x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 41-0129150 |
(State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) |
77 West Wacker Drive, Suite 4600 Chicago, Illinois (Address of principal executive offices) | 60601 (Zip Code) |
(312) 634-8100 | |
(Registrant’s telephone number, including area code) |
Large accelerated filer x | Accelerated filer o |
Non-accelerated filer o | Smaller reporting company o |
Emerging growth company o |
ITEM 1. | FINANCIAL STATEMENTS |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In millions, except per share amounts) | |||||||||||||||
Revenues | $ | 14,827 | $ | 15,832 | $ | 44,758 | $ | 45,845 | |||||||
Cost of products sold | 14,015 | 14,742 | 42,191 | 43,237 | |||||||||||
Gross Profit | 812 | 1,090 | 2,567 | 2,608 | |||||||||||
Selling, general, and administrative expenses | 478 | 546 | 1,530 | 1,525 | |||||||||||
Asset impairment, exit, and restructuring costs | 107 | 11 | 140 | 36 | |||||||||||
Interest expense | 79 | 78 | 246 | 213 | |||||||||||
Equity in (earnings) losses of unconsolidated affiliates | (46 | ) | 2 | (327 | ) | (153 | ) | ||||||||
Interest income | (27 | ) | (23 | ) | (75 | ) | (68 | ) | |||||||
Other (income) expense – net | (4 | ) | (4 | ) | (13 | ) | (138 | ) | |||||||
Earnings Before Income Taxes | 225 | 480 | 1,066 | 1,193 | |||||||||||
Income taxes | 30 | 136 | 256 | 331 | |||||||||||
Net Earnings Including Noncontrolling Interests | 195 | 344 | 810 | 862 | |||||||||||
Less: Net earnings attributable to noncontrolling interests | 3 | 3 | 3 | 7 | |||||||||||
Net Earnings Attributable to Controlling Interests | $ | 192 | $ | 341 | $ | 807 | $ | 855 | |||||||
Average number of shares outstanding – basic | 566 | 586 | 571 | 591 | |||||||||||
Average number of shares outstanding – diluted | 569 | 589 | 574 | 593 | |||||||||||
Basic earnings per common share | $ | 0.34 | $ | 0.58 | $ | 1.41 | $ | 1.45 | |||||||
Diluted earnings per common share | $ | 0.34 | $ | 0.58 | $ | 1.41 | $ | 1.44 | |||||||
Dividends per common share | $ | 0.32 | $ | 0.30 | $ | 0.96 | $ | 0.90 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In millions) | |||||||||||||||
Net earnings including noncontrolling interests | $ | 195 | $ | 344 | $ | 810 | $ | 862 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustment | 245 | (41 | ) | 628 | (57 | ) | |||||||||
Tax effect | (40 | ) | 5 | (4 | ) | 18 | |||||||||
Net of tax amount | 205 | (36 | ) | 624 | (39 | ) | |||||||||
Pension and other postretirement benefit liabilities adjustment | 174 | 11 | 193 | 27 | |||||||||||
Tax effect | (66 | ) | (4 | ) | (74 | ) | (7 | ) | |||||||
Net of tax amount | 108 | 7 | 119 | 20 | |||||||||||
Deferred gain (loss) on hedging activities | (26 | ) | 1 | 12 | (10 | ) | |||||||||
Tax effect | 6 | 3 | 1 | 3 | |||||||||||
Net of tax amount | (20 | ) | 4 | 13 | (7 | ) | |||||||||
Unrealized gain (loss) on investments | 6 | (28 | ) | 1 | (16 | ) | |||||||||
Tax effect | — | 1 | — | (2 | ) | ||||||||||
Net of tax amount | 6 | (27 | ) | 1 | (18 | ) | |||||||||
Other comprehensive income (loss) | 299 | (52 | ) | 757 | (44 | ) | |||||||||
Comprehensive income (loss) including noncontrolling interests | 494 | 292 | 1,567 | 818 | |||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 4 | 3 | 5 | 7 | |||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 490 | $ | 289 | $ | 1,562 | $ | 811 |
(In millions) | September 30, 2017 | December 31, 2016 | |||||
(Unaudited) | |||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 518 | $ | 619 | |||
Short-term marketable securities | 261 | 296 | |||||
Segregated cash and investments | 5,040 | 5,011 | |||||
Trade receivables | 1,911 | 1,905 | |||||
Inventories | 8,326 | 8,831 | |||||
Other current assets | 3,084 | 4,383 | |||||
Total Current Assets | 19,140 | 21,045 | |||||
Investments and Other Assets | |||||||
Investments in and advances to affiliates | 4,972 | 4,497 | |||||
Long-term marketable securities | 207 | 187 | |||||
Goodwill and other intangible assets | 3,939 | 3,703 | |||||
Other assets | 755 | 579 | |||||
Total Investments and Other Assets | 9,873 | 8,966 | |||||
Property, Plant, and Equipment | |||||||
Land | 467 | 445 | |||||
Buildings | 4,974 | 4,679 | |||||
Machinery and equipment | 17,858 | 17,160 | |||||
Construction in progress | 1,166 | 1,213 | |||||
24,465 | 23,497 | ||||||
Accumulated depreciation | (14,509 | ) | (13,739 | ) | |||
Net Property, Plant, and Equipment | 9,956 | 9,758 | |||||
Total Assets | $ | 38,969 | $ | 39,769 | |||
Liabilities, Temporary Equity, and Shareholders’ Equity | |||||||
Current Liabilities | |||||||
Short-term debt | $ | 728 | $ | 154 | |||
Trade payables | 3,449 | 3,606 | |||||
Payables to brokerage customers | 5,135 | 5,158 | |||||
Accrued expenses and other payables | 2,548 | 3,982 | |||||
Current maturities of long-term debt | 13 | 273 | |||||
Total Current Liabilities | 11,873 | 13,173 | |||||
Long-Term Liabilities | |||||||
Long-term debt | 6,595 | 6,504 | |||||
Deferred income taxes | 1,754 | 1,669 | |||||
Other | 1,117 | 1,218 | |||||
Total Long-Term Liabilities | 9,466 | 9,391 | |||||
Temporary Equity - Redeemable noncontrolling interest | 53 | 24 | |||||
Shareholders’ Equity | |||||||
Common stock | 2,390 | 2,327 | |||||
Reinvested earnings | 17,023 | 17,444 | |||||
Accumulated other comprehensive income (loss) | (1,843 | ) | (2,598 | ) | |||
Noncontrolling interests | 7 | 8 | |||||
Total Shareholders’ Equity | 17,577 | 17,181 | |||||
Total Liabilities, Temporary Equity, and Shareholders’ Equity | $ | 38,969 | $ | 39,769 | |||
(In millions) | Nine Months Ended September 30, | ||||||
2017 | 2016 | ||||||
Operating Activities | |||||||
Net earnings including noncontrolling interests | $ | 810 | $ | 862 | |||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | |||||||
Depreciation and amortization | 684 | 678 | |||||
Asset impairment charges | 81 | 28 | |||||
Deferred income taxes | (27 | ) | 36 | ||||
Equity in earnings of affiliates, net of dividends | (131 | ) | 25 | ||||
Stock compensation expense | 63 | 58 | |||||
Deferred cash flow hedges | 12 | (10 | ) | ||||
Gains on sales of assets and businesses/revaluation | (66 | ) | (117 | ) | |||
Other – net | 174 | 1 | |||||
Changes in operating assets and liabilities | |||||||
Segregated investments | 268 | 46 | |||||
Trade receivables | 106 | (463 | ) | ||||
Inventories | 703 | 1,053 | |||||
Other current assets | 1,317 | (415 | ) | ||||
Trade payables | (259 | ) | (554 | ) | |||
Payables to brokerage customers | (94 | ) | 355 | ||||
Accrued expenses and other payables | (1,486 | ) | (287 | ) | |||
Total Operating Activities | 2,155 | 1,296 | |||||
Investing Activities | |||||||
Purchases of property, plant, and equipment | (696 | ) | (621 | ) | |||
Proceeds from sales of business and assets | 172 | 104 | |||||
Net assets of businesses acquired | (187 | ) | (136 | ) | |||
Purchases of marketable securities | (499 | ) | (1,127 | ) | |||
Proceeds from sales of marketable securities | 572 | 1,162 | |||||
Investments in and advances to affiliates | (281 | ) | (628 | ) | |||
Other – net | (14 | ) | 15 | ||||
Total Investing Activities | (933 | ) | (1,231 | ) | |||
Financing Activities | |||||||
Long-term debt borrowings | 509 | 1,036 | |||||
Long-term debt payments | (840 | ) | (9 | ) | |||
Net borrowings (payments) under lines of credit agreements | 558 | 107 | |||||
Share repurchases | (676 | ) | (754 | ) | |||
Cash dividends | (544 | ) | (528 | ) | |||
Other – net | 4 | 14 | |||||
Total Financing Activities | (989 | ) | (134 | ) | |||
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 233 | (69 | ) | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period | 1,561 | 1,796 | |||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period | $ | 1,794 | $ | 1,727 | |||
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets | |||||||
Cash and cash equivalents | $ | 518 | $ | 701 | |||
Restricted cash and restricted cash equivalents included in segregated cash and investments | 1,276 | 1,026 | |||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 1,794 | $ | 1,727 | |||
Common Stock | Reinvested Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Shareholders’ Equity | ||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||
Balance, December 31, 2016 | 573 | $ | 2,327 | $ | 17,444 | $ | (2,598 | ) | $ | 8 | $ | 17,181 | ||||||||||
Impact of ASU 2016-16 (see Note 2) | (7 | ) | (7 | ) | ||||||||||||||||||
Balance, January 1, 2017 | 573 | $ | 2,327 | $ | 17,437 | $ | (2,598 | ) | $ | 8 | $ | 17,174 | ||||||||||
Comprehensive income | ||||||||||||||||||||||
Net earnings | 807 | 3 | ||||||||||||||||||||
Other comprehensive income (loss) | 755 | 2 | ||||||||||||||||||||
Total comprehensive income | 1,567 | |||||||||||||||||||||
Cash dividends paid- $0.96 per share | (544 | ) | (544 | ) | ||||||||||||||||||
Share repurchases | (16 | ) | (676 | ) | (676 | ) | ||||||||||||||||
Stock compensation expense | 1 | 63 | 63 | |||||||||||||||||||
Other | 1 | — | (1 | ) | — | (6 | ) | (7 | ) | |||||||||||||
Balance, September 30, 2017 | 559 | $ | 2,390 | $ | 17,023 | $ | (1,843 | ) | $ | 7 | $ | 17,577 |
Note 1. | Basis of Presentation |
Note 1. | Basis of Presentation (Continued) |
Note 2. | New Accounting Standards |
Note 3. | Pending Accounting Standards |
Note 3. | Pending Accounting Standards (Continued) |
Note 4. | Acquisitions |
(In millions) | |||
Working capital | $ | 16 | |
Property, plant, and equipment | 111 | ||
Goodwill | 34 | ||
Other intangible assets | 50 | ||
Other long-term assets | 6 | ||
Long-term liabilities | (19 | ) | |
Noncontrolling interest | (11 | ) | |
Aggregate cash purchase price, net of cash acquired | $ | 187 |
Note 5. | Fair Value Measurements |
Fair Value Measurements at September 30, 2017 | |||||||||||||||
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 | $ | — | $ | 3,361 | $ | 1,094 | $ | 4,455 | |||||||
Unrealized derivative gains: | |||||||||||||||
Commodity contracts | — | 240 | 120 | 360 | |||||||||||
Foreign currency contracts | — | 81 | — | 81 | |||||||||||
Interest rate contracts | — | 2 | — | 2 | |||||||||||
Cash equivalents | 49 | — | — | 49 | |||||||||||
Marketable securities | 376 | 92 | — | 468 | |||||||||||
Segregated investments | 1,827 | — | — | 1,827 | |||||||||||
Deferred receivables consideration | — | 399 | — | 399 | |||||||||||
Total Assets | $ | 2,252 | $ | 4,175 | $ | 1,214 | $ | 7,641 | |||||||
Liabilities: | |||||||||||||||
Unrealized derivative losses: | |||||||||||||||
Commodity contracts | $ | — | $ | 300 | $ | 145 | $ | 445 | |||||||
Foreign currency contracts | — | 119 | — | 119 | |||||||||||
Inventory-related payables | — | 493 | 20 | 513 | |||||||||||
Total Liabilities | $ | — | $ | 912 | $ | 165 | $ | 1,077 |
Note 5. | Fair Value Measurements (Continued) |
Fair Value Measurements at December 31, 2016 | |||||||||||||||
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 | $ | — | $ | 3,102 | $ | 1,322 | $ | 4,424 | |||||||
Unrealized derivative gains: | |||||||||||||||
Commodity contracts | — | 371 | 140 | 511 | |||||||||||
Foreign exchange contracts | — | 102 | — | 102 | |||||||||||
Interest rate contracts | — | 11 | — | 11 | |||||||||||
Cash equivalents | 286 | — | — | 286 | |||||||||||
Marketable securities | 408 | 69 | — | 477 | |||||||||||
Segregated investments | 1,613 | — | — | 1,613 | |||||||||||
Deferred receivables consideration | — | 540 | — | 540 | |||||||||||
Total Assets | $ | 2,307 | $ | 4,195 | $ | 1,462 | $ | 7,964 | |||||||
Liabilities: | |||||||||||||||
Unrealized derivative losses: | |||||||||||||||
Commodity contracts | $ | — | $ | 419 | $ | 142 | $ | 561 | |||||||
Foreign exchange contracts | — | 90 | — | 90 | |||||||||||
Inventory-related payables | — | 491 | 30 | 521 | |||||||||||
Total Liabilities | $ | — | $ | 1,000 | $ | 172 | $ | 1,172 |
Note 5. | Fair Value Measurements (Continued) |
Note 5. | Fair Value Measurements (Continued) |
Level 3 Fair Value Asset Measurements at | |||||||||||
September 30, 2017 | |||||||||||
Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | |||||||||
(In millions) | |||||||||||
Balance, June 30, 2017 | $ | 1,000 | $ | 106 | $ | 1,106 | |||||
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | 15 | 54 | 69 | ||||||||
Purchases | 2,792 | — | 2,792 | ||||||||
Sales | (2,655 | ) | — | (2,655 | ) | ||||||
Settlements | — | (82 | ) | (82 | ) | ||||||
Transfers into Level 3 | 37 | 45 | 82 | ||||||||
Transfers out of Level 3 | (95 | ) | (3 | ) | (98 | ) | |||||
Ending balance, September 30, 2017 | $ | 1,094 | $ | 120 | $ | 1,214 |
Level 3 Fair Value Liability Measurements at | |||||||||||
September 30, 2017 | |||||||||||
Inventory- related Payables | Commodity Derivative Contracts Losses | Total Liabilities | |||||||||
(In millions) | |||||||||||
Balance, June 30, 2017 | $ | 32 | $ | 154 | $ | 186 | |||||
Total increase (decrease) in net realized/unrealized losses included in cost of products sold* | (9 | ) | 82 | 73 | |||||||
Purchases | 2 | — | 2 | ||||||||
Sales | (5 | ) | — | (5 | ) | ||||||
Settlements | — | (123 | ) | (123 | ) | ||||||
Transfers into Level 3 | — | 35 | 35 | ||||||||
Transfers out of Level 3 | — | (3 | ) | (3 | ) | ||||||
Ending balance, September 30, 2017 | $ | 20 | $ | 145 | $ | 165 |
Note 5. | Fair Value Measurements (Continued) |
Level 3 Fair Value Asset Measurements at | |||||||||||
September 30, 2016 | |||||||||||
Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | |||||||||
(In millions) | |||||||||||
Balance, June 30, 2016 | $ | 1,099 | $ | 153 | $ | 1,252 | |||||
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | (97 | ) | 76 | (21 | ) | ||||||
Purchases | 2,523 | — | 2,523 | ||||||||
Sales | (2,529 | ) | — | (2,529 | ) | ||||||
Settlements | — | (85 | ) | (85 | ) | ||||||
Transfers into Level 3 | 206 | 66 | 272 | ||||||||
Transfers out of Level 3 | (38 | ) | (6 | ) | (44 | ) | |||||
Ending balance, September 30, 2016 | $ | 1,164 | $ | 204 | $ | 1,368 |
Level 3 Fair Value Liability Measurements at | |||||||||||
September 30, 2016 | |||||||||||
Inventory- related Payables | Commodity Derivative Contracts Losses | Total Liabilities | |||||||||
(In millions) | |||||||||||
Balance, June 30, 2016 | $ | 12 | $ | 500 | $ | 512 | |||||
Total increase (decrease) in net realized/unrealized losses included in cost of products sold* | 3 | (1 | ) | 2 | |||||||
Purchases | 3 | — | 3 | ||||||||
Sales | (3 | ) | — | (3 | ) | ||||||
Settlements | — | (247 | ) | (247 | ) | ||||||
Transfers into Level 3 | — | 33 | 33 | ||||||||
Transfers out of Level 3 | — | (167 | ) | (167 | ) | ||||||
Ending balance, September 30, 2016 | $ | 15 | $ | 118 | $ | 133 |
Note 5. | Fair Value Measurements (Continued) |
Level 3 Fair Value Asset Measurements at | |||||||||||
September 30, 2017 | |||||||||||
Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | |||||||||
(In millions) | |||||||||||
Balance, December 31, 2016 | $ | 1,322 | $ | 140 | $ | 1,462 | |||||
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | (55 | ) | 194 | 139 | |||||||
Purchases | 8,369 | — | 8,369 | ||||||||
Sales | (8,526 | ) | — | (8,526 | ) | ||||||
Settlements | — | (291 | ) | (291 | ) | ||||||
Transfers into Level 3 | 37 | 111 | 148 | ||||||||
Transfers out of Level 3 | (53 | ) | (34 | ) | (87 | ) | |||||
Ending balance, September 30, 2017 | $ | 1,094 | $ | 120 | $ | 1,214 |
Level 3 Fair Value Liability Measurements at | |||||||||||
September 30, 2017 | |||||||||||
Inventory- related Payables | Commodity Derivative Contracts Losses | Total Liabilities | |||||||||
(In millions) | |||||||||||
Balance, December 31, 2016 | $ | 30 | $ | 142 | $ | 172 | |||||
Total increase (decrease) in net realized/unrealized losses included in cost of products sold* | (4 | ) | 201 | 197 | |||||||
Purchases | 19 | — | 19 | ||||||||
Sales | (25 | ) | — | (25 | ) | ||||||
Settlements | — | (289 | ) | (289 | ) | ||||||
Transfers into Level 3 | — | 108 | 108 | ||||||||
Transfers out of Level 3 | — | (17 | ) | (17 | ) | ||||||
Ending balance, September 30, 2017 | $ | 20 | $ | 145 | $ | 165 |
Note 5. | Fair Value Measurements (Continued) |
Level 3 Fair Value Asset Measurements at | |||||||||||
September 30, 2016 | |||||||||||
Inventories Carried at Market | Commodity Derivative Contracts Gains | Total Assets | |||||||||
(In millions) | |||||||||||
Balance, December 31, 2015 | $ | 1,004 | $ | 243 | $ | 1,247 | |||||
Total increase (decrease) in net realized/unrealized gains included in cost of products sold* | (210 | ) | 171 | (39 | ) | ||||||
Purchases | 7,565 | — | 7,565 | ||||||||
Sales | (7,272 | ) | — | (7,272 | ) | ||||||
Settlements | — | (302 | ) | (302 | ) | ||||||
Transfers into Level 3 | 206 | 132 | 338 | ||||||||
Transfers out of Level 3 | (129 | ) | (40 | ) | (169 | ) | |||||
Ending balance, September 30, 2016 | $ | 1,164 | $ | 204 | $ | 1,368 |
Level 3 Fair Value Liability Measurements at | |||||||||||
September 30, 2016 | |||||||||||
Inventory- related Payables | Commodity Derivative Contracts Losses | Total Liabilities | |||||||||
(In millions) | |||||||||||
Balance, December 31, 2015 | $ | 16 | $ | 113 | $ | 129 | |||||
Total increase (decrease) in net realized/unrealized losses included in cost of products sold* | 5 | 494 | 499 | ||||||||
Purchases | 5 | — | 5 | ||||||||
Sales | (11 | ) | — | (11 | ) | ||||||
Settlements | — | (392 | ) | (392 | ) | ||||||
Transfers into Level 3 | — | 115 | 115 | ||||||||
Transfers out of Level 3 | — | (212 | ) | (212 | ) | ||||||
Ending balance, September 30, 2016 | $ | 15 | $ | 118 | $ | 133 |
Note 5. | Fair Value Measurements (Continued) |
Weighted Average % of Total Price | |||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||
Component Type | Assets | Liabilities | Assets | Liabilities | |||||||
Inventories and Related Payables | |||||||||||
Basis | 16.2 | % | 62.7 | % | 16.5 | % | 67.1 | % | |||
Transportation cost | 18.2 | % | — | % | 8.3 | % | — | ||||
Commodity Derivative Contracts | |||||||||||
Basis | 22.3 | % | 21.3 | % | 16.9 | % | 27.0 | % | |||
Transportation cost | 12.9 | % | 12.3 | % | 11.6 | % | 13.4 | % |
Note 6. | Derivative Instruments and Hedging Activities |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
(In millions) | |||||||||||||||
Foreign Currency Contracts | $ | 81 | $ | 119 | $ | 102 | $ | 90 | |||||||
Commodity Contracts | 360 | 445 | 511 | 561 | |||||||||||
Total | $ | 441 | $ | 564 | $ | 613 | $ | 651 |
Three months ended September 30, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Foreign Currency Contracts | |||||||
Revenues | $ | (8 | ) | $ | (19 | ) | |
Cost of products sold | 52 | 1 | |||||
Other income (expense) – net | 52 | (3 | ) | ||||
Commodity Contracts | |||||||
Cost of products sold | 34 | 369 | |||||
Total gain (loss) recognized in earnings | $ | 130 | $ | 348 |
Note 6. | Derivative Instruments and Hedging Activities (Continued) |
Nine months ended September 30, | |||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Foreign Currency Contracts | |||||||
Revenues | $ | (16 | ) | $ | (32 | ) | |
Cost of products sold | 82 | 263 | |||||
Other income (expense) – net | 186 | (108 | ) | ||||
Commodity Contracts | |||||||
Cost of products sold | $ | 294 | $ | (266 | ) | ||
Total gain (loss) recognized in earnings | $ | 546 | $ | (143 | ) |
Note 6. | Derivative Instruments and Hedging Activities (Continued) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
(In millions) | |||||||||||||||
Interest Rate Contracts | $ | 2 | $ | — | $ | 11 | $ | — | |||||||
Total | $ | 2 | $ | — | $ | 11 | $ | — |
Three months ended | |||||||||
Consolidated Statement of Earnings Locations | September 30, | ||||||||
2017 | 2016 | ||||||||
(In millions) | |||||||||
Effective amounts recognized in earnings | |||||||||
Foreign Currency Contracts | Other income/expense – net | $ | — | $ | (3 | ) | |||
Interest Contracts | Interest expense | — | (2 | ) | |||||
Commodity Contracts | Revenues | — | (9 | ) | |||||
Cost of products sold | (15 | ) | (37 | ) | |||||
Ineffective amount recognized in earnings | |||||||||
Commodity Contracts | Revenues | — | (1 | ) | |||||
Cost of products sold | (4 | ) | 1 | ||||||
Total amount recognized in earnings | $ | (19 | ) | $ | (51 | ) |
Nine months ended | |||||||||
Consolidated Statement of Earnings Locations | September 30, | ||||||||
2017 | 2016 | ||||||||
(In millions) | |||||||||
Effective amounts recognized in earnings | |||||||||
Foreign Currency Contracts | Other income/expense – net | $ | (2 | ) | $ | (25 | ) | ||
Interest Contracts | Interest expense | — | (2 | ) | |||||
Commodity Contracts | Revenues | — | (14 | ) | |||||
Cost of products sold | (20 | ) | (61 | ) | |||||
Ineffective amount recognized in earnings | |||||||||
Commodity Contracts | Revenues | 4 | — | ||||||
Cost of products sold | 5 | 5 | |||||||
Total amount recognized in earnings | $ | (13 | ) | $ | (97 | ) |
Note 6. | Derivative Instruments and Hedging Activities (Continued) |
Note 7. | Marketable Securities |
Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
September 30, 2017 | |||||||||||||||
United States government obligations | |||||||||||||||
Maturity less than 1 year | $ | 259 | $ | — | $ | — | $ | 259 | |||||||
Maturity 1 to 5 years | 117 | — | — | 117 | |||||||||||
Corporate debt securities | |||||||||||||||
Maturity less than 1 year | 2 | — | — | 2 | |||||||||||
Maturity 1 to 5 years | 90 | — | — | 90 | |||||||||||
$ | 468 | $ | — | $ | — | $ | 468 |
Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
(In millions) | |||||||||||||||
December 31, 2016 | |||||||||||||||
United States government obligations | |||||||||||||||
Maturity less than 1 year | $ | 287 | $ | — | $ | — | $ | 287 | |||||||
Maturity 1 to 5 years | 121 | — | (1 | ) | 120 | ||||||||||
Corporate debt securities | |||||||||||||||
Maturity less than 1 year | 1 | — | — | 1 | |||||||||||
Maturity 1 to 5 years | 66 | — | — | 66 | |||||||||||
Other debt securities | |||||||||||||||
Maturity less than 1 year | 8 | — | — | 8 | |||||||||||
Equity securities | |||||||||||||||
Available-for-sale | 1 | — | — | 1 | |||||||||||
$ | 484 | $ | — | $ | (1 | ) | $ | 483 |
September 30, | December 31, | ||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Unrealized gains on derivative contracts | $ | 443 | $ | 624 | |||
Deferred receivables consideration | 399 | 540 | |||||
Customer omnibus receivable | 474 | 521 | |||||
Financing receivables - net (1) | 407 | 373 | |||||
Insurance premiums receivable | 137 | 648 | |||||
Prepaid expenses | 248 | 268 | |||||
Tax receivables | 423 | 480 | |||||
Non-trade receivables (2) | 374 | 478 | |||||
Other current assets | 179 | 451 | |||||
$ | 3,084 | $ | 4,383 |
September 30, | December 31, | ||||||
2017 | 2016 | ||||||
(In millions) | |||||||
Unrealized losses on derivative contracts | $ | 564 | $ | 651 | |||
Reinsurance premiums payable | 104 | 479 | |||||
Insurance claims payables | 260 | 373 | |||||
Deferred income | 570 | 1,065 | |||||
Other accruals and payable | 1,050 | 1,414 | |||||
$ | 2,548 | $ | 3,982 |
Note 10. | Debt and Financing Arrangements |
Note 11. | Income Taxes |
Three months ended September 30, 2017 | |||||||||||||||||||
Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Hedging Activities | Pension Liability Adjustment | Unrealized Gain (Loss) on Investments | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Balance at June 30, 2017 | $ | (1,684 | ) | $ | 39 | $ | (510 | ) | $ | 14 | $ | (2,141 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 244 | (41 | ) | 160 | 6 | 369 | |||||||||||||
Amounts reclassified from AOCI | — | 15 | 14 | — | 29 | ||||||||||||||
Tax effect | (40 | ) | 6 | (66 | ) | — | (100 | ) | |||||||||||
Net current period other comprehensive income | 204 | (20 | ) | 108 | 6 | 298 | |||||||||||||
Balance at September 30, 2017 | $ | (1,480 | ) | $ | 19 | $ | (402 | ) | $ | 20 | $ | (1,843 | ) | ||||||
Nine months ended September 30, 2017 | |||||||||||||||||||
Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Hedging Activities | Pension Liability Adjustment | Unrealized Gain (Loss) on Investments | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Balance at December 31, 2016 | $ | (2,102 | ) | $ | 6 | $ | (521 | ) | $ | 19 | $ | (2,598 | ) | ||||||
Other comprehensive income before reclassifications | 626 | (10 | ) | 151 | 1 | 768 | |||||||||||||
Amounts reclassified from AOCI | — | 22 | 42 | — | 64 | ||||||||||||||
Tax effect | (4 | ) | 1 | (74 | ) | — | (77 | ) | |||||||||||
Net current period other comprehensive income | 622 | 13 | 119 | 1 | 755 | ||||||||||||||
Balance at September 30, 2017 | $ | (1,480 | ) | $ | 19 | $ | (402 | ) | $ | 20 | $ | (1,843 | ) |
Amount reclassified from AOCI | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||
Details about AOCI components | Sep 30 2017 | Sep 30 2016 | Sep 30 2017 | Sep 30 2016 | Affected line item in the consolidated statement of earnings | |||||||||||||
(In millions) | ||||||||||||||||||
Foreign currency translation adjustment | ||||||||||||||||||
$ | — | $ | (2 | ) | $ | — | $ | (75 | ) | Other income/expense | ||||||||
— | — | — | — | Tax | ||||||||||||||
$ | — | $ | (2 | ) | $ | — | $ | (75 | ) | Net of tax | ||||||||
Deferred loss (gain) on hedging activities | ||||||||||||||||||
$ | 15 | $ | 37 | $ | 20 | $ | 61 | Cost of products sold | ||||||||||
— | 2 | — | 2 | Interest expense | ||||||||||||||
— | 3 | 2 | 25 | Other income/expense | ||||||||||||||
— | 9 | — | 14 | Revenues | ||||||||||||||
15 | 51 | 22 | 102 | Total before tax | ||||||||||||||
(5 | ) | (19 | ) | (8 | ) | (38 | ) | Tax | ||||||||||
$ | 10 | $ | 32 | $ | 14 | $ | 64 | Net of tax | ||||||||||
Pension liability adjustment | ||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||
Prior service credit | $ | (2 | ) | $ | (5 | ) | $ | (8 | ) | $ | (12 | ) | Selling, general, and administrative expenses | |||||
Actuarial losses | 16 | 15 | 50 | 44 | Selling, general, and administrative expenses | |||||||||||||
14 | 10 | 42 | 32 | Total before tax | ||||||||||||||
(5 | ) | (4 | ) | (15 | ) | (7 | ) | Tax | ||||||||||
$ | 9 | $ | 6 | $ | 27 | $ | 25 | Net of tax | ||||||||||
Unrealized loss on investments | ||||||||||||||||||
$ | — | $ | 6 | $ | — | $ | 6 | Asset impairment, exit, and restructuring costs | ||||||||||
— | — | — | — | Tax | ||||||||||||||
$ | — | $ | 6 | $ | — | $ | 6 | Net of tax | ||||||||||
Note 13. | Other (Income) Expense - Net |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(In millions) | |||||||||||||||
(Gains) losses on sales of assets and businesses | $ | (15 | ) | $ | 7 | $ | (66 | ) | $ | (117 | ) | ||||
Loss on debt extinguishment | 11 | — | 11 | — | |||||||||||
Other – net | — | (11 | ) | 42 | (21 | ) | |||||||||
Other (Income) Expense - Net | $ | (4 | ) | $ | (4 | ) | $ | (13 | ) | $ | (138 | ) |
Note 14. | Segment Information (Continued) |
Note 14. | Segment Information (Continued) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Gross revenues | |||||||||||||||
Agricultural Services | $ | 7,022 | $ | 7,953 | $ | 21,351 | $ | 22,486 | |||||||
Corn Processing | 2,517 | 2,630 | 7,318 | 7,570 | |||||||||||
Oilseeds Processing | 6,797 | 6,498 | 20,109 | 19,418 | |||||||||||
Wild Flavors and Specialty Ingredients | 586 | 614 | 1,809 | 1,893 | |||||||||||
Other | 98 | 95 | 293 | 314 | |||||||||||
Intersegment elimination | (2,193 | ) | (1,958 | ) | (6,122 | ) | (5,836 | ) | |||||||
Total gross revenues | $ | 14,827 | $ | 15,832 | $ | 44,758 | $ | 45,845 | |||||||
Intersegment sales | |||||||||||||||
Agricultural Services | $ | 947 | $ | 993 | $ | 2,622 | $ | 2,659 | |||||||
Corn Processing | 192 | 239 | 475 | 620 | |||||||||||
Oilseeds Processing | 1,045 | 723 | 3,003 | 2,547 | |||||||||||
Wild Flavors and Specialty Ingredients | 9 | 3 | 22 | 10 | |||||||||||
Total intersegment sales | $ | 2,193 | $ | 1,958 | $ | 6,122 | $ | 5,836 | |||||||
Revenues from external customers | |||||||||||||||
Agricultural Services | |||||||||||||||
Merchandising and Handling | $ | 5,265 | $ | 6,146 | $ | 16,434 | $ | 17,331 | |||||||
Milling and Other | 757 | 754 | 2,141 | 2,325 | |||||||||||
Transportation | 53 | 60 | 154 | 171 | |||||||||||
Total Agricultural Services | 6,075 | 6,960 | 18,729 | 19,827 | |||||||||||
Corn Processing | |||||||||||||||
Sweeteners and Starches | 1,087 | 1,057 | 3,192 | 3,061 | |||||||||||
Bioproducts | 1,238 | 1,334 | 3,651 | 3,889 | |||||||||||
Total Corn Processing | 2,325 | 2,391 | 6,843 | 6,950 | |||||||||||
Oilseeds Processing | |||||||||||||||
Crushing and Origination | 3,665 | 3,660 | 10,850 | 10,799 | |||||||||||
Refining, Packaging, Biodiesel, and Other | 2,025 | 2,042 | 6,064 | 5,852 | |||||||||||
Asia | 62 | 73 | 192 | 220 | |||||||||||
Total Oilseeds Processing | 5,752 | 5,775 | 17,106 | 16,871 | |||||||||||
Wild Flavors and Specialty Ingredients | 577 | 611 | 1,787 | 1,883 | |||||||||||
Total Wild Flavors and Specialty Ingredients | 577 | 611 | 1,787 | 1,883 | |||||||||||
Other - Financial | 98 | 95 | 293 | 314 | |||||||||||
Total Other | 98 | 95 | 293 | 314 | |||||||||||
Total revenues from external customers | $ | 14,827 | $ | 15,832 | $ | 44,758 | $ | 45,845 | |||||||
Note 14. | Segment Information (Continued) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Segment operating profit | |||||||||||||||
Agricultural Services | $ | 87 | $ | 195 | 284 | 328 | |||||||||
Corn Processing | 253 | 214 | 648 | 506 | |||||||||||
Oilseeds Processing | 119 | 145 | 639 | 641 | |||||||||||
Wild Flavors and Specialty Ingredients | 61 | 73 | 228 | 237 | |||||||||||
Other | 21 | 23 | 78 | 84 | |||||||||||
Specified Items: | |||||||||||||||
Gains (losses) on sales of assets and businesses(1) | 12 | (4 | ) | 20 | 114 | ||||||||||
Impairment, restructuring, settlement charges(2) | (63 | ) | (4 | ) | (98 | ) | (16 | ) | |||||||
Hedge timing effects(3) | (5 | ) | 3 | 4 | 4 | ||||||||||
Total segment operating profit | 485 | 645 | 1,803 | 1,898 | |||||||||||
Corporate | (260 | ) | (165 | ) | (737 | ) | (705 | ) | |||||||
Earnings before income taxes | $ | 225 | $ | 480 | $ | 1,066 | $ | 1,193 | |||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | the acquisition in February 2017 of Crosswind Industries, Inc., an industry leader in the manufacture of contract and private label pet treats and foods, as well as specialty ingredients; |
• | the acquisition in February 2017 of an 89% controlling interest in Biopolis SL, a leading provider of microbial technology with a strong portfolio of novel food ingredients; |
• | the construction of a new feed-premix facility in Xiangtan, China, which is expected to be completed in 2019; |
• | the sale in May 2017 of the Company's crop risk services business to Validus Holdings, a global group of insurance and reinsurance companies; |
• | the completion in May 2017 of a series of major enhancements at the Company’s export terminal in Santos, in the Brazilian state of Sao Paulo; |
• | the construction of a new flour mill in Mendota, Illinois, which is expected to be completed in 2019; |
• | the expansion of a Golden Peanut and Tree Nuts production facility in Blakely, Georgia, which is expected to be completed in 2018; |
• | the completion of a new silo located on the Danube River in Silistra, Bulgaria; |
• | the acquisition in June 2017 of Chamtor, a French producer of wheat-based sweeteners and starches; |
• | the acquisition in July 2017 of a 51% controlling interest in Industries Centers, an Israeli company specializing in the import and distribution of agricultural feed products, which will now be known as ADM Israel; and |
• | the modernization of the flour mill in Enid, Oklahoma, which is expected to be completed in 2018. |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Three Months Ended | ||||||||
September 30, | ||||||||
(In thousands) | 2017 | 2016 | Change | |||||
Oilseeds | 8,265 | 8,388 | (123 | ) | ||||
Corn | 5,621 | 5,794 | (173 | ) | ||||
Total | 13,886 | 14,182 | (296 | ) |
Three Months Ended | |||||||||||
September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
(In millions) | |||||||||||
Agricultural Services | |||||||||||
Merchandising and Handling | $ | 5,265 | $ | 6,146 | $ | (881 | ) | ||||
Milling and Other | 757 | 754 | 3 | ||||||||
Transportation | 53 | 60 | (7 | ) | |||||||
Total Agricultural Services | 6,075 | 6,960 | (885 | ) | |||||||
Corn Processing | |||||||||||
Sweeteners and Starches | 1,087 | 1,057 | 30 | ||||||||
Bioproducts | 1,238 | 1,334 | (96 | ) | |||||||
Total Corn Processing | 2,325 | 2,391 | (66 | ) | |||||||
Oilseeds Processing | |||||||||||
Crushing and Origination | 3,665 | 3,660 | 5 | ||||||||
Refining, Packaging, Biodiesel, and Other | 2,025 | 2,042 | (17 | ) | |||||||
Asia | 62 | 73 | (11 | ) | |||||||
Total Oilseeds Processing | 5,752 | 5,775 | (23 | ) | |||||||
Wild Flavors and Specialty Ingredients | 577 | 611 | (34 | ) | |||||||
Total Wild Flavors and Specialty Ingredients | 577 | 611 | (34 | ) | |||||||
Other - Financial | 98 | 95 | 3 | ||||||||
Total Other | 98 | 95 | 3 | ||||||||
Total | $ | 14,827 | $ | 15,832 | $ | (1,005 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Three Months Ended | |||||||||||
September 30, | |||||||||||
Segment Operating Profit | 2017 | 2016 | Change | ||||||||
(In millions) | |||||||||||
Agricultural Services | |||||||||||
Merchandising and Handling | $ | 20 | $ | 92 | $ | (72 | ) | ||||
Milling and Other | 53 | 60 | (7 | ) | |||||||
Transportation | 14 | 43 | (29 | ) | |||||||
Total Agricultural Services | 87 | 195 | (108 | ) | |||||||
Corn Processing | |||||||||||
Sweeteners and Starches | 202 | 176 | 26 | ||||||||
Bioproducts | 51 | 38 | 13 | ||||||||
Total Corn Processing | 253 | 214 | 39 | ||||||||
Oilseeds Processing | |||||||||||
Crushing and Origination | 39 | 76 | (37 | ) | |||||||
Refining, Packaging, Biodiesel, and Other | 66 | 119 | (53 | ) | |||||||
Asia | 14 | (50 | ) | 64 | |||||||
Total Oilseeds Processing | 119 | 145 | (26 | ) | |||||||
Wild Flavors and Specialty Ingredients | 61 | 73 | (12 | ) | |||||||
Total Wild Flavors and Specialty Ingredients | 61 | 73 | (12 | ) | |||||||
Other - Financial | 21 | 23 | (2 | ) | |||||||
Total Other | 21 | 23 | (2 | ) | |||||||
Specified Items: | |||||||||||
Gains (losses) on sales of assets and businesses | 12 | (4 | ) | 16 | |||||||
Impairment and restructuring charges | (63 | ) | (4 | ) | (59 | ) | |||||
Hedge timing effects | (5 | ) | 3 | (8 | ) | ||||||
Total Specified Items | (56 | ) | (5 | ) | (51 | ) | |||||
Total Segment Operating Profit | $ | 485 | $ | 645 | $ | (160 | ) | ||||
Adjusted Segment Operating Profit(1) | $ | 541 | $ | 650 | $ | (109 | ) | ||||
Segment Operating Profit | $ | 485 | $ | 645 | $ | (160 | ) | ||||
Corporate | (260 | ) | (165 | ) | (95 | ) | |||||
Earnings Before Income Taxes | $ | 225 | $ | 480 | $ | (255 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Three Months Ended | |||||||||||
September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
(In millions) | |||||||||||
LIFO credit (charge) | $ | — | $ | 85 | $ | (85 | ) | ||||
Interest expense - net | (72 | ) | (74 | ) | 2 | ||||||
Unallocated corporate costs | (109 | ) | (106 | ) | (3 | ) | |||||
Other charges | (55 | ) | (74 | ) | 19 | ||||||
Minority interest and other | (24 | ) | 4 | (28 | ) | ||||||
Total Corporate | $ | (260 | ) | $ | (165 | ) | $ | (95 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Three months ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
In millions | Per share | In millions | Per share | ||||||||||||
Average number of shares outstanding - diluted | 569 | 589 | |||||||||||||
Net earnings and reported EPS (fully diluted) | $ | 192 | $ | 0.34 | $ | 341 | $ | 0.58 | |||||||
Adjustments: | |||||||||||||||
LIFO charge (credit) - net of tax of $32 million(1) | — | — | (53 | ) | (0.09 | ) | |||||||||
(Gains) losses on sales of assets and businesses - net of tax of $2 million in 2017 and at 0% in 2016 (2) | (10 | ) | (0.02 | ) | 9 | 0.02 | |||||||||
Asset impairment, restructuring, and settlement charges - net of tax of $38 million in 2017 and $25 million in 2016 (2) | 69 | 0.12 | 48 | 0.08 | |||||||||||
Loss on debt extinguishment - net of tax of $4 million(1) | 7 | 0.01 | — | — | |||||||||||
Total adjustments | 66 | 0.11 | 4 | 0.01 | |||||||||||
Adjusted net earnings and adjusted EPS | $ | 258 | $ | 0.45 | $ | 345 | $ | 0.59 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Three months ended September 30, | |||||||||||
(In millions) | 2017 | 2016 | Change | ||||||||
Earnings before income taxes | $ | 225 | $ | 480 | $ | (255 | ) | ||||
Interest expense | 79 | 78 | 1 | ||||||||
Depreciation and amortization | 232 | 225 | 7 | ||||||||
LIFO | — | (85 | ) | 85 | |||||||
(Gains) losses on sales of assets and businesses | (12 | ) | 9 | (21 | ) | ||||||
Loss on debt extinguishment | 11 | — | 11 | ||||||||
Asset impairment, restructuring, and settlement charges | 107 | 73 | 34 | ||||||||
Adjusted EBITDA | $ | 642 | $ | 780 | $ | (138 | ) | ||||
Three months ended September 30, | |||||||||||
(In millions) | 2017 | 2016 | Change | ||||||||
Agricultural Services | $ | 138 | $ | 245 | $ | (107 | ) | ||||
Corn Processing | 338 | 306 | 32 | ||||||||
Oilseeds Processing | 171 | 194 | (23 | ) | |||||||
Wild Flavors and Specialty Ingredients | 85 | 95 | (10 | ) | |||||||
Other - Financial | 26 | 26 | — | ||||||||
Corporate | (116 | ) | (86 | ) | (30 | ) | |||||
Adjusted EBITDA | $ | 642 | $ | 780 | $ | (138 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Nine Months Ended | ||||||||
September 30, | ||||||||
(In thousands) | 2017 | 2016 | Change | |||||
Oilseeds | 25,602 | 25,137 | 465 | |||||
Corn | 16,851 | 16,623 | 228 | |||||
Total | 42,453 | 41,760 | 693 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
(In millions) | |||||||||||
Agricultural Services | |||||||||||
Merchandising and Handling | $ | 16,434 | $ | 17,331 | $ | (897 | ) | ||||
Milling and Other | 2,141 | 2,325 | (184 | ) | |||||||
Transportation | 154 | 171 | (17 | ) | |||||||
Total Agricultural Services | 18,729 | 19,827 | (1,098 | ) | |||||||
Corn Processing | |||||||||||
Sweeteners and Starches | 3,192 | 3,061 | 131 | ||||||||
Bioproducts | 3,651 | 3,889 | (238 | ) | |||||||
Total Corn Processing | 6,843 | 6,950 | (107 | ) | |||||||
Oilseeds Processing | |||||||||||
Crushing and Origination | 10,850 | 10,799 | 51 | ||||||||
Refining, Packaging, Biodiesel, and Other | 6,064 | 5,852 | 212 | ||||||||
Asia | 192 | 220 | (28 | ) | |||||||
Total Oilseeds Processing | 17,106 | 16,871 | 235 | ||||||||
Wild Flavors and Specialty Ingredients | 1,787 | 1,883 | (96 | ) | |||||||
Total Wild Flavors and Specialty Ingredients | 1,787 | 1,883 | (96 | ) | |||||||
Other - Financial | 293 | 314 | (21 | ) | |||||||
Total Other | 293 | 314 | (21 | ) | |||||||
Total | $ | 44,758 | $ | 45,845 | $ | (1,087 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
Segment Operating Profit | 2017 | 2016 | Change | ||||||||
(In millions) | |||||||||||
Agricultural Services | |||||||||||
Merchandising and Handling | $ | 79 | $ | 102 | $ | (23 | ) | ||||
Milling and Other | 156 | 164 | (8 | ) | |||||||
Transportation | 49 | 62 | (13 | ) | |||||||
Total Agricultural Services | 284 | 328 | (44 | ) | |||||||
Corn Processing | |||||||||||
Sweeteners and Starches | 561 | 499 | 62 | ||||||||
Bioproducts | 87 | 7 | 80 | ||||||||
Total Corn Processing | 648 | 506 | 142 | ||||||||
Oilseeds Processing | |||||||||||
Crushing and Origination | 197 | 331 | (134 | ) | |||||||
Refining, Packaging, Biodiesel, and Other | 208 | 251 | (43 | ) | |||||||
Asia | 234 | 59 | 175 | ||||||||
Total Oilseeds Processing | 639 | 641 | (2 | ) | |||||||
Wild Flavors and Specialty Ingredients | 228 | 237 | (9 | ) | |||||||
Total Wild Flavors and Specialty Ingredients | 228 | 237 | (9 | ) | |||||||
Other - Financial | 78 | 84 | (6 | ) | |||||||
Total Other | 78 | 84 | (6 | ) | |||||||
Specified Items: | |||||||||||
Gains (losses) on sales of assets and businesses | 20 | 114 | (94 | ) | |||||||
Impairment, restructuring, settlement charges | (98 | ) | (16 | ) | (82 | ) | |||||
Hedge timing effects | 4 | 4 | — | ||||||||
Total Specified Items | (74 | ) | 102 | (176 | ) | ||||||
Total Segment Operating Profit | $ | 1,803 | $ | 1,898 | $ | (95 | ) | ||||
Adjusted Segment Operating Profit(1) | $ | 1,877 | $ | 1,796 | $ | 81 | |||||
Segment Operating Profit | $ | 1,803 | $ | 1,898 | $ | (95 | ) | ||||
Corporate | (737 | ) | (705 | ) | (32 | ) | |||||
Earnings Before Income Taxes | $ | 1,066 | $ | 1,193 | $ | (127 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2017 | 2016 | Change | |||||||||
(In millions) | |||||||||||
LIFO credit (charge) | $ | 4 | $ | (17 | ) | $ | 21 | ||||
Interest expense - net | (232 | ) | (205 | ) | (27 | ) | |||||
Unallocated corporate costs | (376 | ) | (325 | ) | (51 | ) | |||||
Other charges | (58 | ) | (87 | ) | 29 | ||||||
Minority interest and other | (75 | ) | (71 | ) | (4 | ) | |||||
Total Corporate | $ | (737 | ) | $ | (705 | ) | $ | (32 | ) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Nine months ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
In millions | Per share | In millions | Per share | ||||||||||||
Average number of shares outstanding - diluted | 574 | 593 | |||||||||||||
Net earnings and reported EPS (fully diluted) | $ | 807 | $ | 1.41 | $ | 855 | $ | 1.44 | |||||||
Adjustments: | |||||||||||||||
LIFO charge (credit) - net of tax of $2 million in 2017 and $6 million in 2016 (1) | (2 | ) | — | 11 | 0.02 | ||||||||||
(Gains) losses on sales of assets and businesses - net of tax of $32 million in 2017 and $17 million in 2016 (2) | 12 | 0.02 | (92 | ) | (0.15 | ) | |||||||||
Asset impairment, restructuring, and settlement charges - net of tax of $47 million in 2017 and $34 million in 2016 (2) | 98 | 0.17 | 64 | 0.10 | |||||||||||
Loss on debt extinguishment - net of tax of $4 million(1) | 7 | 0.01 | — | — | |||||||||||
Certain discrete tax adjustments | 4 | 0.01 | — | — | |||||||||||
Total adjustments | 119 | 0.21 | (17 | ) | (0.03 | ) | |||||||||
Adjusted net earnings and adjusted EPS | $ | 926 | $ | 1.62 | $ | 838 | $ | 1.41 | |||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
Nine months ended September 30, | |||||||||||
(In millions) | 2017 | 2016 | Change | ||||||||
Earnings before income taxes | $ | 1,066 | $ | 1,193 | $ | (127 | ) | ||||
Interest expense | 246 | 213 | 33 | ||||||||
Depreciation and amortization | 684 | 677 | 7 | ||||||||
LIFO | (4 | ) | 17 | (21 | ) | ||||||
(Gains) losses on sales of assets and businesses | (20 | ) | (109 | ) | 89 | ||||||
Loss on debt extinguishment | 11 | — | 11 | ||||||||
Asset impairment, restructuring, and settlement charges | 145 | 98 | 47 | ||||||||
Adjusted EBITDA | $ | 2,128 | $ | 2,089 | $ | 39 | |||||
Nine months ended September 30, | |||||||||||
(In millions) | 2017 | 2016 | Change | ||||||||
Agricultural Services | $ | 434 | $ | 479 | $ | (45 | ) | ||||
Corn Processing | 918 | 777 | 141 | ||||||||
Oilseeds Processing | 790 | 788 | 2 | ||||||||
Wild Flavors and Specialty Ingredients | 299 | 304 | (5 | ) | |||||||
Other - Financial | 90 | 91 | (1 | ) | |||||||
Corporate | (403 | ) | (350 | ) | (53 | ) | |||||
Adjusted EBITDA | $ | 2,128 | $ | 2,089 | $ | 39 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued) |
Nine months ended | Year ended | |||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
Long/(Short) (In millions) | Fair Value | Market Risk | Fair Value | Market Risk | ||||||||||||
Highest position | $ | 455 | $ | 46 | $ | 876 | $ | 88 | ||||||||
Lowest position | (82 | ) | (8 | ) | (529 | ) | (53 | ) | ||||||||
Average position | 215 | 21 | 27 | 3 |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program (2) | Number of Shares Remaining that May be Purchased Under the Program (2) | |||||||||
July 1, 2017 to | |||||||||||||
July 31, 2017 | 475,697 | $ | 41.000 | 475,697 | 19,123,029 | ||||||||
August 1, 2017 to | |||||||||||||
August 31, 2017 | 1,959,118 | 41.835 | 1,959,118 | 17,163,911 | |||||||||
September 1, 2017 to | |||||||||||||
September 30, 2017 | 1,494,187 | 42.433 | 1,494,187 | 15,669,724 | |||||||||
Total | 3,929,002 | $ | 41.961 | 3,929,002 | 15,669,724 |
(1) | Total shares purchased represents those shares purchased in the open market as part of the Company’s publicly announced share repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards. During the three-month period ended September 30, 2017, there were no shares received as payments for the minimum withholding taxes on vested restricted stock awards and for the exercise price of stock option exercises. |
(2) | 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. |
ITEM 6. | EXHIBITS |
(3)(i) | ||
(3)(ii) | ||
(4.1) | The registrant hereby agrees that it will, upon request of the Securities and Exchange Commission, furnish a copy of each instrument with respect to long-term debt. | |
(12) | ||
(31.1) | ||
(31.2) | ||
(32.1) | ||
(32.2) | ||
(101) | Interactive Data File |
ARCHER-DANIELS-MIDLAND COMPANY | |
/s/ R. G. Young | |
R. G. Young | |
Executive Vice President and Chief Financial Officer | |
/s/ D. C. Findlay | |
D. C. Findlay | |
Senior Vice President, General Counsel, and Secretary |
Fiscal | Six Months | Nine Months | |||||||||||||||||||||||||
Year Ended | Ended | Year Ended | Year Ended | Year Ended | Year Ended | Ended | |||||||||||||||||||||
30-Jun | 31-Dec | 31-Dec | 31-Dec | 31-Dec | 31-Dec | 30-Sept | |||||||||||||||||||||
2012 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||
Earnings Before Income Taxes | $ | 1,764,898 | $ | 997,275 | $ | 2,023,341 | $ | 3,129,966 | $ | 2,284,045 | $ | 1,822,158 | $ | 1,065,271 | |||||||||||||
Less: Equity in Earnings of | |||||||||||||||||||||||||||
Unconsolidated Affiliates, Net of | |||||||||||||||||||||||||||
Dividends | (243,121) | (200,833) | (285,263) | (214,979) | (49,693) | (60,870) | (130,882) | ||||||||||||||||||||
Less: Capitalized Interest | |||||||||||||||||||||||||||
Included in Interest Expense Below | (20,869) | (11,548) | (16,434) | (17,863) | (10,761) | (19,602) | (14,372) | ||||||||||||||||||||
Less: Noncontrolling Interest | (18,387) | (2,184) | (11,868) | (4,553) | 3,089 | (9,112) | (2,974) | ||||||||||||||||||||
Total Earnings | 1,482,521 | 782,710 | 1,709,776 | 2,892,571 | 2,226,680 | 1,732,574 | 917,043 | ||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||||||||
Interest Expenses: | |||||||||||||||||||||||||||
Consolidated Interest Expense | 441,765 | 212,527 | 412,810 | 336,633 | 307,941 | 292,547 | 245,768 | ||||||||||||||||||||
Capitalized Interest | 20,869 | 11,548 | 16,434 | 17,863 | 10,761 | 19,602 | 14,372 | ||||||||||||||||||||
Total Interest Expense | 462,634 | 224,075 | 429,244 | 354,496 | 318,702 | 312,149 | 260,140 | ||||||||||||||||||||
One Third of Rental Expenses | 69,648 | 35,295 | 66,311 | 64,681 | 77,202 | 81,713 | 62,253 | ||||||||||||||||||||
Total Fixed Charges | 532,282 | 259,370 | 495,555 | 419,177 | 395,904 | 393,862 | 322,393 | ||||||||||||||||||||
Earnings Available for Fixed Charges | $ | 2,014,803 | $ | 1,042,080 | $ | 2,205,331 | $ | 3,311,748 | $ | 2,622,584 | $ | 2,126,436 | $ | 1,239,436 | |||||||||||||
Ratio of Earnings to Fixed Charges | 3.79 | 4.02 | 4.45 | 7.90 | 6.62 | 5.40 | 3.84 |
1. | I have reviewed this quarterly report on Form 10-Q 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. |
/s/ J. R. Luciano | |
J. R. Luciano | |
Chairman, Chief Executive Officer, and President | |
1. | I have reviewed this quarterly report on Form 10-Q 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. |
/s/ R. G. Young | |
R. G. Young | |
Executive Vice President & | |
Chief Financial Officer |
(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. |
/s/ J. R. Luciano | |
J. R. Luciano | |
Chairman, Chief Executive Officer, and President | |
(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. |
/s/ R. G. Young | |
R. G. Young | |
Executive Vice President & | |
Chief Financial Officer |
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Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 30, 2017 |
|
Entity Information [Abstract] | ||
Entity Central Index Key | 0000007084 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Registrant Name | ARCHER DANIELS MIDLAND CO | |
Entity Common Stock, Shares Outstanding | 559,250,312 |
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions |
Total |
Adjustments for New Accounting Principle, Early Adoption [Member] |
Common Stock [Member] |
Retained Earnings [Member] |
Retained Earnings [Member]
Adjustments for New Accounting Principle, Early Adoption [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (7) | $ (7) | $ (7) | ||||
Adjusted Balance | 17,174 | $ 2,327 | $ 17,437 | $ (2,598) | $ 8 | ||
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 17,181 | $ 2,327 | 17,444 | (2,598) | 8 | ||
Balance at Dec. 31, 2016 | 17,181 | ||||||
Balance (shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 573 | ||||||
Balance (shares) at Dec. 31, 2016 | 573 | ||||||
Comprehensive income | |||||||
Net earnings | 810 | 807 | 3 | ||||
Other comprehensive income (loss) | 757 | 755 | 2 | ||||
Total comprehensive income | 1,567 | ||||||
Cash dividends paid - $0.96 per share | (544) | (544) | |||||
Stock Repurchased During Period, Value | $ (676) | (676) | |||||
Stock Repurchased During Period, Shares | (16) | ||||||
Stock compensation expense, shares | 1 | ||||||
Stock compensation expense | $ 63 | $ 63 | |||||
Other, shares | 1 | ||||||
Other | (7) | $ 0 | (1) | 0 | (6) | ||
Balance at Sep. 30, 2017 | $ 17,577 | $ 2,390 | $ 17,023 | $ (1,843) | $ 7 | ||
Balance (shares) at Sep. 30, 2017 | 559 |
Consolidated Statements Of Shareholders' Equity (Parenthetical) |
9 Months Ended |
---|---|
Sep. 30, 2017
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends paid, per share | $ 0.96 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. 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. Retirement Benefit Changes On July 31, 2017, the Company announced that all participants in the Company’s U.S. salaried pension plan and the Supplemental Executive Retirement Plan (SERP) will begin accruing benefits under the cash balance formula effective January 1, 2022. Benefits for participants who were accruing under the final average pay formula will be frozen as of December 31, 2021, including pay and service through that date. This change, along with other changes in participation associated with divestitures and restructuring, triggered a remeasurement of the salaried pension plan and the SERP resulting in decreases in the fiscal 2017 pension expense, accumulated other comprehensive loss, and underfunded status by $18 million, $182 million, and $164 million, respectively. Concurrent with this change, the Company also changed the method used to estimate the service and interest cost components of the net periodic pension and postretirement benefit costs for its U.S. plans. The new method uses the spot rate yield curve approach to estimate the service and interest costs. Previously, those costs were determined using a single weighted-average discount rate applied to all future cash outflows. The change does not affect the measurement of the Company’s benefit obligations and was accounted for as a change in accounting estimate in accordance with the guidance of ASC Topic 250, Accounting Estimates and Error Corrections, thereby impacting the current and future quarters. The impact of this change on after-tax earnings and diluted earnings per share for the quarter ended September 30, 2017 was immaterial. Reclassifications The Company classified $17 million and $49 million of fees from its U.S. futures commission brokerage business in cost of products sold in the quarter and nine months ended September 30, 2017, respectively. Prior period amounts of $15 million and $50 million in the quarter and nine months ended September 30, 2016, respectively, have been reclassified from selling, general, and administrative expenses in the consolidated statement of earnings to conform to the current presentation. In the quarter ended June 30, 2017, the Company began presenting certain specified items separately from the individual business segments, as further described in Note 14. In line with the futures brokerage industry practice, the Company has correctly classified $1.2 billion of segregated cash and cash equivalents as restricted cash and cash equivalents in the statement of cash flows effective September 30, 2017. Prior period amounts have been restated to conform to the current presentation which resulted in an increase of $145 million in total cash provided by operating activities for the nine months ended September 30, 2016 and an increase of $938 million in the ending balance of cash, cash equivalents, restricted cash, and restricted cash equivalents as of September 30, 2016. Segregated Cash and Investments The Company segregates certain cash, cash equivalent, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the statement of cash flows. Last-in, First-out (LIFO) Inventories Interim period LIFO calculations are based on interim period costs and management’s estimates of year-end inventory levels. Because the availability and price of agricultural commodity-based LIFO inventories are unpredictable due to factors such as weather, government farm programs and policies, and changes in global demand, quantities of LIFO-based inventories at interim periods may vary significantly from management’s estimates of year-end inventory levels. |
New Accounting Standards |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
New Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New Accounting Standards Effective January 1, 2017, the Company adopted the amended guidance of ASC Topic 330, Inventory, which simplifies the measurement of inventory. The amended guidance requires an entity to measure its cost-based inventory at the lower of cost or net realizable value, where net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Effective January 1, 2017, the Company adopted the amended guidance of ASC Topic 323, Investments - Equity Method and Joint Ventures, which simplifies the transition to the equity method of accounting. The amended guidance eliminates the requirement of an investor to adjust the investment, results of operations, and retained earnings retroactively when an investment qualifies for equity method accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments require the investor add the cost of acquiring the additional interest in the investee to the current basis of the investors’ previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The adoption of this amended guidance did not have an impact on the Company’s financial results. Effective January 1, 2017, the Company adopted the amended guidance of ASC Topic 810, Consolidation, which affects reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. The amended guidance changes the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The Company was required to adopt the amended guidance using a retrospective transition approach to all periods presented. The adoption of this amended guidance did not result in the deconsolidation or consolidation of any of its variable interest entities. Effective January 1, 2017, the Company adopted the amended guidance of ASC Topic 740, Income Taxes, which requires entities to recognize the income tax consequences of an intra-entity transfer, other than inventory, when the transfer occurs. Under the previous accounting rules, entities were prohibited from recognizing current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amended guidance does not change the accounting for the pre-tax effects of an intra-entity asset transfer or for an intra-entity transfer of inventory. The Company adopted the amended guidance on a modified retrospective approach basis through a $7 million cumulative effect adjustment to retained earnings as of January 1, 2017. |
Pending Accounting Standards |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Prospective Adoption of New Accounting Pronouncements [Abstract] | |
Pending Accounting Standards | Pending Accounting Standards Effective January 1, 2018, the Company will be required to adopt the amended guidance of ASC Subtopic 825-10, Financial Instruments - Overall, which is intended to improve the recognition and measurement of financial instruments. The amended guidance requires an entity to measure equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, at fair value with changes in fair value recognized in net income and simplify the impairment assessment of equity investments without readily determinable fair values by using a qualitative assessment to identify impairment. The Company does not expect the adoption of this amended guidance to have a significant impact on the Company’s financial results. Effective January 1, 2018, 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 adopt Topic 606 on a modified retrospective basis and 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 adoption of this new guidance will require expanded disclosures in the Company’s consolidated financial statements including separate quantitative disclosure of revenues within the scope of Topic 606 and revenues excluded from the scope of Topic 606. Many of the Company’s sales contracts are considered derivatives under ASC Topic 815, Derivatives and Hedging, and are therefore excluded from the scope of Topic 606. The Company has established a cross-functional implementation team consisting of representatives from all of its business segments. The Company utilized surveys to validate all of its current revenue recognition streams and identify areas of its business where potential differences could result from applying the requirements of the new standard. The Company also conducted workshops and performed contract reviews to gather more information about the nature, magnitude, and frequency of the underlying transactions that drove the survey responses. Based on the surveys, workshops, and contract reviews, the Company identified potential accounting changes in the areas of control transfer, voyage charter revenue, bill and hold arrangements, and variable consideration. In the fourth quarter of 2017, the Company will complete the final phase of its revenue recognition implementation plan which includes quantification of the areas of accounting change, assessment of the financial impact of the new guidance on its consolidated financial statements, and finalization of its revenue recognition accounting policy and position papers. Effective January 1, 2018, the Company will be required to adopt the amended guidance of ASC Topic 805, Business Combinations, which clarifies the definition of a business. The amended guidance is intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (disposals) of assets or businesses and provides a more robust framework to use in determining when a set of assets and activities is a business. Early adoption is permitted for transactions that have not been reported in financial statements that have been issued or made available for issuance. No disclosures are required at adoption. The Company plans to adopt the amended guidance on October 1, 2017. Effective January 1, 2018, the Company will be required to adopt the amended guidance of ASC Topic 715, Compensation - Retirement Benefits, which requires that an employer report the service cost component in the same line or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The adoption of this amended guidance will require expanded disclosures and the reclassification of the other components of net benefit cost from cost of products sold and selling, general, and administrative expenses to other (income) expense - net in the Company’s consolidated statements of earnings but will not impact financial results. Effective January 1, 2018, the Company will be required to adopt the amended guidance of ASC Topic 718, Compensation - Stock Compensation (Topic 718), which provides clarity and reduces diversity in practice as well as cost and complexity when applying the guidance in Topic 718 to the modification of the terms and conditions of a share-based payment. The amendments include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. Early adoption is permitted, including in any interim period for which financial statements have not yet been issued. The Company plans to adopt the amended guidance on October 1, 2017 and does not expect the adoption of this amended guidance to have a significant impact on the Company’s financial results. Effective January 1, 2019, the Company will be required to adopt the new guidance of ASC Topic 842, Leases (Topic 842), which will supersede ASC Topic 840, Leases. Topic 842 requires lessees to recognize assets and liabilities for all leases with lease terms of more than 12 months. The Company expects to adopt Topic 842 using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The adoption of this new guidance will require expanded disclosures in the Company’s consolidated financial statements. The Company has established a cross-functional implementation team consisting of representatives from accounting, legal, procurement, and operations. The Company utilized surveys to centrally gather more information about its existing leases and lease processes and to gather lease contracts. To ensure completeness of the population of lease contracts, the results of the survey were cross-referenced against other available lease information (i.e., year-end disclosures and general ledger). The Company is also working with a vendor to implement a lease management system which will assist in delivering the required accounting changes and disclosures. The next phase of the implementation plan is the abstraction of the relevant lease contract data points which is expected to be completed in the first quarter of 2018. The impact of the new standard will be a significant increase to right of use assets and lease liabilities on the Company’s consolidated balance sheet, primarily as a result of operating leases currently not recognized on the balance sheet. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated statement of earnings. Effective January 1, 2019, the Company will be required to adopt the amended guidance of ASC Topic 815, Derivatives and Hedging, which expands and refines hedge accounting for both non-financial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amended guidance also simplifies the application of hedge accounting guidance and eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. Early adoption is permitted in any interim period with the effect of adoption reflected as an adjustment to the opening balance of retained earnings as of the beginning of the fiscal year of adoption. The Company is considering adopting the amended guidance on January 1, 2018 but has not yet completed its assessment of the impact of this amended guidance on the Company’s financial results. Effective January 1, 2020, the Company will be required to adopt the amended guidance of ASC Topic 326, Financial Instruments - Credit Losses, which is intended to improve financial reporting by requiring more timely recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amended guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Early adoption will be permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company does not expect the adoption of this amended guidance to have a significant impact on the Company’s financial results. Effective January 1, 2020, the Company will be required to adopt the amended guidance of ASC Topic 350, Goodwill and Other, which simplifies the subsequent measurement of goodwill. The amended guidance removes the second step of the goodwill impairment test and requires the application of a one-step quantitative test where the amount of goodwill impairment is the excess of a reporting unit's carrying amount over its fair value, but not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to adopt the amended guidance on October 1, 2017 and does not expect the adoption of this amended guidance to have a significant impact on the Company’s financial results. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | During the nine months ended September 30, 2017, the Company acquired Crosswind Industries, Inc., Chamtor SA, a 51% controlling interest in Industries Centers, and an 89% controlling interest in Biopolis SL. The aggregate cash purchase price of these acquisitions of $187 million, net of cash acquired of $7 million, was preliminarily allocated as follows:
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Fair Value Measurements |
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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 September 30, 2017 and December 31, 2016.
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 options 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, or other (income) expense - net depending upon the purpose of the contract. 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) (AOCI) 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, corporate debt securities, 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. Corporate debt and other 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 AOCI 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 notes receivable from the purchasers under the Programs (see Note 16). This amount is reflected in other current assets on the consolidated balance sheet (see Note 8). 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 Programs, which have historically been insignificant. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2017.
* Includes increase in unrealized gains of $52 million relating to Level 3 assets still held at September 30, 2017. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2017.
* Includes increase in unrealized losses of $79 million relating to Level 3 liabilities still held at September 30, 2017. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016.
* Includes increase in unrealized gains of $22 million relating to Level 3 assets still held at September 30, 2016. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016.
* Includes increase in unrealized losses of $1 million relating to Level 3 liabilities still held at September 30, 2016. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2017.
* Includes increase in unrealized gains of $18 million relating to Level 3 assets still held at September 30, 2017. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2017.
* Includes increase in unrealized losses of $204 million relating to Level 3 liabilities still held at September 30, 2017. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2016.
*Includes increase in unrealized gains of $36 million relating to Level 3 assets still held at September 30, 2016. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2016.
*Includes increase in unrealized losses of $499 million relating to Level 3 assets still held at September 30, 2016. For all periods presented, the Company had no transfers between Level 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 that result in differences between exchange-traded prices and local prices for 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 September 30, 2017 and December 31, 2016. 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 as of September 30, 2017 is a weighted average 16.2% of the total price for assets and 62.7% of the total price for liabilities.
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% unobservable and, therefore, the fair value of these items is reported in Level 3. |
Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and 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, are stated at market value 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 September 30, 2017 and December 31, 2016.
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 three and nine months ended September 30, 2017 and 2016.
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 September 30, 2017 and December 31, 2016, the Company has certain derivatives designated as cash flow 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 September 30, 2017, the Company has $2 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 net 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 or cost of products sold, as applicable. As of September 30, 2017, the Company has $12 million of after-tax losses in AOCI related to gains and losses from commodity cash flow hedge transactions. The Company expects to recognize $12 million of these after-tax losses 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 72 million bushels of corn per month. During the past 12 months, the Company hedged between 19% and 62% of its monthly anticipated grind. At September 30, 2017, the Company has designated hedges representing between 6% and 41% 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 1 million and 66 million gallons of ethanol sales per month under these programs. At September 30, 2017, the Company has designated hedges representing between 0 and 1 million gallons of ethanol sales per month over the next 12 months. The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2017 and December 31, 2016.
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and nine months ended September 30, 2017 and 2016.
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 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 when the corn grind occurs. Net Investment Hedging Strategies On June 24, 2015, the Company issued €500 million aggregate principal amount of Floating Rate Notes and €600 million aggregate principal amount of 1.75% Notes (collectively, the “Notes”). The Company has designated €1.1 billion of the Notes as a hedge of its net investment in a foreign subsidiary. As of September 30, 2017, the Company has $47 million of after-tax losses in AOCI related to gains and losses from the net investment hedge transaction. The amount is deferred in AOCI until the underlying investment is divested. |
Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities
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Other Current Assets |
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Other Current Assets | Other Current Assets The following table sets forth the items in other current assets:
(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $6 million and $7 million at September 30, 2017 and December 31, 2016, respectively. Interest earned on financing receivables of $6 million and $18 million for the three and nine months ended September 30, 2017, respectively, and $5 million and $17 million for the three and nine months ended September 30, 2016, respectively, is included in interest income in the consolidated statements of earnings. (2) Non-trade receivables included $75 million and $223 million of reinsurance recoverables as of September 30, 2017 and December 31, 2016, respectively. |
Accrued Expenses And Other Payables |
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Accrued Expenses And Other Payables | The following table sets forth the items in accrued expenses and other payables:
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Debt And Financing Arrangements |
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Debt Disclosure [Abstract] | |
Debt And Financing Arrangements | Debt and Financing Arrangements On September 14, 2017, the Company issued $500 million aggregate principal amount of 3.75% notes due in 2047. Proceeds before expenses were $493 million. On September 29, 2017, the Company redeemed $559 million aggregate principal amount of 5.45% notes due on March 15, 2018 and incurred an early extinguishment charge of $11 million in the quarter ended September 30, 2017. At September 30, 2017, the fair value of the Company’s long-term debt exceeded the carrying value by $1.1 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). At September 30, 2017, the Company had lines of credit, including the accounts receivable securitization programs, totaling $6.9 billion, of which $4.8 billion was unused. Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was $0.6 billion of commercial paper outstanding at September 30, 2017. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.7 billion in funding resulting from the sale of accounts receivable. As of September 30, 2017, the Company utilized $1.4 billion of its facility under the Programs (see Note 16 for more information on the Programs). |
Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rate for the three and nine months ended September 30, 2017 was 13.3% and 24.0%, respectively, compared to 28.3% and 27.7% for the three and nine months ended September 30, 2016, respectively. The change in the rates was primarily due to the impact of changes in discrete tax items, including the favorable resolution of an uncertain tax position related to a 2014 acquisition and return to provision in the current quarter, partially offset by changes in the forecasted geographic mix of pre-tax earnings and the expiration of U.S. tax credits, including the biodiesel credit, at the end of 2016. 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 September 30, 2017, these assessments, updated for estimated penalties, interest, and variation in currency exchange rates, totaled approximately $490 million. The statute of limitations for tax years 2005 and 2008 to 2011 has expired. The Company does not expect to receive any additional tax assessments. 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. The appeal panel found in favor of the BFRS on these assessments and ADM do Brasil filed a second level administrative appeal. The second administrative appeal panel continues to conduct customary procedural activities, including ongoing dialogue with the BFRS auditor. If ADM do Brasil continues to be unsuccessful in the administrative appellate process, the Company 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 2011. The Company’s subsidiaries in Argentina have received tax assessments challenging transfer prices used to price grain exports totaling $128 million (inclusive of interest and adjusted for variation in currency exchange rates) for the tax years 2004 through 2010. 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 2010, and estimates that these potential assessments would be approximately $213 million (as of September 30, 2017 and subject to variation in currency exchange rates). 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, has not recorded a tax liability for these assessments. The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2010. In accordance with the accounting requirements for uncertain tax positions, the Company has not recorded an uncertain tax liability for these assessments because it has concluded that it is more likely than not to prevail on the Brazil and Argentina matters based upon their technical merits and 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. The Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., has received a tax assessment totaling $106 million from the Netherlands tax authority challenging the transfer pricing aspects of a 2009 business reorganization which involved two of its subsidiary companies in the Netherlands. The Company has appealed the assessment and carefully evaluated the underlying transactions and has concluded that the amount of the gain recognized on the reorganization for tax purposes was appropriate. While the Company plans to vigorously defend its position against the assessment, it has accrued an amount it believes would be the likely outcome of the litigation. The Company’s defense of the judicial appeal may take an extended period of time, and could result in additional financial impacts of up to the entire amount of this assessment. |
Accumulated Other Comprehensive Income (AOCI) |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (AOCI) | Accumulated Other Comprehensive Income (AOCI) The following tables set forth the changes in AOCI by component for the three and nine months ended September 30, 2017 and the reclassifications out of AOCI for the three and nine months ended September 30, 2017 and 2016:
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Other (Income) Expense - Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income) Expense - Net | Other (Income) Expense - Net The following table sets forth the items in other (income) expense:
Gains on sales of assets for the three months ended September 30, 2017 included disposals of individually insignificant assets in the ordinary course of business. Gains on sales of assets and businesses for the nine months ended September 30, 2017 included gains related to the sale of the crop risk services business and disposals of other individually insignificant assets in the ordinary course of business, partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business. Losses on sale of assets for the three months ended September 30, 2016 related principally to a loss on the sale of an investment. Gains on sales of assets and businesses for the nine months ended September 30, 2016 included realized additional consideration related to the sale of the Company’s equity investment in Gruma S.A.B. de C.V. in December 2012, recovery of loss provisions and gain related to the sale of the Company’s Brazilian sugar ethanol facilities, and gain related to the revaluation of the remaining interest to settlement value in conjunction with the acquisition of the remaining interest in Amazon Flavors. Loss on debt extinguishment for the three and nine months ended September 30, 2017 related to the early redemption of the Company’s $559 million notes due on March 15, 2018. Other - net for the nine months ended September 30, 2017 included foreign exchange losses and changes in contingent settlement provisions. Other - net for the three and nine months ended September 30, 2016 included foreign exchange gains and other income. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment 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 four reportable business segments: Agricultural Services, Corn Processing, Oilseeds Processing, and Wild Flavors and Specialty Ingredients. 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. The Agricultural Services segment utilizes its extensive global grain elevator and transportation networks, 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 segment includes international agricultural commodities merchandising and handling activities managed through a global trade desk based in Rolle, Switzerland. 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, rail, and container freight services. The Agricultural Services segment also includes the activities related to structured trade finance, the processing of wheat into wheat flour, and the Company’s share of the results of its Pacificor (formerly Kalama Export Company LLC) joint venture. The Agricultural Services segment also included returns associated with the Company’s 19.8% investment in GrainCorp until its sale in December 2016. In July 2017, the Company completed the acquisition of a 51% controlling interest in Industries Centers, an Israeli company specializing in the import and distribution of agricultural feed products, which is now known as ADM Israel. The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, utilizing its asset base primarily located in the central part of the United States with additional facilities in China, Bulgaria, France, Morocco, Spain, and Turkey. The Corn Processing segment converts corn into sweeteners, 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 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 essential amino acids such as lysine and threonine used in swine and poultry diets to optimize performance. 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. The Corn Processing segment also includes activities related to the processing and distribution of formula feeds and animal health and nutrition products. Other Corn Processing products include citric acids and glycols, all of which are used in various food and industrial products. The Corn Processing segment also included the activities of the Company’s Brazilian sugarcane ethanol plant and related operations until the Company completed the sale of these operations in May 2016. This segment also includes the Company’s share of the results of its equity investments in Almidones Mexicanos S.A. and Red Star Yeast Company LLC. In February 2017, the Company acquired Crosswind Industries, Inc., an industry leader in the manufacture of contract and private label pet treats and foods, as well as specialty ingredients, and an 89% controlling interest in Biopolis SL, a leading provider of microbial technology with a strong portfolio of novel food ingredients. In June 2017, the Company completed the acquisition of Chamtor SA, a French producer of wheat-based sweeteners and starches. 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 is a major supplier of peanuts, tree nuts, 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 other industrial markets. The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar International Limited (Wilmar) and its share of the results of its Stratas Foods LLC, Edible Oils Limited, and Olenex joint ventures. During the nine months ended September 30, 2017, the Company acquired additional shares in Wilmar, increasing its ownership interest from 23.2% to 24.9% as of September 30, 2017. The Wild Flavors and Specialty Ingredients (WFSI) segment engages in the manufacturing, sales, and distribution of specialty products including natural flavor ingredients, flavor systems, natural colors, proteins, emulsifiers, soluble fiber, polyols, hydrocolloids, natural health and nutrition products, and other specialty food and feed ingredients. The WFSI segment also includes the activities related to the procurement, processing, and distribution of edible beans. Other includes the Company’s remaining operations, primarily its financial business units, related to futures commission and insurance activities. On May 1, 2017, the Company completed the sale of its crop risk services business to Validus Holdings, a global group of insurance and reinsurance companies. Intersegment sales have been recorded at amounts approximating market. Operating profit for each segment is based on net sales less identifiable operating expenses and specified items. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items included in total segment operating profit and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business segment is evaluated exclusive of these items. 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 its equity investment in Compagnie Industrialle et Financiere des Produits Amylaces SA (Luxembourg) (CIP).
(1) Current quarter gain related to disposals of individually insignificant assets in the ordinary course of business Current year to date gain related to the sale of the crop risk services business and disposals of other individually insignificant assets in the ordinary course of business, partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business. Prior quarter loss related principally to a loss on the sale of an investment. Prior year to date gain primarily related to recovery of loss provisions and gain related to the sale of the Company’s Brazilian sugar ethanol facilities, realized contingent consideration on the December 2012 sale of the Company’s equity investment in Gruma S.A. de C.V., and revaluation of the remaining interest to settlement value in conjunction with the acquisition of the remaining interest in Amazon Flavors. (2) Current quarter and year to date charges consisted of asset impairments related to the reconfiguration of the Company’s Peoria, Illinois ethanol complex in the Corn processing segment and several individually insignificant asset impairments and restructuring charges. Prior quarter and YTD charges primarily related to impairment of certain long-lived assets and restructuring charges. (3) Hedge timing effects relate to hedge ineffectiveness associated with documented hedge programs. |
Asset Impairment, Exit, and Restructuring Costs |
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Sep. 30, 2017 | |
Restructuring, Settlement and Impairment Provisions [Abstract] | |
Asset Impairment, Exit, and Restructuring Costs | Asset Impairment, Exit, and Restructuring Costs Asset impairment, exit, and restructuring costs in the quarter ended September 30, 2017 of $107 million included $63 million of asset impairments principally in the Corn Processing segment related to the reconfiguration of the Peoria, Illinois ethanol complex due to the Company’s decision to focus on the more profitable high grade industrial and beverage alcohol as well as export fuel. The impaired assets were determined to have no alternative use with zero net salvage value. Other costs in the current quarter included $44 million of restructuring charges related to the reduction of certain positions within the Company’s global workforce. Asset impairment, exit, and restructuring costs in the nine months ended September 30, 2017 of $140 million consisted of $63 million of asset impairments in the Corn processing segment primarily related to the reconfiguration of the Company’s Peoria, Illinois ethanol complex, $47 million of restructuring charges in Corporate primarily related to the reduction of certain positions within the Company’s global workforce, and $30 million of several individually insignificant asset impairments and restructuring charges. Asset impairment, exit, and restructuring costs in the quarter ended September 30, 2016 consisted of $6 million of other-than-temporary impairment charges on available for sale equity security investments in Corporate and $5 million of several individually insignificant asset impairments and restructuring charges. Asset impairment, exit, and restructuring costs in the nine months ended September 30, 2016 consisted of $17 million of software impairment and other-than-temporary impairment charges on available for sale equity security investments in Corporate, $5 million of asset impairments in the Corn Processing segment, and $14 million of other individually insignificant asset impairments and restructuring charges. |
Sale of Accounts Receivable |
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Sep. 30, 2017 | |
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 and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 22, 2018, 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 $0.5 billion, as amended, and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 16, 2018, 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 September 30, 2017 and December 31, 2016, 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 September 30, 2017 and December 31, 2016, 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 $1.8 billion and $1.6 billion, respectively. In exchange for the transfer as of September 30, 2017 and December 31, 2016, the Company received cash of $1.4 billion and $1.0 billion and recorded a receivable for deferred consideration included in other current assets of $399 million and $540 million, respectively. Cash collections from customers on receivables sold were $24.3 billion and $24.4 billion for the nine months ended September 30, 2017 and 2016, respectively. Of this amount, $24.3 billion and $23.9 billion pertain to cash collections on the deferred consideration for the nine months ended September 30, 2017 and 2016, 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 Programs which have historically been insignificant. Transfers of receivables under the Programs resulted in an expense for the loss on sale of $2 million during the three months ended September 30, 2017 and 2016, and $7 million and $4 million for the nine months ended September 30, 2017 and 2016, respectively, classified as selling, general, and administrative expenses in the consolidated statements of earnings. The Company reflects all cash flows related to the Programs as operating activities in its consolidated statement of cash flows for the nine months ended September 30, 2017 and 2016 because the cash received from the Purchasers and Second Purchasers upon both the sale and collection of the receivables is not subject to significantly different risks given the short-term nature of the Company’s trade receivables. |
Acquisitions Business Acquisition (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 September 30, 2017 and December 31, 2016.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016.
* Includes increase in unrealized gains of $22 million relating to Level 3 assets still held at September 30, 2016. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2017.
* Includes increase in unrealized gains of $52 million relating to Level 3 assets still held at September 30, 2017. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2016.
*Includes increase in unrealized gains of $36 million relating to Level 3 assets still held at September 30, 2016. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2017.
* Includes increase in unrealized gains of $18 million relating to Level 3 assets still held at September 30, 2017. |
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2016.
* Includes increase in unrealized losses of $1 million relating to Level 3 liabilities still held at September 30, 2016. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2017.
* Includes increase in unrealized losses of $79 million relating to Level 3 liabilities still held at September 30, 2017. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2016.
*Includes increase in unrealized losses of $499 million relating to Level 3 assets still held at September 30, 2016. The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2017.
* Includes increase in unrealized losses of $204 million relating to Level 3 liabilities still held at September 30, 2017. |
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Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of September 30, 2017 and December 31, 2016. 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 as of September 30, 2017 is a weighted average 16.2% of the total price for assets and 62.7% of the total price for liabilities.
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Derivative Instruments and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table sets forth the fair value of derivatives not designated as hedging instruments as of September 30, 2017 and December 31, 2016.
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 three and nine months ended September 30, 2017 and 2016.
The following table sets forth the fair value of derivatives designated as hedging instruments as of September 30, 2017 and December 31, 2016.
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three and nine months ended September 30, 2017 and 2016.
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Marketable Securities (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Table Text Block] |
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Other Current Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | The following table sets forth the items in other current assets:
(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $6 million and $7 million at September 30, 2017 and December 31, 2016, respectively. Interest earned on financing receivables of $6 million and $18 million for the three and nine months ended September 30, 2017, respectively, and $5 million and $17 million for the three and nine months ended September 30, 2016, respectively, is included in interest income in the consolidated statements of earnings. (2) Non-trade receivables included $75 million and $223 million of reinsurance recoverables as of September 30, 2017 and December 31, 2016, respectively. |
Accrued Expenses And Other Payables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses And Other Payables | Accrued Expenses and Other Payables The following table sets forth the items in accrued expenses and other payables:
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Accumulated Other Comprehensive Income (AOCI) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details about AOCI Components | The following tables set forth the changes in AOCI by component for the three and nine months ended September 30, 2017 and the reclassifications out of AOCI for the three and nine months ended September 30, 2017 and 2016:
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
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Other (Income) Expense - Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income) Expense - Net | The following table sets forth the items in other (income) expense:
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
(1) Current quarter gain related to disposals of individually insignificant assets in the ordinary course of business Current year to date gain related to the sale of the crop risk services business and disposals of other individually insignificant assets in the ordinary course of business, partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business. Prior quarter loss related principally to a loss on the sale of an investment. Prior year to date gain primarily related to recovery of loss provisions and gain related to the sale of the Company’s Brazilian sugar ethanol facilities, realized contingent consideration on the December 2012 sale of the Company’s equity investment in Gruma S.A. de C.V., and revaluation of the remaining interest to settlement value in conjunction with the acquisition of the remaining interest in Amazon Flavors. (2) Current quarter and year to date charges consisted of asset impairments related to the reconfiguration of the Company’s Peoria, Illinois ethanol complex in the Corn processing segment and several individually insignificant asset impairments and restructuring charges. Prior quarter and YTD charges primarily related to impairment of certain long-lived assets and restructuring charges. (3) Hedge timing effects relate to hedge ineffectiveness associated with documented hedge programs. |
New Accounting Standards New Accounting Standards (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
New Accounting Standards [Abstract] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 7 |
Fair Value Measurements (Narrative) (Details) - Weighted Average [Member] - Fair Value, Measurements, Recurring [Member] - Significant Unobservable Inputs (Level 3) [Member] |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventory Related Payables [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 62.70% | 67.10% |
Inventories Carried At Market [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 16.20% | 16.50% |
Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets: | ||
Derivative Asset | $ 443 | $ 624 |
Available-for-sale Securities, Fair Value Disclosure | 468 | 483 |
Deferred receivables consideration | 399 | 540 |
Liabilities: | ||
Derivative Liability | 564 | 651 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Inventories carried at market | 4,455 | 4,424 |
Cash Equivalents, at Carrying Value | 49 | 286 |
Available-for-sale Securities, Fair Value Disclosure | 468 | 477 |
Restricted Investments, at Fair Value | 1,827 | 1,613 |
Deferred receivables consideration | 399 | 540 |
Total Assets | 7,641 | 7,964 |
Liabilities: | ||
Inventory-related payables | 513 | 521 |
Total Liabilities | 1,077 | 1,172 |
Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 360 | 511 |
Liabilities: | ||
Derivative Liability | 445 | 561 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 81 | 102 |
Liabilities: | ||
Derivative Liability | 119 | 90 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 2 | 11 |
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, at Carrying Value | 49 | 286 |
Available-for-sale Securities, Fair Value Disclosure | 376 | 408 |
Restricted Investments, at Fair Value | 1,827 | 1,613 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 2,252 | 2,307 |
Liabilities: | ||
Inventory-related payables | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
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 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 3,361 | 3,102 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 92 | 69 |
Restricted Investments, at Fair Value | 0 | 0 |
Deferred receivables consideration | 399 | 540 |
Total Assets | 4,175 | 4,195 |
Liabilities: | ||
Inventory-related payables | 493 | 491 |
Total Liabilities | 912 | 1,000 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 240 | 371 |
Liabilities: | ||
Derivative Liability | 300 | 419 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 81 | 102 |
Liabilities: | ||
Derivative Liability | 119 | 90 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 2 | 11 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Inventories carried at market | 1,094 | 1,322 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Restricted Investments, at Fair Value | 0 | 0 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 1,214 | 1,462 |
Liabilities: | ||
Inventory-related payables | 20 | 30 |
Total Liabilities | 165 | 172 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 120 | 140 |
Liabilities: | ||
Derivative Liability | 145 | 142 |
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 | $ 0 |
Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 52 | $ 22 | $ 18 | $ 36 |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,106 | 1,252 | 1,462 | 1,247 |
Total increase (decrease) in unrealized gains included in cost of products sold | 69 | (21) | 139 | (39) |
Purchases | 2,792 | 2,523 | 8,369 | 7,565 |
Sales | (2,655) | (2,529) | (8,526) | (7,272) |
Settlements | (82) | (85) | (291) | (302) |
Transfers into Level 3 | 82 | 272 | 148 | 338 |
Transfers out of Level 3 | (98) | (44) | (87) | (169) |
Balance at end of period | 1,214 | 1,368 | 1,214 | 1,368 |
Significant Unobservable Inputs (Level 3) [Member] | Inventories Carried At Market [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,000 | 1,099 | 1,322 | 1,004 |
Total increase (decrease) in unrealized gains included in cost of products sold | 15 | (97) | (55) | (210) |
Purchases | 2,792 | 2,523 | 8,369 | 7,565 |
Sales | (2,655) | (2,529) | (8,526) | (7,272) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 37 | 206 | 37 | 206 |
Transfers out of Level 3 | (95) | (38) | (53) | (129) |
Balance at end of period | 1,094 | 1,164 | 1,094 | 1,164 |
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Gains [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 106 | 153 | 140 | 243 |
Total increase (decrease) in unrealized gains included in cost of products sold | 54 | 76 | 194 | 171 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (82) | (85) | (291) | (302) |
Transfers into Level 3 | 45 | 66 | 111 | 132 |
Transfers out of Level 3 | (3) | (6) | (34) | (40) |
Balance at end of period | $ 120 | $ 204 | $ 120 | $ 204 |
Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 79 | $ 1 | $ 204 | $ 499 |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 186 | 512 | 172 | 129 |
Total increase (decrease) in unrealized losses included in cost of products sold | 73 | 2 | 197 | 499 |
Purchases | 2 | 3 | 19 | 5 |
Sales | (5) | (3) | (25) | (11) |
Settlements | (123) | (247) | (289) | (392) |
Transfers into Level 3 | 35 | 33 | 108 | 115 |
Transfers out of Level 3 | (3) | (167) | (17) | (212) |
Balance at end of period | 165 | 133 | 165 | 133 |
Significant Unobservable Inputs (Level 3) [Member] | Inventory Related Payables [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 32 | 12 | 30 | 16 |
Total increase (decrease) in unrealized losses included in cost of products sold | (9) | 3 | (4) | 5 |
Purchases | 2 | 3 | 19 | 5 |
Sales | (5) | (3) | (25) | (11) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | 20 | 15 | 20 | 15 |
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Losses [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 154 | 500 | 142 | 113 |
Total increase (decrease) in unrealized losses included in cost of products sold | 82 | (1) | 201 | 494 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (123) | (247) | (289) | (392) |
Transfers into Level 3 | 35 | 33 | 108 | 115 |
Transfers out of Level 3 | (3) | (167) | (17) | (212) |
Balance at end of period | $ 145 | $ 118 | $ 145 | $ 118 |
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] |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventory Related Payables [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 62.70% | 67.10% |
Transportation cost | 0.00% | 0.00% |
Commodity Derivative Contracts Losses [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 21.30% | 27.00% |
Transportation cost | 12.30% | 13.40% |
Inventories Carried At Market [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 16.20% | 16.50% |
Transportation cost | 18.20% | 8.30% |
Commodity Derivative Contracts Gains [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 22.30% | 16.90% |
Transportation cost | 12.90% | 11.60% |
Derivative Instruments and Hedging Activities (Narrative) (Details) € in Millions, gal in Millions, bu in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
gal
|
Sep. 30, 2017
USD ($)
bu
gal
|
Sep. 30, 2017
EUR (€)
gal
|
Dec. 31, 2016
USD ($)
|
Jun. 24, 2015
EUR (€)
|
|
Derivative [Line Items] | |||||
Corn processed per month (in bushels) | bu | 72 | ||||
Debt amount designated as a net investment hedge | € | € 1,100 | ||||
Derivatives used in Net Investment Hedge, Net of Tax | $ 47 | $ 47 | |||
Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Derivative Assets, at Fair Value | 2 | 2 | $ 11 | ||
Unrealized Gain (Loss) on Price Risk Cash Flow Hedges, after Tax, Accumulated Other Comprehensive Income | (12) | (12) | |||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 | $ 0 | ||
After-tax gains (losses) in AOCI from commodity cash flow hedge transactions | $ (12) | $ (12) | |||
Floating Rate Notes Euros [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Face Amount | € | € 500 | ||||
1.75% Notes Euros [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Face Amount | € | € 600 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | ||||
Corn [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Hedged Item Time Period | 12 months | ||||
Corn [Member] | Minimum [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent) | 19.00% | ||||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 6.00% | 6.00% | 6.00% | ||
Corn [Member] | Maximum [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent) | 62.00% | ||||
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent) | 41.00% | 41.00% | 41.00% | ||
Ethanol [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative Hedged Item Time Period | 12 months | ||||
Ethanol [Member] | Minimum [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Commodity hedged during historical hedging period, (in gallons) | gal | 1 | ||||
Commodity hedged over future hedging period, (in gallons) | gal | 0 | 0 | 0 | ||
Ethanol [Member] | Maximum [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Commodity hedged during historical hedging period, (in gallons) | gal | 66 | ||||
Commodity hedged over future hedging period, (in gallons) | gal | 1 | 1 | 1 |
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - Not Designated As Hedging Instrument [Member] - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
FX Contracts Assets | $ 81 | $ 102 |
Commodity Contracts Assets | 360 | 511 |
Total fair value of derivative assets not designated as hedging instruments | 441 | 613 |
FX Contracts Liabilities | 119 | 90 |
Commodity Contracts Liabilities | 445 | 561 |
Total fair value of derivative liabilities not designated as hedging instruments. | $ 564 | $ 651 |
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Derivative [Line Items] | ||||
Total gain (loss) recognized in earnings | $ 130 | $ 348 | ||
Not Designated As Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Total gain (loss) recognized in earnings | $ 546 | $ (143) | ||
Revenues [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | (8) | (19) | (16) | (32) |
Cost Of Products Sold [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | 52 | 1 | 82 | 263 |
Commodity Contracts | 34 | 369 | 294 | (266) |
Other Income (Expense) [Member] | ||||
Derivative [Line Items] | ||||
FX Contracts | $ 52 | $ (3) | $ 186 | $ (108) |
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $ 2 | $ 11 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Derivative Instruments in Hedges, Assets, at Fair Value | 2 | 11 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Total amount recognized in earnings | $ (19) | $ (51) | $ (13) | $ (97) |
Other Income (Expense) [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
FX Contracts effective amount recognized in earnings | 0 | (3) | (2) | (25) |
Interest Expense [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Interest contracts effective amount recognized in earnings | 0 | (2) | 0 | (2) |
Cost Of Products Sold [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Commodity Contracts effective amount recognized in earnings | (15) | (37) | (20) | (61) |
Commodity contracts ineffective amount recognized in earnings | (4) | 1 | 5 | 5 |
Revenues [Member] | ||||
Derivative Instruments, Gains (Loss) [Line Items] | ||||
Commodity Contracts effective amount recognized in earnings | 0 | (9) | 0 | (14) |
Commodity contracts ineffective amount recognized in earnings | $ 0 | $ (1) | $ 4 | $ 0 |
Marketable Securities (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | $ 0 | $ 1 |
Marketable Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | $ 0 | $ 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | (1) |
Available-for-sale Securities, Amortized Cost Basis | 468 | 484 |
Available-for-sale Securities | 468 | 483 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | |
Available-for-sale Equity Securities, Amortized Cost Basis | 1 | |
Available-for-sale Securities, Equity Securities | 1 | |
Short-term marketable securities [Member] | United States Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 259 | 287 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | 259 | 287 |
Short-term marketable securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 2 | 1 |
Available-for-sale Securities, Debt Securities | 2 | 1 |
Short-term marketable securities [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 8 | |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | |
Available-for-sale Securities, Debt Securities | 8 | |
Long-term marketable securities [Member] | United States Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 117 | 121 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | (1) |
Available-for-sale Securities, Debt Securities | 117 | 120 |
Long-term marketable securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 90 | 66 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | $ 90 | $ 66 |
Other Current Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Other Assets [Abstract] | |||||
Derivative Asset | $ 443 | $ 443 | $ 624 | ||
Deferred receivables consideration | 399 | 399 | 540 | ||
Receivables from Customers | 474 | 474 | 521 | ||
Financing Receivable, Net | 407 | 407 | 373 | ||
Premiums Receivable, Net | 137 | 137 | 648 | ||
Prepaid Expense, Current | 248 | 248 | 268 | ||
Tax receivables | 423 | 423 | 480 | ||
Other Receivables | 374 | 374 | 478 | ||
Other current assets | 179 | 179 | 451 | ||
Total other current assets | 3,084 | 3,084 | 4,383 | ||
Financing Receivable, Allowance for Credit Losses | 6 | 6 | 7 | ||
Interest on financing receivables | 6 | $ 5 | 18 | $ 17 | |
Reinsurance Recoverables | $ 75 | $ 75 | $ 223 |
Accrued Expenses And Other Payables (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Accrued Liabilities and Other Liabilities [Abstract] | ||
Derivative Liability | $ 564 | $ 651 |
Reinsurance Payable | 104 | 479 |
Liability for Claims and Claims Adjustment Expense | 260 | 373 |
Deferred Credits and Other Liabilities | 570 | 1,065 |
Accrued expenses and other payables | 1,050 | 1,414 |
Total accrued expenses and other payables | $ 2,548 | $ 3,982 |
Debt And Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 29, 2017 |
Sep. 14, 2017 |
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Debt And Financing Arrangements [Line Items] | ||||
Debt Instrument, Repurchase Date | Sep. 29, 2017 | |||
Extinguishment of Debt, Amount | $ 559 | |||
Gain (Loss) on Extinguishment of Debt | $ (11) | (11) | $ (11) | |
Excess of fair value over carrying value of long-term debt | 1,100 | 1,100 | ||
Line of Credit [Member] | ||||
Debt And Financing Arrangements [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,900 | 6,900 | ||
Unused lines of credit | 4,800 | 4,800 | ||
Commercial Paper [Member] | ||||
Debt And Financing Arrangements [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | 4,000 | ||
Unused lines of credit | 600 | 600 | ||
Accounts Receivable Securitization Facility [Member] | ||||
Debt And Financing Arrangements [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,700 | 1,700 | ||
Used lines of credit | $ 1,400 | $ 1,400 | ||
Notes Three Point Seventy-Five Percent Due in Two Thousand Forty-Seven [Member] | ||||
Debt And Financing Arrangements [Line Items] | ||||
Debt Instrument, Issuance Date | Sep. 14, 2017 | |||
Debt Instrument, Face Amount | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Debt Instrument, Maturity Date | Sep. 15, 2047 | |||
Proceeds from Issuance of Debt | $ 493 | |||
Notes Five Point Forty-Five Percent Due In Two Thousand Eighteen [Member] | ||||
Debt And Financing Arrangements [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |||
Debt Instrument, Maturity Date | Mar. 15, 2018 | |||
Extinguishment of Debt, Amount | $ 559 |
Income Taxes (Narrative) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
assessment
|
Sep. 30, 2016 |
Sep. 30, 2017
USD ($)
assessment
|
Sep. 30, 2016 |
|
Income Tax Contingency [Line Items] | ||||
Effective income tax rate | 13.30% | 28.30% | 24.00% | 27.70% |
Brazilian Federal Revenue Service [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Number of separate tax assessments | assessment | 3 | 3 | ||
Income tax assessment | $ 490 | $ 490 | ||
Argentine Tax Authorities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax assessment | 128 | 128 | ||
Estimated Additional Tax Assessment | 213 | 213 | ||
Tax and Customs Administration, Netherlands [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax assessment | $ 106 | $ 106 |
Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | $ (2,141) | $ (2,598) |
Other comprehensive income (loss) before reclassifications | 369 | 768 |
Amounts reclassified from AOCI | 29 | 64 |
Other comprehensive income (loss), tax, portion attributable to parent | (100) | (77) |
Other Comprehensive Income (Loss), Net of Tax | 298 | 755 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (1,843) | (1,843) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (1,684) | (2,102) |
Other comprehensive income (loss) before reclassifications | 244 | 626 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss), tax, portion attributable to parent | (40) | (4) |
Other Comprehensive Income (Loss), Net of Tax | 204 | 622 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (1,480) | (1,480) |
Deferred Gain (Loss) On Hedging Activities [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | 39 | 6 |
Other comprehensive income (loss) before reclassifications | (41) | (10) |
Amounts reclassified from AOCI | 15 | 22 |
Other comprehensive income (loss), tax, portion attributable to parent | 6 | 1 |
Other Comprehensive Income (Loss), Net of Tax | (20) | 13 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | 19 | 19 |
Pension Liability Adjustment [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | (510) | (521) |
Other comprehensive income (loss) before reclassifications | 160 | 151 |
Amounts reclassified from AOCI | 14 | 42 |
Other comprehensive income (loss), tax, portion attributable to parent | (66) | (74) |
Other Comprehensive Income (Loss), Net of Tax | 108 | 119 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | (402) | (402) |
Unrealized Gain (Loss) On Investments [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | 14 | 19 |
Other comprehensive income (loss) before reclassifications | 6 | 1 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive income (loss), tax, portion attributable to parent | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 6 | 1 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | $ 20 | $ 20 |
Accumulated Other Comprehensive Income (AOCI) Components (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Cost of Revenue | $ 14,015 | $ 14,742 | $ 42,191 | $ 43,237 |
Interest expense | 79 | 78 | 246 | 213 |
Other Income (Expense) | (4) | (4) | (13) | (138) |
Revenues | (14,827) | (15,832) | (44,758) | (45,845) |
Asset impairment, exit, and restructuring costs | 107 | 11 | 140 | 36 |
Earnings Before Income Taxes | (225) | (480) | (1,066) | (1,193) |
Tax | (30) | (136) | (256) | (331) |
Net Earnings Including Noncontrolling Interests | (195) | (344) | (810) | (862) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Income (Expense) | 0 | 2 | 0 | 75 |
Tax | 0 | 0 | 0 | 0 |
Net Earnings Including Noncontrolling Interests | 0 | 2 | 0 | 75 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Cost of Revenue | 15 | 37 | 20 | 61 |
Interest expense | 0 | 2 | 0 | 2 |
Other Income (Expense) | 0 | 3 | 2 | 25 |
Revenues | 0 | 9 | 0 | 14 |
Earnings Before Income Taxes | 15 | 51 | 22 | 102 |
Tax | 5 | 19 | 8 | 38 |
Net Earnings Including Noncontrolling Interests | 10 | 32 | 14 | 64 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Earnings Before Income Taxes | 14 | 10 | 42 | 32 |
Tax | 5 | 4 | 15 | 7 |
Net Earnings Including Noncontrolling Interests | 9 | 6 | 27 | 25 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized (Gain) Loss On Investments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Asset impairment, exit, and restructuring costs | 0 | 6 | 0 | 6 |
Tax | 0 | 0 | 0 | 0 |
Net Earnings Including Noncontrolling Interests | 0 | 6 | 0 | 6 |
Selling, General and Administrative Expenses [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Prior Service Cost (Credit) | (2) | (5) | (8) | (12) |
Actuarial Losses | $ 16 | $ 15 | $ 50 | $ 44 |
Other (Income) Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 29, 2017 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Income and Expenses [Line Items] | |||||
Extinguishment of Debt, Amount | $ 559 | ||||
Gain (Loss) on Sale/Revaluation of Assets/NCI | 15 | $ (7) | $ 66 | $ 117 | |
Gain (Loss) on Extinguishment of Debt | $ 11 | 11 | 11 | ||
Other (income) expense - net | 0 | (11) | 42 | (21) | |
Other Income (Expense) | $ (4) | $ (4) | $ (13) | $ (138) |
Segment Information (Narrative) (Details) - segment |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 4 | |
Wilmar International Limited [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity Method Investment, Ownership Percentage | 24.90% | 23.20% |
GrainCorp [Member] | ||
Segment Reporting Information [Line Items] | ||
Investment, Ownership Percentage | 19.80% | |
Agricultural Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |
Corn Processing [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 89.00% |
Segment Information (Segment Information) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Segment Information | ||||
Revenues | $ 14,827 | $ 15,832 | $ 44,758 | $ 45,845 |
Earnings Before Income Taxes | 225 | 480 | 1,066 | 1,193 |
Agricultural Services [Member] | ||||
Segment Information | ||||
Revenues | 6,075 | 6,960 | 18,729 | 19,827 |
Earnings Before Income Taxes | 87 | 195 | 284 | 328 |
Merchandising and handling [Member] | ||||
Segment Information | ||||
Revenues | 5,265 | 6,146 | 16,434 | 17,331 |
Transportation [Member] | ||||
Segment Information | ||||
Revenues | 53 | 60 | 154 | 171 |
Milling and other [Member] | ||||
Segment Information | ||||
Revenues | 757 | 754 | 2,141 | 2,325 |
Corn Processing [Member] | ||||
Segment Information | ||||
Revenues | 2,325 | 2,391 | 6,843 | 6,950 |
Earnings Before Income Taxes | 253 | 214 | 648 | 506 |
Sweeteners and starches [Member] | ||||
Segment Information | ||||
Revenues | 1,087 | 1,057 | 3,192 | 3,061 |
Bioproducts [Member] | ||||
Segment Information | ||||
Revenues | 1,238 | 1,334 | 3,651 | 3,889 |
Oilseeds Processing [Member] | ||||
Segment Information | ||||
Revenues | 5,752 | 5,775 | 17,106 | 16,871 |
Earnings Before Income Taxes | 119 | 145 | 639 | 641 |
Crushing and origination [Member] | ||||
Segment Information | ||||
Revenues | 3,665 | 3,660 | 10,850 | 10,799 |
Refining, packaging, biodiesel, and other [Member] | ||||
Segment Information | ||||
Revenues | 2,025 | 2,042 | 6,064 | 5,852 |
Asia [Member] | ||||
Segment Information | ||||
Revenues | 62 | 73 | 192 | 220 |
Wild Flavors and Specialty Ingredients [Member] | ||||
Segment Information | ||||
Revenues | 577 | 611 | 1,787 | 1,883 |
Earnings Before Income Taxes | 61 | 73 | 228 | 237 |
Other [Member] | ||||
Segment Information | ||||
Revenues | 98 | 95 | 293 | 314 |
Earnings Before Income Taxes | 21 | 23 | 78 | 84 |
Aggregate Segment [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | 485 | 645 | 1,803 | 1,898 |
Corporate Segment [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | (260) | (165) | (737) | (705) |
Operating Segments [Member] | Agricultural Services [Member] | ||||
Segment Information | ||||
Revenues | 7,022 | 7,953 | 21,351 | 22,486 |
Operating Segments [Member] | Corn Processing [Member] | ||||
Segment Information | ||||
Revenues | 2,517 | 2,630 | 7,318 | 7,570 |
Operating Segments [Member] | Oilseeds Processing [Member] | ||||
Segment Information | ||||
Revenues | 6,797 | 6,498 | 20,109 | 19,418 |
Operating Segments [Member] | Wild Flavors and Specialty Ingredients [Member] | ||||
Segment Information | ||||
Revenues | 586 | 614 | 1,809 | 1,893 |
Operating Segments [Member] | Other [Member] | ||||
Segment Information | ||||
Revenues | 98 | 95 | 293 | 314 |
Intersegment Elimination [Member] | ||||
Segment Information | ||||
Revenues | (2,193) | (1,958) | (6,122) | (5,836) |
Intersegment Elimination [Member] | Agricultural Services [Member] | ||||
Segment Information | ||||
Revenues | (947) | (993) | (2,622) | (2,659) |
Intersegment Elimination [Member] | Corn Processing [Member] | ||||
Segment Information | ||||
Revenues | (192) | (239) | (475) | (620) |
Intersegment Elimination [Member] | Oilseeds Processing [Member] | ||||
Segment Information | ||||
Revenues | (1,045) | (723) | (3,003) | (2,547) |
Intersegment Elimination [Member] | Wild Flavors and Specialty Ingredients [Member] | ||||
Segment Information | ||||
Revenues | (9) | (3) | (22) | (10) |
Other Income (Expense) [Member] | Segment Reconciling Items [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | 12 | (4) | 20 | 114 |
Asset impairment, restructuring, and settlement [Member] | Segment Reconciling Items [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | (63) | (4) | (98) | (16) |
Cost Of Products Sold [Member] | Segment Reconciling Items [Member] | ||||
Segment Information | ||||
Earnings Before Income Taxes | $ (5) | $ 3 | $ 4 | $ 4 |
Asset Impairment, Exit, and Restructuring Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset impairment, exit, and restructuring costs | $ 107 | $ 11 | $ 140 | $ 36 |
Asset Impairment Charges | 63 | |||
Restructuring Charges | $ 44 | 47 | ||
Restructuring Costs and Asset Impairment Charges | 5 | 30 | 14 | |
Corn Processing [Member] | ||||
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset Impairment Charges | $ 63 | 5 | ||
Corporate Segment [Member] | ||||
Asset Impairment Charges And Exit Costs [Line Items] | ||||
Asset Impairment Charges | $ 6 | $ 17 |
Sale of Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | $ 1,800 | $ 1,800 | $ 1,600 | ||
Proceeds from Sale and Collection of Receivables | 24,300 | $ 24,400 | |||
Collections applied to deferred consideration | 24,300 | 23,900 | |||
Proceeds from transfer of receivables | 1,400 | 1,400 | 1,000 | ||
Deferred receivables consideration | 399 | 399 | $ 540 | ||
Loss on transfer of accounts receivables to purchasers | 2 | $ 2 | 7 | $ 4 | |
Accounts Receivable Securitization Facility [Member] | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,700 | 1,700 | |||
Purchasers [Member] | Accounts Receivable Securitization Facility [Member] | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 | 1,200 | |||
Second Purchasers [Member] | Accounts Receivable Securitization Facility [Member] | |||||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 500 |
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