

Asset Impairment, Exit, and Restructuring Costs

Asset Impairment, Exit, and Restructuring Costs

The following table sets forth the charges included in asset impairment, exit, and restructuring costs.

(In millions)	Year Ended December 31				Six Months Ended December 31				Year Ended June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Relocation and restructuring costs (1)	$	64	$	—	$	—	$	—	$	71
Asset impairment charge - equity method investment (2)	—		—		146		—		—
Asset impairment charge - equity securities(3)	6		166		—		13		25
Asset impairment charge - goodwill (4)	—		9		—		—		—
Asset impairments (5)	35		84		—		339		353
Total asset impairment, exit, and restructuring costs	$	105	$	259	$	146	$	352	$	449

(1) Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.

(2) 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.

(3) Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

(4) The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013.

(5) Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate.

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Employee Benefit Plans (Principal Assumptions In Developing Net Periodic Pension Cost) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	4.60%	3.90%
Expected return on plan assets (as a percent)	7.00%	7.00%
Rate of compensation increase (as a percent)	3.90%	3.90%
Other Postretirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	4.40%	3.60%

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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Gross revenues
Oilseeds Processing	$	34,196		$	38,490		$	19,465		$	18,073		$	36,990
Corn Processing	11,814			13,299			6,223			6,564			12,287
Agricultural Services	41,150			46,950			25,487			24,115			47,691
Other	885			515			151			136			288
Intersegment elimination	(6,844		)	(9,450		)	(4,597		)	(3,680		)	(8,218		)
Total	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038
Intersegment revenues
Oilseeds Processing	$	2,650		$	3,607		$	1,413		$	736		$	2,275
Corn Processing	128			160			56			113			173
Agricultural Services	3,823			5,470			3,046			2,751			5,609
Other	243			213			82			80			161
Total	$	6,844		$	9,450		$	4,597		$	3,680		$	8,218
Revenues from external customers
Oilseeds Processing
Crushing and Origination	$	18,542		$	20,522		$	10,784		$	8,927		$	18,794
Refining, Packaging, Biodiesel, and Other	9,111			10,375			5,256			6,218			11,628
Cocoa and Other	3,439			3,281			1,746			1,952			3,715
Asia	454			705			266			240			578
Total Oilseeds Processing	31,546			34,883			18,052			17,337			34,715
Corn Processing
Sweeteners and Starches	3,749			4,717			2,405			2,316			4,793
Bioproducts	7,937			8,422			3,762			4,135			7,321
Total Corn Processing	11,686			13,139			6,167			6,451			12,114
Agricultural Services
Merchandising and Handling	33,061			36,968			20,159			19,061			37,631
Transportation	265			228			128			149			269
Milling and Other	4,001			4,284			2,154			2,154			4,182
Total Agricultural Services	37,327			41,480			22,441			21,364			42,082
Other
Processing	312			—			—			—			—
Financial	330			302			69			56			127
Total Other	642			302			69			56			127
Total	$	81,201		$	89,804		$	46,729		$	45,208		$	89,038

	Year Ended						Six Months Ended						Year Ended
(In millions)	December 31						December 31						June 30
	2014			2013			2012			2011			2012
										(Unaudited)
Depreciation
Oilseeds Processing	$	244		$	237		$	113		$	108		$	228
Corn Processing	323			325			165			178			345
Agricultural Services	214			220			99			90			188
Other	15			5			2			2			4
Corporate	54			40			17			13			28
Total	$	850		$	827		$	396		$	391		$	793
Long-lived asset abandonments and write-downs(1)
Oilseeds Processing	$	3		$	4		$	—		$	—		$	1
Corn Processing	15			62			—			337			360
Agricultural Services	17			3			—			—			2
Corporate	—			15			—			—			4
Total	$	35		$	84		$	—		$	337		$	367
Interest income
Oilseeds Processing	$	30		$	36		$	18		$	16		$	35
Corn Processing	10			3			1			—			1
Agricultural Services	31			47			18			10			22
Other	14			12			11			14			21
Corporate	7			4			11			22			33
Total	$	92		$	102		$	59		$	62		$	112
Equity in earnings of affiliates
Oilseeds Processing	$	236		$	261		$	96		$	129		$	226
Corn Processing	113			98			49			53			107
Agricultural Services	41			64			49			55			110
Other	10			1			—			—			—
Corporate	(28		)	(13		)	61			14			29
Total	$	372		$	411		$	255		$	251		$	472
Operating Profit
Oilseeds Processing	$	1,605		$	1,473		$	747		$	429		$	1,302
Corn Processing	1,188			814			71			54			261
Agricultural Services	1,089			380			395			563			947
Other	33			41			93			17			15
Total operating profit	3,915			2,708			1,306			1,063			2,525
Corporate	(785		)	(684		)	(309		)	(282		)	(760		)
Earnings before income taxes	$	3,130		$	2,024		$	997		$	781		$	1,765
(1) See Note 19 for total asset impairment, exit, and restructuring costs.

	December 31
	2014		2013
	(In millions)
Investments in and advances to affiliates
Oilseeds Processing	$	2,596	$	2,304
Corn Processing	426		438
Agricultural Services	460		309
Other	33		24
Corporate	377		463
Total	$	3,892	$	3,538
Identifiable assets
Oilseeds Processing	$	12,979	$	15,408
Corn Processing	6,196		6,558
Agricultural Services	10,716		12,358
Other	10,833		6,408
Corporate	3,303		3,020
Total	$	44,027	$	43,752

	Year Ended
	December 31
	2014		2013
	(In millions)
Gross additions to property, plant, and equipment
Oilseeds Processing	$	335	$	302
Corn Processing	334		317
Agricultural Services	186		239
Other	434		1
Corporate	68		88
Total	$	1,357	$	947

Geographic Information

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Revenues
United States	$	39,609	$	41,427	$	25,033	$	24,490	$	46,593
Switzerland	10,118		10,467		4,991		5,237		9,698
Germany	7,174		10,029		4,450		4,521		9,656
Other Foreign	24,300		27,881		12,255		10,960		23,091
	$	81,201	$	89,804	$	46,729	$	45,208	$	89,038
(In millions)	December 31
	2014		2013
Long-lived assets
United States	$	6,693	$	7,192
Foreign	3,267		2,945
	$	9,960	$	10,137

XML

Segment and Geographic Information (Segment Information) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended								6 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Segment Information
Revenues	$ 20,894	$ 18,117	$ 21,494	$ 20,696	$ 24,143	$ 21,393	$ 22,541	$ 21,727	$ 46,729	$ 45,208	$ 81,201	$ 89,804	$ 89,038
Depreciation									396	391	850	827	793
Asset abandonments and write-downs									0	337	35	84	367
Interest income									59	62	92	102	112
Equity in earnings of affiliates									255	251	372	411	472
Operating profit									997	781	3,130	2,024	1,765
Investments in and advances to affiliates	3,892				3,538						3,892	3,538
Identifiable assets	44,027				43,752						44,027	43,752
Gross additions to property, plant, and equipment											1,357	947
Reportable segment totals [Member]
Segment Information
Operating profit									1,306	1,063	3,915	2,708	2,525
Oilseeds Processing
Segment Information
Revenues									18,052	17,337	31,546	34,883	34,715
Depreciation									113	108	244	237	228
Asset abandonments and write-downs									0	0	3	4	1
Interest income									18	16	30	36	35
Equity in earnings of affiliates									96	129	236	261	226
Operating profit									747	429	1,605	1,473	1,302
Investments in and advances to affiliates	2,596				2,304						2,596	2,304
Identifiable assets	12,979				15,408						12,979	15,408
Gross additions to property, plant, and equipment											335	302
Crushing and origination [Member]
Segment Information
Revenues									10,784	8,927	18,542	20,522	18,794
Refining, packaging, biodiesel, and other [Member]
Segment Information
Revenues									5,256	6,218	9,111	10,375	11,628
Cocoa and other [Member]
Segment Information
Revenues									1,746	1,952	3,439	3,281	3,715
Asia [Member]
Segment Information
Revenues									266	240	454	705	578
Corn Processing [Member]
Segment Information
Revenues									6,167	6,451	11,686	13,139	12,114
Depreciation									165	178	323	325	345
Asset abandonments and write-downs									0	337	15	62	360
Interest income									1	0	10	3	1
Equity in earnings of affiliates									49	53	113	98	107
Operating profit									71	54	1,188	814	261
Investments in and advances to affiliates	426				438						426	438
Identifiable assets	6,196				6,558						6,196	6,558
Gross additions to property, plant, and equipment											334	317
Sweeteners and starches [Member]
Segment Information
Revenues									2,405	2,316	3,749	4,717	4,793
Bioproducts [Member]
Segment Information
Revenues									3,762	4,135	7,937	8,422	7,321
Agricultural Services [Member]
Segment Information
Revenues									22,441	21,364	37,327	41,480	42,082
Depreciation									99	90	214	220	188
Asset abandonments and write-downs									0	0	17	3	2
Interest income									18	10	31	47	22
Equity in earnings of affiliates									49	55	41	64	110
Operating profit									395	563	1,089	380	947
Investments in and advances to affiliates	460				309						460	309
Identifiable assets	10,716				12,358						10,716	12,358
Gross additions to property, plant, and equipment											186	239
Merchandising and handling [Member]
Segment Information
Revenues									20,159	19,061	33,061	36,968	37,631
Transportation [Member]
Segment Information
Revenues									128	149	265	228	269
Milling and other [Member]
Segment Information
Revenues									2,154	2,154	4,001	4,284	4,182
Other Segments [Member]
Segment Information
Revenues									69	56	642	302	127
Depreciation									2	2	15	5	4
Interest income									11	14	14	12	21
Equity in earnings of affiliates									0	0	10	1	0
Operating profit									93	17	33	41	15
Investments in and advances to affiliates	33				24						33	24
Identifiable assets	10,833				6,408						10,833	6,408
Gross additions to property, plant, and equipment											434	1
Other Processing [Member]
Segment Information
Revenues									0	0	312	0	0
Financial [Member]
Segment Information
Revenues									69	56	330	302	127
Corporate [Member]
Segment Information
Depreciation									17	13	54	40	28
Asset abandonments and write-downs									0	0	0	15	4
Interest income									11	22	7	4	33
Equity in earnings of affiliates									61	14	(28)	(13)	29
Operating profit									(309)	(282)	(785)	(684)	(760)
Investments in and advances to affiliates	377				463						377	463
Identifiable assets	3,303				3,020						3,303	3,020
Gross additions to property, plant, and equipment											68	88
Gross Revenues [Member] | Oilseeds Processing
Segment Information
Revenues									19,465	18,073	34,196	38,490	36,990
Gross Revenues [Member] | Corn Processing [Member]
Segment Information
Revenues									6,223	6,564	11,814	13,299	12,287
Gross Revenues [Member] | Agricultural Services [Member]
Segment Information
Revenues									25,487	24,115	41,150	46,950	47,691
Gross Revenues [Member] | Other Segments [Member]
Segment Information
Revenues									151	136	885	515	288
Intersegment Eliminations [Member]
Segment Information
Revenues									(4,597)	(3,680)	(6,844)	(9,450)	(8,218)
Intersegment Eliminations [Member] | Oilseeds Processing
Segment Information
Revenues									(1,413)	(736)	(2,650)	(3,607)	(2,275)
Intersegment Eliminations [Member] | Corn Processing [Member]
Segment Information
Revenues									(56)	(113)	(128)	(160)	(173)
Intersegment Eliminations [Member] | Agricultural Services [Member]
Segment Information
Revenues									(3,046)	(2,751)	(3,823)	(5,470)	(5,609)
Intersegment Eliminations [Member] | Other Segments [Member]
Segment Information
Revenues									$ (82)	$ (80)	$ (243)	$ (213)	$ (161)

XML

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Balances Attributable To Consolidated Businesses And Investments In Affiliates, By Segment

	December 31, 2014		December 31, 2013
	(In millions)
Oilseeds Processing	$	130	$	192
Corn Processing	81		81
Agricultural Services	79		81
Other	1,720		10
Total	$	2,010	$	364

Schedule of other intangible assets

		December 31, 2014							December 31, 2013
	Useful	Gross		Accumulated					Gross		Accumulated
	Life	Amount		Amortization			Net		Amount		Amortization			Net
	(In years)	(In millions)
Intangible assets with indefinite lives:
Trademarks/brands		$	267	$	—		$	267	$	5	$	—		5
Other		1		—			1		2		—			2
Intangible assets with definite lives:
Trademarks/brands	8 to 25	25		(5		)	20		44		(11		)	33
Customer lists	9 to 20	663		(32		)	631		130		(34		)	96
Patents	15 to 20	44		(29		)	15		43		(27		)	16
Recipes and other	2 to 25	372		(33		)	339		73		(28		)	45
Total		$	1,372	$	(99	)	$	1,273	$	297	$	(100	)	$	197

XML

Assets and Liabilities Held for Sale Assets and Liabilities Held for Sale (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Trade Receivables Held-for-sale, Net	$ 94
Inventories Held-for-sale	742
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current	83
Other Assets Held-for-sale, Current	19
Disposal Group, Including Discontinued Operation, Goodwill, Current	63
Disposal Group, Including Discontinued Operation, Intangible Assets, Current	28
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	374
Current assets held for sale	1,403	0
Disposal Group, Including Discontinued Operation, Accounts Payable, Current	114
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current	110
Disposal Group, Including Discontinued Operation, Other Liabilities, Current	6
Current liabilities held for sale	230	0
Chocolate [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses	440
Transportation [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses	$ 1,300

XML

Consolidated Statements Of Cash Flows (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Operating Activities
Net earnings including noncontrolling interests	$ 694	$ 544	$ 2,253	$ 1,354	$ 1,242
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation and amortization	435	414	894	909	848
Asset impairment charges	146	350	41	259	392
Deferred income taxes	118	28	(59)	161	45
Equity in earnings of affiliates, net of dividends	(201)	(106)	(215)	(285)	(243)
Stock compensation expense	30	34	55	43	48
Pension and postretirement accruals (contributions), net	78	59	13	10	37
Gain (loss) on sale of assets and equity dilution	(51)	(17)	(351)	(41)	(30)
Other – net	23	104	71	(117)	216
Changes in operating assets and liabilities
Segregated cash and investments	(365)	(61)	(935)	(322)	128
Trade receivables	38	(741)	425	296	974
Inventories	(1,512)	(480)	1,274	2,541	(272)
Other current assets	209	958	220	227	(954)
Trade payables	2,310	1,545	(94)	(291)	(117)
Payables to brokerage customers	437	(195)	1,167	231	(89)
Accrued expenses and other payables	89	605	203	251	670
Total Operating Activities	2,478	3,041	4,962	5,226	2,895
Investing Activities
Purchases of property, plant, and equipment	(615)	(852)	(894)	(913)	(1,477)
Net assets of businesses acquired	(26)	(206)	(2,758)	(44)	(241)
Proceeds from sale of business and assets	521	49	414	86	48
Cash divested from deconsolidation	0	(130)	(12)	0	(130)
Purchases of marketable securities	(1,629)	(889)	(1,344)	(891)	(1,297)
Proceeds from sales of marketable securities	731	1,084	1,239	995	1,945
Other – net	45	10	(52)	190	30
Total Investing Activities	(973)	(934)	(3,407)	(577)	(1,122)
Financing Activities
Long-term debt borrowings	106	91	1	23	97
Long-term debt payments	(1,423)	(173)	(1,251)	(275)	(358)
Net borrowings (payments) under lines of credit agreements	660	(1,076)	(458)	(2,461)	197
Debt repurchase premium and costs	(197)	(32)	0	(1)	(44)
Purchases of treasury stock	0	(427)	(1,183)	(101)	(527)
Cash dividends	(230)	(224)	(624)	(501)	(455)
Payments to Noncontrolling Interests	(1)	(19)	(157)	0	(19)
Other – net	3	2	95	74	12
Total Financing Activities	(1,082)	(1,858)	(3,577)	(3,242)	(1,097)
Increase (decrease) in cash and cash equivalents	423	249	(2,022)	1,407	676
Cash and cash equivalents – beginning of year	1,291	615	3,121	1,714	615
Cash and cash equivalents – end of year	1,714	864	1,099	3,121	1,291
Cash paid for interest and income taxes were as follows:
Interest	205	206	338	380	411
Income taxes	$ 115	$ 118	$ 720	$ 556	$ 479

XML

Income Taxes (Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings) (Details)	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Statutory rate (as a percent)	35.00%	35.00%	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefit (as a percent)	2.40%	2.40%	2.10%	0.20%	1.40%
Foreign earnings taxed at rates other than the U.S. statutory rate (as a percent)	(7.60%)	(7.20%)	(4.80%)	(3.70%)	(4.80%)
Foreign currency remeasurement (as a percent)	2.60%	(0.30%)	0.10%	(0.90%)	(3.30%)
Income tax adjustments to filed returns (as a percent)	(1.50%)	(0.70%)	(2.50%)	0.50%	0.90%
Biodiesel credit (as a percent)			(1.10%)	(5.10%)
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent			(1.80%)	(1.40%)
Valuation allowance (as a percent)			0.00%	8.00%
Other (as a percent)	(0.50%)	1.10%	1.00%	0.50%	0.40%
Effective income tax rate	30.40%	30.30%	28.00%	33.10%	29.60%

XML

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013.

	Fair Value Measurements at December 31, 2014
	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	$	—	$	3,208	$	1,491	$	4,699
Unrealized derivative gains:
Commodity contracts	—		487		203		690
Foreign exchange contracts	—		186		—		186
Interest rate contracts	—		21		—		21
Cash equivalents	491		—		—		491
Marketable securities	860		80		—		940
Segregated investments	2,158		—		—		2,158
Deferred consideration	—		511		—		511
Total Assets	$	3,509	$	4,493	$	1,694	$	9,696
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	564	$	212	$	776
Foreign exchange contracts	—		150		—		150
Inventory-related payables	—		612		40		652
Total Liabilities	$	—	$	1,326	$	252	$	1,578

	Fair Value Measurements at December 31, 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	$	—	$	4,247	$	1,812	$	6,059
Unrealized derivative gains:
Commodity contracts	31		540		279		850
Foreign exchange contracts	30		88		—		118
Interest rate contracts	—		1		—		1
Cash equivalents	2,518		—		—		2,518
Marketable securities	881		26		—		907
Segregated investments	1,707		—		—		1,707
Deferred consideration	—		757		—		757
Total Assets	$	5,167	$	5,659	$	2,091	$	12,917
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	45	$	343	$	261	$	649
Foreign exchange contracts	—		166		—		166
Interest rate contracts	—		9		—		9
Inventory-related payables	—		708		34		742
Total Liabilities	$	45	$	1,226	$	295	$	1,566

Estimated fair values for inventories carried at market are based on exchange-quoted prices, adjusted for differences in local markets, broker or dealer quotations or market transactions in either listed or over-the-counter (OTC) markets.  Market valuations for the Company’s inventories are adjusted for location and quality because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade.  When unobservable inputs have a significant impact on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold.

Derivative contracts include exchange-traded commodity futures and option contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.  Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1.  The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.  Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets.  These differences are generally determined using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets.  When observable inputs are available for substantially the full term of the contract, it is classified in Level 2.  When unobservable inputs have a significant impact on the measurement of fair value, the contract is classified in Level 3.  Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the consolidated statements of earnings as a component of cost of products sold.  Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense–net.  The effective portions of changes in the fair value of derivatives designated as cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

The Company's cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1.

The Company’s marketable securities are comprised of equity investments, U.S. Treasury securities, obligations of U.S. government agencies, and other debt securities.  Publicly traded equity investments and U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.  U.S. government agency obligations and corporate and municipal debt securities are valued using third-party pricing services and substantially all are classified in Level 2.  Unrealized changes in the fair value of available-for-sale marketable securities are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) unless a decline in value is deemed to be other-than-temporary at which point the decline is recorded in earnings.

The Company's segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.

The Company has deferred consideration under its accounts receivable securitization programs (the “Programs”) which represents a note receivable from the purchasers under the Programs.  This amount is reflected in other current assets on the consolidated balance sheet (see Notes 6 and 20).  The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received.  The fair value is principally based on observable inputs (a Level 2 measurement) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate.  Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant.

The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013.

	Level 3 Fair Value Assets Measurements at December 31, 2014
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2013	$	1,812		$	279		$	2,091
Total increase (decrease) in unrealized gains included in cost of products sold*	15			544			559
Purchases	16,114			—			16,114
Sales	(16,384		)	—			(16,384		)
Settlements	—			(948		)	(948		)
Transfers into Level 3	44			395			439
Transfers out of Level 3	(110		)	(67		)	(177		)
Ending balance, December 31, 2014	$	1,491		$	203		$	1,694

* Includes gains of $602 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2014.

	Level 3 Fair Value LiabilitiesMeasurements at December 31, 2014
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2013	$	34		$	261		$	295
Total increase (decrease) in unrealized losses included in cost of products sold*	22			534			556
Purchases	29			—			29
Sales	(45		)	—			(45		)
Settlements	—			(785		)	(785		)
Transfers into Level 3	—			256			256
Transfers out of Level 3	—			(54		)	(54		)
Ending balance, December 31, 2014	$	40		$	212		$	252

* Includes losses of $558 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2014.

	Level 3 Fair Value AssetsMeasurements at December 31, 2013
	Inventories Carried at Market			Commodity Derivative Contracts Gains			Total
	(In millions)
Balance, December 31, 2012	$	1,745		$	143		$	1,888
Total increase (decrease) in unrealized gains included in cost of products sold*	(645		)	474			(171		)
Purchases	14,638			—			14,638
Sales	(14,107		)	—			(14,107		)
Settlements	—			(567		)	(567		)
Transfers into Level 3	231			323			554
Transfers out of Level 3	(50		)	(94		)	(144		)
Ending balance, December 31, 2013	$	1,812		$	279		$	2,091

* Includes gains of $700 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2013.

	Level 3 Fair Value LiabilitiesMeasurements at December 31, 2013
	Inventory- related Payables			Commodity Derivative Contracts Losses			Total
	(In millions)
Balance, December 31, 2012	$	33		$	138		$	171
Total increase (decrease) in unrealized losses included in cost of products sold*	(191		)	524			333
Purchases	219			—			219
Sales	(26		)	—			(26		)
Settlements	—			(550		)	(550		)
Transfers into Level 3	—			197			197
Transfers out of Level 3	(1		)	(48		)	(49		)
Ending balance, December 31, 2013	$	34		$	261		$	295

* Includes losses of $380 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2013.

For all periods presented, the Company had no transfers between Levels 1 and 2.   Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold.   Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components of inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable.  These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms.  In the table below, these other adjustments are referred to as Basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market.  Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2014 and 2013.  The Company’s Level 3 measurements may include Basis only, transportation cost only, or both price components.  As an example, for Level 3 inventories with Basis, the unobservable component is a weighted average 23.4% of the total price for assets and 43.4% for liabilities.

	Weighted Average % of Total Price
	December 31, 2014		December 31, 2013
Component Type	Assets	Liabilities	Assets	Liabilities
Inventories
Basis	23.4%	43.4%	21.9%	13.2%
Transportation cost	4.9%	15.2%	12.3%	—%
Commodity Derivative Contracts
Basis	13.5%	13.6%	22.8%	17.6%
Transportation cost	10.2%	19.5%	32.5%	12.3%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts.  These price quotes are generally not further adjusted by the Company in determining the applicable market price.  In some cases, availability of third-party quotes is limited to only one or two independent sources.  In these situations, absent other corroborating evidence, the Company considers these price quotes as 100 percent unobservable and, therefore, the fair value of these items is reported in Level 3.

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Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Assets:
Marketable securities	$ 1,000	$ 941
Deferred receivables consideration	511	757
Fair Value, Measurements, Recurring [Member]
Assets:
Inventories carried at market	4,699	6,059
Cash Equivalents	491	2,518
Marketable securities	940	907
Segregated investments	2,158	1,707
Deferred receivables consideration		757
Total Assets	9,696	12,917
Liabilities:
Inventory-related payables	652	742
Total Liabilities	1,578	1,566
Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	690	850
Liabilities:
Derivative Liability	776	649
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	186	118
Liabilities:
Derivative Liability	150	166
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	21	1
Liabilities:
Derivative Liability		9
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Assets:
Inventories carried at market	0	0
Cash Equivalents	491	2,518
Marketable securities	860	881
Segregated investments	2,158	1,707
Deferred receivables consideration	0	0
Total Assets	3,509	5,167
Liabilities:
Inventory-related payables	0	0
Total Liabilities	0	45
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	0	31
Liabilities:
Derivative Liability	0	45
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	0	30
Liabilities:
Derivative Liability	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	0
Liabilities:
Derivative Liability		0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Inventories carried at market	3,208	4,247
Marketable securities	80	26
Deferred receivables consideration	511	757
Total Assets	4,493	5,659
Liabilities:
Inventory-related payables	612	708
Total Liabilities	1,326	1,226
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	487	540
Liabilities:
Derivative Liability	564	343
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	186	88
Liabilities:
Derivative Liability	150	166
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	21	1
Liabilities:
Derivative Liability		9
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Inventories carried at market	1,491	1,812
Marketable securities	0	0
Deferred receivables consideration	0	0
Total Assets	1,694	2,091
Liabilities:
Inventory-related payables	40	34
Total Liabilities	252	295
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	203	279
Liabilities:
Derivative Liability	212	261
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Derivative Liability	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	0
Liabilities:
Derivative Liability		$ 0

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Other (Income) Expense - Net (Narrative) (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended			12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011		Dec. 31, 2014		Dec. 31, 2013		Jun. 30, 2012
Other Income and Expenses [Line Items]
(Gain) loss on sale of assets and equity dilution	$ (51)	$ (17)		$ (351)		$ (41)		$ (30)
Realized gains on sales of available-for-sale marketable securities	8	17				8		38
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	0	13	[1]	6	[1]	166	[1]	25	[1]
JV Conversion [Member]
Other Income and Expenses [Line Items]
(Gain) loss on sale of assets and equity dilution				(156)
Sale of Business [Member]
Other Income and Expenses [Line Items]
(Gain) loss on sale of assets and equity dilution				(126)
Exchange Membership [Member]
Other Income and Expenses [Line Items]
(Gain) loss on sale of assets and equity dilution	$ (39)

[1] Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate.

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Segment And Geographic Information (Geographic Information) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended								6 Months Ended		12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Segment Reporting Information [Line Items]
Revenues	$ 20,894	$ 18,117	$ 21,494	$ 20,696	$ 24,143	$ 21,393	$ 22,541	$ 21,727	$ 46,729	$ 45,208	$ 81,201	$ 89,804	$ 89,038
Long-Lived Assets	9,960				10,137						9,960	10,137
UNITED STATES
Segment Reporting Information [Line Items]
Revenues									25,033	24,490	39,609	41,427	46,593
Long-Lived Assets	6,693				7,192						6,693	7,192
Switzerland [Member]
Segment Reporting Information [Line Items]
Revenues									4,991	5,237	10,118	10,467	9,698
GERMANY
Segment Reporting Information [Line Items]
Revenues									4,450	4,521	7,174	10,029	9,656
Other Foreign [Member]
Segment Reporting Information [Line Items]
Revenues									12,255	10,960	24,300	27,881	23,091
Long-Lived Assets	$ 3,267				$ 2,945						$ 3,267	$ 2,945

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Other Current Assets (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Other Assets [Abstract]
Financing Receivable, Allowance for Credit Losses			$ 11	$ 15
Unrealized gains on derivative contracts			897	969
Deferred receivables consideration			511	757
Customer Omnibus Receivable			1,532	1,298
Financing Receivable, Net			402	576
Other current assets			2,714	2,750
Total other current assets			6,056	6,350
Provision for Other Credit Losses			4
Allowance for credit losses adjustment			8
Interest on financing receivables	$ 15	$ 12	$ 23	$ 26	$ 26

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Sale of Accounts Receivable

12 Months Ended

Dec. 31, 2014

Transfers and Servicing [Abstract]

Sale of Accounts Receivable

Sale of Accounts Receivable

Since March 2012, the Company has had an accounts receivable securitization program (the “Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Purchasers”).  Under the Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”).  ADM Receivables in turn transfers such purchased accounts receivable in their entirety to the Purchasers pursuant to a receivables purchase agreement.  In exchange for the transfer of the accounts receivable, ADM Receivables receives a cash payment of up to $1.2 billion, as amended, and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 26, 2015, unless extended.

In March 2014, the Company entered into a second accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables in turn transfers such purchased accounts receivable in their entirety to the Second Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Ireland Receivables receives a cash payment of up to $0.4 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 20, 2015, unless extended.

Under the Program and Second Program (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the Purchasers and Second Purchasers and other consideration to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables.

The Company accounts for these transfers as sales. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred consideration. At December 31, 2014 and 2013, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold.

As of December 31, 2014 and 2013, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $2.1 billion and $1.9 billion, respectively.  In exchange for the transfer as of December 31, 2014 and 2013, the Company received cash of $1.6 billion and $1.1 billion and recorded a receivable for deferred consideration included in other current assets $0.5 billion and $0.8 billion, respectively.  Cash collections from customers on receivables sold were $36.4 billion, $39.8 billion, $21.9 billion, and $8.9 billion for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively.  Of this amount, $35.1 billion, $39.8 billion, $21.9 billion, and $8.9 billion pertain to cash collections on the deferred consideration for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively. Deferred consideration is paid to the Company in cash on behalf of the Purchasers as receivables are collected; however, as this is a revolving facility, cash collected from the Company’s customers is reinvested by the Purchasers daily in new receivable purchases under the Program.

The Company’s risk of loss following the transfer of accounts receivable under the Program is limited to the deferred consideration outstanding.  The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received and is principally based on observable inputs (a Level 2 measurement under the applicable accounting standards) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate.  Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant.

Transfers of receivables under the Program during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012 resulted in an expense for the loss on sale of $5 million, $4 million, $4 million, and $4 million, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings.

The Company reflects all cash flows related to the Program as operating activities in its consolidated statements of cash flows because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables.

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Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Narrative (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10	$ 14	$ 27	$ 22	$ 28
Amortization expense of intangible assets next 12 months			81
Finite-Lived Intangible Assets, Amortization Expense, Year Two			78
Finite-Lived Intangible Assets, Amortization Expense, Year Three			74
Finite-Lived Intangible Assets, Amortization Expense, Year Four			72
Finite-Lived Intangible Assets, Amortization Expense, Year Five			$ 72

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Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2014

Other Assets [Abstract]

Other Current Assets

	December 31, 2014		December 31, 2013
	(In millions)
Unrealized gains on derivative contracts	$	897	$	969
Deferred receivables consideration	511		757
Customer omnibus receivable	1,532		1,298
Financing receivables - net (1)	402		576
Other current assets	2,714		2,750
	$	6,056	$	6,350

⁽¹⁾ The Company provides financing to suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $11 million and $15 million at December 31, 2014 and 2013, respectively. Changes in the allowance for 2014 included an increase of $4 million for additional bad debt provisions and a reduction in the allowance for adjustments of $8 million, respectively. Interest earned on financing receivables of $23 million, $26 million, $15 million, $12 million, and $26 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, respectively, is included in interest income in the consolidated statements of earnings.

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table sets forth the geographic split of earnings before income taxes:

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
United States	$	2,224	$	1,509	$	611	$	592	$	1,035
Foreign	906		515		386		189		730
	$	3,130	$	2,024	$	997	$	781	$	1,765

Significant components of income tax are as follows:

	Year Ended						Six Months Ended				Year Ended
(In millions)	December 31						December 31				June 30
	2014			2013			2012		2011		2012
									(Unaudited)
Current
Federal	$	641		$	348		$	92	$	179	$	300
State	57			14			9		19		21
Foreign	235			146			83		7		118
Deferred
Federal	(29		)	112			92		14		66
State	28			(5		)	20		3		9
Foreign	(55		)	55			7		15		9
	$	877		$	670		$	303	$	237	$	523

Significant components of deferred tax liabilities and assets are as follows:

	December 31, 2014			December 31, 2013
	(In millions)
Deferred tax liabilities
Property, plant, and equipment	$	1,631		$	1,286
Equity in earnings of affiliates	394			323
Debt exchange	135			123
Inventories	57			132
Other	192			119
	$	2,409		$	1,983
Deferred tax assets
Pension and postretirement benefits	$	460		$	267
Stock compensation	55			60
Foreign tax credit carryforwards	76			26
Foreign tax loss carryforwards	305			329
Capital loss carryforwards	21			24
State tax attributes	70			74
Reserves and other accruals	43			—
Other	271			205
Gross deferred tax assets	1,301			985
Valuation allowances	(347		)	(329		)
Net deferred tax assets	$	954		$	656
Net deferred tax liabilities	$	1,455		$	1,327
The net deferred tax liabilities are classified as follows:
Current assets	$	17		$	—
Current assets (foreign)	137			17
Current liabilities	—			(8		)
Current liabilities (foreign)	(33		)	(22		)
Noncurrent assets (foreign)	86			134
Noncurrent liabilities	(1,316		)	(1,404		)
Noncurrent liabilities (foreign)	(346		)	(44		)
	$	(1,455	)	$	(1,327	)

Reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate on earnings is as follows:

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Statutory rate	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.1		0.2		2.4		2.4		1.4
Foreign earnings taxed at rates other than the U.S. statutory rate	(4.8	)	(3.7	)	(7.6	)	(7.2	)	(4.8	)
Foreign currency remeasurement	0.1		(0.9	)	2.6		(0.3	)	(3.3	)
Income tax adjustment to filed returns	(2.5	)	0.5		(1.5	)	(0.7	)	0.9
Tax benefit on U.S. biodiesel credits	(1.1	)	(5.1	)	—		—		—
Tax benefit on U.S. qualified production activity deduction	(1.8	)	(1.4	)	—		—		—
Valuation allowances	—		8.0		—		—		—
Other	1.0		0.5		(0.5	)	1.1		0.4
Effective income tax rate	28.0	%	33.1	%	30.4	%	30.3	%	29.6	%

The Company has historically included amounts received from the U.S. Government in the form of a biodiesel credit as taxable income on its federal and state income tax returns.  In the fourth quarter of 2013, the Internal Revenue Service released a Chief Counsel Advice stipulating that biodiesel credits should not be included in taxable income.   Based upon the Chief Counsel Advice, the Company changed its position related to these credits and excluded them from income for years 2011 through the current year. Of the total tax benefit recorded in 2013 of $107 million, $55 million relates to years prior to 2013. 

The Company has $305 million and $329 million of tax assets related to net operating loss carry-forwards of certain international subsidiaries at December 31, 2014 and 2013, respectively.  As of December 31, 2014, approximately $274 million of these assets have no expiration date, and the remaining $31 million expire at various times through fiscal 2032.  The annual usage of certain of these assets is limited to a percentage of taxable income of the respective foreign subsidiary for the year. The Company has recorded a valuation allowance of $218 million and $196 million against these tax assets at December 31, 2014 and 2013, respectively, due to the uncertainty of their realization.

During the fourth quarter of 2013, the Company recorded a full valuation allowance on net deferred tax assets of a German subsidiary in the amount of $103 million ($82 million, equal to $0.12 per share, when adjusted for the income attributable to the minority interest holders). Management’s establishment of a valuation allowance resulted from a combination of matters, including the absence of financial performance of the subsidiary and its ability to generate sufficient taxable income in the future. Management continues to maintain its view of the subsidiary and the need for the valuation allowance.

During the fourth quarter of 2013, the Company placed a full valuation allowance on the deferred tax asset related to the impairment of its investment in GrainCorp in the amount of $41 million. The Company also placed a full valuation allowance on the impairment of assets related to its sugar business in Brazil in the amount of $17 million.

The Company has $21 million of tax assets related to foreign and domestic capital loss carryforwards at December 31, 2014.  The Company has recorded a valuation allowance of $21 million against these tax assets at December 31, 2014.

The Company has $76 million and $26 million of tax assets related to excess foreign tax credits at December 31, 2014 and 2013, respectively, which begin to expire in 2015.  The Company has $70 million and $74 million of tax assets related to state income tax attributes (incentive credits and net operating loss carryforwards), net of federal tax benefit, at December 31, 2014 and 2013, respectively, which will expire at various times through fiscal 2034. The Company has not recorded a valuation allowance against the excess foreign tax credits at December 31, 2014.  Due to the uncertainty of realization, the Company has recorded a valuation allowance of $51 million and $53 million related to state income tax assets net of federal tax benefit as of December 31, 2014 and 2013, respectively.  

The Company remains subject to federal examination in the U.S. for the calendar tax years 2013 and 2014.

Undistributed earnings of the Company’s foreign subsidiaries and the Company’s share of the undistributed earnings of affiliated corporate joint venture companies accounted for on the equity method amounting to approximately $8.6 billion at December 31, 2014, are considered to be permanently reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon.  It is not practicable to determine the deferred tax liability for temporary differences related to these undistributed earnings.

The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2014 and 2013 as follows:

	Unrecognized Tax Benefits
	December 31, 2014			December 31, 2013
	(In millions)
Beginning balance	$	66		$	77
Additions related to current year’s tax positions	5			—
Additions related to prior years’ tax positions	7			7
Reductions related to prior years’ tax positions	(3		)	—
Reductions related to lapse of statute of limitations	—			(6		)
Settlements with tax authorities	(3		)	(12		)
Ending balance	$	72		$	66

The additions and reductions in unrecognized tax benefits shown in the table include effects related to net income and shareholders’ equity.  The changes in unrecognized tax benefits did not have a material effect on the Company’s net income or cash flow.

At December 31, 2014 and 2013, the Company had accrued interest and penalties on unrecognized tax benefits of $21 million and $18 million, respectively.

The Company is subject to income taxation in many jurisdictions around the world.  Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete.  Therefore, it is difficult to predict the timing for resolution of tax positions.  However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months.  Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period.  If the total amount of unrecognized tax benefits were recognized by the Company at one time, there would be a reduction of $62 million on the tax expense for that period.

The Company is subject to routine examination by domestic and foreign tax authorities and frequently faces challenges regarding the amount of taxes due.  These challenges include positions taken by the Company related to the timing, nature and amount of deductions and the allocation of income among various tax jurisdictions.  Resolution of the related tax positions, through negotiation with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions. In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential additional tax owed by the Company in accordance with the applicable accounting standard.  However, the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations.

The Company’s wholly-owned subsidiary, ADM do Brasil Ltda. (ADM do Brasil), has received three separate tax assessments from the Brazilian Federal Revenue Service(BFRS)challenging the tax deductibility of commodity hedging losses and related expenses for the tax years 2004, 2006 and 2007. As of December 31, 2014, these assessments, updated for estimated penalties, interest, and variation in currency exchange rates, totaled approximately $493 million. ADM do Brasil’s tax return for 2005 was also audited and no assessment was received.  The statute of limitations for 2005 and 2008 has expired. If the BFRS were to challenge commodity hedging deductions in tax years after 2008, the Company estimates it could receive additional tax assessments of approximately $57 million (based on currency exchange rates as of December 31, 2014).

ADM do Brasil enters into commodity hedging transactions that can result in gains, which are included in ADM do Brasil’s calculations of taxable income in Brazil, and losses, which ADM do Brasil deducts from its taxable income in Brazil. The Company has evaluated its tax position regarding these hedging transactions and concluded, based upon advice from Brazilian legal counsel, that it was appropriate to recognize both gains and losses resulting from hedging transactions when determining its Brazilian income tax expense. Therefore, the Company has continued to recognize the tax benefit from hedging losses in its financial statements and has not recorded any tax liability for the amounts assessed by the BFRS.

ADM do Brasil filed an administrative appeal for each of the assessments. During the second quarter of fiscal 2011, the appeal panel found in favor of the BFRS on the 2004 assessment and ADM do Brasil filed a second level administrative appeal, which is still ongoing. In January of 2012, the appeal panel found in favor of the BFRS on the 2006 and 2007 assessments and ADM do Brasil filed a second level administrative appeal, which is still ongoing. If ADM do Brasil continues to be unsuccessful in the administrative appellate process, it intends to file appeals in the Brazilian federal courts. While the Company believes its consolidated financial statements properly reflect the tax deductibility of these hedging losses, the ultimate resolution of this matter could result in the future recognition of additional payments of, and expense for, income tax and the associated interest and penalties.

The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2008.

The Company’s subsidiaries in Argentina have received tax assessments challenging transfer prices used to price grain exports totaling $93 million (inclusive of interest and adjusted for variation in currency exchange rates) for the tax years 2004 through 2007.  The Argentine tax authorities have been conducting a review of income and other taxes paid by large exporters and processors of cereals and other agricultural commodities resulting in allegations of income tax evasion. While the Company believes that it has complied with all Argentine tax laws, it cannot rule out receiving additional assessments challenging transfer prices used to price grain exports for years subsequent to 2007, and estimates that these potential assessments would be approximately $325 million (as of December 31, 2014 and subject to variation in currency exchange rates).  The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2007. The Company believes that it has appropriately evaluated the transactions underlying these assessments, and has concluded, based on Argentine tax law, that its tax position would be sustained, and accordingly, the Company has not recorded a tax liability for these assessments.

In accordance with the accounting requirements for uncertain tax positions, the Company has concluded that it is more likely than not to prevail on the Brazil and Argentina matters based upon their technical merits. The Company has not recorded an uncertain tax liability for these assessments partly because the taxing jurisdictions' processes do not provide a mechanism for settling at less than the full amount of the assessment. The Company's consideration of these tax assessments requires judgments about the application of income tax regulations to specific facts and circumstances. The final outcome of these matters cannot reliably be predicted, may take many years to resolve, and could result in financial impacts of up to the entire amount of these assessments.

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Shareholders' Equity (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accumulated other comprehensive income (loss)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	$ (1,241)	$ (57)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(953)	131
Accumulated other comprehensive income (loss)
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period	269	136
Net realized gains (losses)	0	0
Other Comprehensive Income (Loss), Tax	30	2
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(923)	133
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(654)	269
Deferred Gain (Loss) On Hedging Activities [Member]
Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(119)	(35)
Accumulated other comprehensive income (loss)
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period	5	4
Net realized gains (losses)	187	37
Other Comprehensive Income (Loss), Tax	(26)	(1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	42	1
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	47	5
Pension Liability Adjustment [Member]
Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(485)	354
Accumulated other comprehensive income (loss)
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period	(330)	(590)
Net realized gains (losses)	21	60
Other Comprehensive Income (Loss), Tax	164	(154)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(300)	260
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(630)	(330)
Unrealized Gain (Loss) On Investments [Member]
Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(11)	(157)
Accumulated other comprehensive income (loss)
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period	(1)	0
Net realized gains (losses)	6	157
Other Comprehensive Income (Loss), Tax	2	(1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(3)	(1)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(4)	(1)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(1,568)	293
Accumulated other comprehensive income (loss)
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period	(57)	(450)
Net realized gains (losses)	214	254
Other Comprehensive Income (Loss), Tax	170	(154)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,184)	393
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	$ (1,241)	$ (57)