x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Delaware
|
41-0129150
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.
R. S. Employer
Identification
No.)
|
4666
Faries Parkway Box 1470
Decatur,
Illinois
(Address
of principal executive offices)
|
62525
(Zip
Code)
|
(217)
424-5200
|
|
(Registrant's
telephone number, including area
code)
|
THREE
MONTHS ENDED
|
|||||||
|
|
DECEMBER
31,
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands, except
|
|||||
|
|
per
share amounts)
|
|||||
Net
sales and other operating income
|
$
|
10,976,039
|
$
|
9,298,985
|
|||
Cost
of products sold
|
10,068,119
|
8,515,517
|
|||||
Gross
Profit
|
907,920
|
783,468
|
|||||
Selling,
general and administrative expenses
|
298,211
|
294,392
|
|||||
Other
(income) expense - net
|
(19,018
|
)
|
(17,628
|
)
|
|||
Earnings
Before Income Taxes
|
628,727
|
506,704
|
|||||
Income
taxes
|
187,459
|
139,027
|
|||||
Net
Earnings
|
$
|
441,268
|
$
|
367,677
|
|||
Average
number of shares outstanding - basic
|
656,563
|
653,270
|
|||||
Average
number of shares outstanding - diluted
|
660,548
|
655,508
|
|||||
Basic
and diluted earnings per common share
|
$
|
.67
|
$
|
.56
|
|||
Dividends
per common share
|
$
|
.10
|
$
|
.085
|
SIX
MONTHS ENDED
|
|||||||
|
|
DECEMBER
31,
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands, except
|
|||||
|
|
per
share amounts)
|
|||||
Net
sales and other operating income
|
$
|
20,422,961
|
$
|
17,925,934
|
|||
Cost
of products sold
|
18,649,463
|
16,559,755
|
|||||
Gross
Profit
|
1,773,498
|
1,366,179
|
|||||
Selling,
general and administrative expenses
|
608,046
|
598,847
|
|||||
Other
(income) expense - net
|
(38,528
|
)
|
(13,104
|
)
|
|||
Earnings
Before Income Taxes
|
1,203,980
|
780,436
|
|||||
Income
taxes
|
359,967
|
226,421
|
|||||
Net
Earnings
|
$
|
844,013
|
$
|
554,015
|
|||
Average
number of shares outstanding - basic
|
656,586
|
652,606
|
|||||
Average
number of shares outstanding - diluted
|
660,705
|
654,656
|
|||||
Basic
earnings per common share
|
$
|
1.29
|
$
|
.85
|
|||
Diluted
earnings per common share
|
$
|
1.28
|
$
|
.85
|
|||
Dividends
per common share
|
$
|
.20
|
$
|
.17
|
(Unaudited)
|
|
|
|
|
|||
|
|
|
DECEMBER
31,
|
|
|
JUNE
30,
|
|
|
|
|
2006
|
|
|
2006
|
|
|
|
(In
thousands)
|
|||||
ASSETS
|
|||||||
Current
Assets
|
|||||||
Cash
and cash equivalents
|
$
|
822,780
|
$
|
1,112,853
|
|||
Segregated
cash and investments
|
1,341,718
|
1,220,666
|
|||||
Receivables
|
5,978,888
|
4,471,201
|
|||||
Inventories
|
6,286,536
|
4,677,508
|
|||||
Other
assets
|
762,978
|
344,049
|
|||||
Total Current Assets
|
15,192,900
|
11,826,277
|
|||||
Investments
and Other Assets
|
|||||||
Investments
in and advances to affiliates
|
1,980,163
|
1,985,662
|
|||||
Long-term
marketable securities
|
1,098,424
|
1,110,177
|
|||||
Goodwill
|
319,799
|
322,292
|
|||||
Other
assets
|
756,558
|
731,590
|
|||||
4,154,944
|
4,149,721
|
||||||
Property,
Plant, and Equipment
|
|||||||
Land
|
219,994
|
214,091
|
|||||
Buildings
|
2,871,051
|
2,774,164
|
|||||
Machinery
and equipment
|
11,602,721
|
11,131,992
|
|||||
Construction
in progress
|
619,788
|
430,997
|
|||||
15,313,554
|
14,551,244
|
||||||
Accumulated
depreciation
|
(9,615,784
|
)
|
(9,258,212
|
)
|
|||
5,697,770
|
5,293,032
|
||||||
$
|
25,045,614
|
$
|
21,269,030
|
(Unaudited)
|
|
|
|
|
|||
|
|
|
DECEMBER
31,
|
|
|
JUNE
30,
|
|
|
|
|
2006
|
|
|
2006
|
|
|
|
(In
thousands)
|
|||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
|||||||
Current
Liabilities
|
|||||||
Short-term
debt
|
$
|
1,746,245
|
$
|
549,419
|
|||
Accounts
payable
|
5,175,348
|
4,014,392
|
|||||
Accrued
expenses
|
1,994,626
|
1,521,188
|
|||||
Current
maturities of long-term debt
|
66,355
|
79,768
|
|||||
Total
Current Liabilities
|
8,982,574
|
6,164,767
|
|||||
Long-Term
Liabilities
|
|||||||
Long-term
debt
|
4,011,194
|
4,050,323
|
|||||
Deferred
income taxes
|
743,128
|
756,600
|
|||||
Other
|
536,034
|
490,460
|
|||||
5,290,356
|
5,297,383
|
||||||
Shareholders'
Equity
|
|||||||
Common
stock
|
5,457,649
|
5,511,019
|
|||||
Reinvested
earnings
|
4,793,889
|
4,081,490
|
|||||
Accumulated
other comprehensive income
|
521,146
|
214,371
|
|||||
10,772,684
|
9,806,880
|
||||||
$
|
25,045,614
|
$
|
21,269,030
|
SIX
MONTHS ENDED
|
|||||||
|
|
DECEMBER
31,
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands)
|
|||||
Operating
Activities
|
|||||||
Net
earnings
|
$
|
844,013
|
$
|
554,015
|
|||
Adjustments
to reconcile net earnings to net cash provided by
|
|||||||
(used
in) operating activities
|
|||||||
Depreciation
|
344,929
|
327,265
|
|||||
Asset
abandonments
|
1,393
|
22,725
|
|||||
Deferred
income taxes
|
26,248
|
(118,076
|
)
|
||||
Gain
on marketable securities transactions
|
(10,759
|
)
|
(28,234
|
)
|
|||
Equity
in earnings of affiliates, net of dividends
|
(78,484
|
)
|
(37,498
|
)
|
|||
Stock
contributed to employee benefit plans
|
13,367
|
12,284
|
|||||
Pension
and postretirement accruals (contributions), net
|
26,639
|
(100,542
|
)
|
||||
Other
- net
|
83,678
|
44,283
|
|||||
Changes
in operating assets and liabilities
|
|||||||
Segregated
cash and investments
|
(112,755
|
)
|
(91,251
|
)
|
|||
Receivables
|
(812,327
|
)
|
7,612
|
||||
Inventories
|
(1,625,622
|
)
|
(493,139
|
)
|
|||
Other
assets
|
(152,124
|
)
|
(111,775
|
)
|
|||
Accounts
payable and accrued expenses
|
1,155,566
|
756,530
|
|||||
Total
Operating Activities
|
(296,238
|
)
|
744,199
|
||||
Investing
Activities
|
|||||||
Purchases
of property, plant, and equipment
|
(560,035
|
)
|
(318,450
|
)
|
|||
Proceeds
from sales of property, plant, and equipment
|
20,439
|
12,140
|
|||||
Net
assets of businesses acquired
|
(54,795
|
)
|
(91,911
|
)
|
|||
Investments
in and advances to affiliates
|
(46,307
|
)
|
(94,712
|
)
|
|||
Distributions
from affiliates, excluding dividends
|
81,485
|
29,031
|
|||||
Purchases
of marketable securities
|
(485,363
|
)
|
(524,355
|
)
|
|||
Proceeds
from sales of marketable securities
|
228,602
|
202,738
|
|||||
Other
- net
|
(3,123
|
)
|
(5,667
|
)
|
|||
Total
Investing Activities
|
(819,097
|
)
|
(791,186
|
)
|
|||
Financing
Activities
|
|||||||
Long-term
debt borrowings
|
15,424
|
598,624
|
|||||
Long-term
debt payments
|
(129,678
|
)
|
(121,799
|
)
|
|||
Net
borrowings (payments) under line of credit agreements
|
1,180,394
|
(27,488
|
)
|
||||
Purchases
of treasury stock
|
(135,984
|
)
|
(29
|
)
|
|||
Cash
dividends
|
(131,453
|
)
|
(111,021
|
)
|
|||
Other
- net
|
26,559
|
10,146
|
|||||
Total
Financing Activities
|
825,262
|
348,433
|
|||||
Increase
(Decrease) In Cash and Cash Equivalents
|
(290,073
|
)
|
301,446
|
||||
Cash
and Cash Equivalents-Beginning of Period
|
1,112,853
|
522,420
|
|||||
Cash
and Cash Equivalents-End of Period
|
$
|
822,780
|
$
|
823,866
|
|||
THREE
MONTHS ENDED
|
SIX
MONTHS ENDED
|
||||||||||||
|
|
DECEMBER
31,
|
DECEMBER
31,
|
||||||||||
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands)
|
|||||||||||
Net
earnings
|
$
|
441,268
|
$
|
367,677
|
$
|
844,013
|
$
|
554,015
|
|||||
Net
change in unrealized gain
|
|||||||||||||
(loss)
on investments
|
7,296
|
(46,725
|
)
|
15,067
|
(58,442
|
)
|
|||||||
Deferred
gain (loss) on hedging
|
|||||||||||||
activities
|
78,890
|
(35,644
|
)
|
127,144
|
24,760
|
||||||||
Minimum
pension
|
|||||||||||||
liability
adjustment
|
(437
|
)
|
279
|
(323
|
)
|
383
|
|||||||
Foreign
currency translation
|
|||||||||||||
adjustment
|
135,940
|
(32,584
|
)
|
164,887
|
(39,705
|
)
|
|||||||
Comprehensive
income
|
$
|
662,957
|
$
|
253,003
|
$
|
1,150,788
|
$
|
481,011
|
THREE
MONTHS ENDED
|
SIX
MONTHS ENDED
|
||||||||||||
|
|
DECEMBER
31,
|
DECEMBER
31,
|
||||||||||
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands)
|
|||||||||||
Interest
expense
|
$
|
111,071
|
$
|
86,609
|
$
|
208,122
|
$
|
172,898
|
|||||
Investment
income
|
(64,622
|
)
|
(60,074
|
)
|
(125,331
|
)
|
(97,848
|
)
|
|||||
Net
gain on marketable
|
|||||||||||||
securities
transactions
|
(6,487
|
)
|
(22,975
|
)
|
(10,760
|
)
|
(28,234
|
)
|
|||||
Equity
in earnings of affiliates
|
(65,986
|
)
|
(22,994
|
)
|
(122,601
|
)
|
(58,674
|
)
|
|||||
Other
- net
|
7,006
|
1,806
|
12,042
|
(1,246
|
)
|
||||||||
$
|
(19,018
|
)
|
$
|
(17,628
|
)
|
$
|
(38,528
|
)
|
$
|
(13,104
|
)
|
Pension
Benefits
|
|||||||||||||
|
|
THREE
MONTHS ENDED
|
SIX
MONTHS ENDED
|
||||||||||
|
|
DECEMBER
31,
|
DECEMBER
31,
|
||||||||||
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands)
|
|||||||||||
Service
cost (benefits earned during the period)
|
$
|
15,358
|
$
|
23,619
|
$
|
30,716
|
$
|
38,249
|
|||||
Interest
cost
|
23,100
|
21,428
|
46,200
|
42,857
|
|||||||||
Expected
return on plan assets
|
(25,303
|
)
|
(20,075
|
)
|
(50,606
|
)
|
(40,151
|
)
|
|||||
Actuarial
loss
|
4,858
|
8,749
|
9,716
|
17,498
|
|||||||||
Net
amortization
|
1,561
|
1,432
|
3,122
|
2,610
|
|||||||||
Net
periodic defined benefit plan expense
|
$
|
19,574
|
$
|
35,153
|
$
|
39,148
|
$
|
61,063
|
|||||
Postretirement
Benefits
|
|||||||||||||
|
|
THREE
MONTHS ENDED
|
SIX
MONTHS ENDED
|
||||||||||
|
|
DECEMBER
31,
|
DECEMBER
31,
|
||||||||||
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands)
|
|||||||||||
Service
cost (benefits earned during the period)
|
$
|
1,756
|
$
|
1,665
|
$
|
3,512
|
$
|
3,330
|
|||||
Interest
cost
|
2,435
|
2,131
|
4,870
|
4,262
|
|||||||||
Expected
return on plan assets
|
-
|
-
|
-
|
-
|
|||||||||
Actuarial
loss
|
159
|
107
|
318
|
214
|
|||||||||
Net
amortization
|
(279
|
)
|
(279
|
)
|
(558
|
)
|
(558
|
)
|
|||||
Net
periodic defined benefit plan expense
|
$
|
4,071
|
$
|
3,624
|
$
|
8,142
|
$
|
7,248
|
THREE
MONTHS ENDED
|
SIX
MONTHS ENDED
|
||||||||||||
|
|
DECEMBER
31,
|
DECEMBER
31,
|
||||||||||
|
|
|
2006
|
|
|
2005
|
|
|
2006
|
|
|
2005
|
|
|
|
(In
thousands)
|
|||||||||||
Sales
to external customers
|
|||||||||||||
Oilseeds
Processing
|
$
|
3,349,449
|
$
|
2,933,162
|
$
|
6,583,239
|
$
|
5,922,128
|
|||||
Corn
Processing
|
1,324,724
|
1,142,388
|
2,585,614
|
2,302,601
|
|||||||||
Agricultural
Services
|
5,021,129
|
4,067,181
|
8,836,225
|
7,421,140
|
|||||||||
Other
|
1,280,737
|
1,156,254
|
2,417,883
|
2,280,065
|
|||||||||
Total
|
$
|
10,976,039
|
$
|
9,298,985
|
$
|
20,422,961
|
$
|
17,925,934
|
|||||
Intersegment
sales
|
|||||||||||||
Oilseeds
Processing
|
$
|
113,265
|
$
|
40,257
|
$
|
218,090
|
$
|
81,179
|
|||||
Corn
Processing
|
89,911
|
103,466
|
166,174
|
192,114
|
|||||||||
Agricultural
Services
|
560,156
|
282,307
|
865,848
|
593,774
|
|||||||||
Other
|
30,606
|
29,340
|
60,794
|
56,929
|
|||||||||
Total
|
$
|
793,938
|
$
|
455,370
|
$
|
1,310,906
|
$
|
923,996
|
|||||
Net
sales
|
|||||||||||||
Oilseeds
Processing
|
$
|
3,462,714
|
$
|
2,973,419
|
$
|
6,801,329
|
$
|
6,003,307
|
|||||
Corn
Processing
|
1,414,635
|
1,245,854
|
2,751,788
|
2,494,715
|
|||||||||
Agricultural
Services
|
5,581,285
|
4,349,488
|
9,702,073
|
8,014,914
|
|||||||||
Other
|
1,311,343
|
1,185,594
|
2,478,677
|
2,336,994
|
|||||||||
Intersegment
elimination
|
(793,938
|
)
|
(455,370
|
)
|
(1,310,906
|
)
|
(923,996
|
)
|
|||||
Total
|
$
|
10,976,039
|
$
|
9,298,985
|
$
|
20,422,961
|
$
|
17,925,934
|
|||||
Segment
operating profit
|
|||||||||||||
Oilseeds
Processing
|
$
|
192,005
|
$
|
128,077
|
$
|
361,650
|
$
|
227,192
|
|||||
Corn
Processing
|
335,460
|
236,532
|
625,958
|
372,790
|
|||||||||
Agricultural
Services
|
122,836
|
93,606
|
234,135
|
113,615
|
|||||||||
Other
|
116,736
|
65,680
|
193,228
|
160,816
|
|||||||||
Total
segment operating profit
|
767,037
|
523,895
|
1,414,971
|
874,413
|
|||||||||
Corporate
|
(138,310
|
)
|
(17,191
|
)
|
(210,991
|
)
|
(93,977
|
)
|
|||||
Earnings
before income taxes
|
$
|
628,727
|
$
|
506,704
|
$
|
1,203,980
|
$
|
780,436
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
THREE
MONTHS ENDED
|
|
|
|
|||||||
|
|
DECEMBER
31,
|
|
|
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
Change
|
|
|
|
(In
thousands)
|
||||||||
Oilseeds
Processing
|
$
|
3,349,449
|
$
|
2,933,162
|
$
|
416,287
|
||||
Corn
Processing
|
||||||||||
Sweeteners
and Starches
|
531,834
|
481,831
|
50,003
|
|||||||
Bioproducts
|
792,890
|
660,557
|
132,333
|
|||||||
Total
Corn Processing
|
1,324,724
|
1,142,388
|
182,336
|
|||||||
Agricultural
Services
|
5,021,129
|
4,067,181
|
953,948
|
|||||||
Other
|
||||||||||
Food,
Feed and Industrial
|
1,259,183
|
1,139,343
|
119,840
|
|||||||
Financial
|
21,554
|
16,911
|
4,643
|
|||||||
Total
Other
|
1,280,737
|
1,156,254
|
124,483
|
|||||||
Total
|
$
|
10,976,039
|
$
|
9,298,985
|
$
|
1,677,054
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
THREE
MONTHS ENDED
|
|
|
|
|||||||
|
|
DECEMBER
31,
|
|
|
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
Change
|
|
|
|
(In
thousands)
|
||||||||
Oilseeds
Processing
|
$
|
192,005
|
$
|
128,077
|
$
|
63,928
|
||||
Corn
Processing
|
||||||||||
Sweeteners
and Starches
|
146,188
|
114,043
|
32,145
|
|||||||
Bioproducts
|
189,272
|
122,489
|
66,783
|
|||||||
Total
Corn Processing
|
335,460
|
236,532
|
98,928
|
|||||||
Agricultural
Services
|
122,836
|
93,606
|
29,230
|
|||||||
Other
|
||||||||||
Food,
Feed and Industrial
|
53,209
|
34,902
|
18,307
|
|||||||
Financial
|
63,527
|
30,778
|
32,749
|
|||||||
Total
Other
|
116,736
|
65,680
|
51,056
|
|||||||
Total
Segment Operating Profit
|
767,037
|
523,895
|
243,142
|
|||||||
Corporate
|
(138,310
|
)
|
(17,191
|
)
|
(121,119
|
)
|
||||
Earnings
Before Income Taxes
|
$
|
628,727
|
$
|
506,704
|
$
|
122,023
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
SIX
MONTHS ENDED
|
|
|
|
|||||||
|
|
DECEMBER
31,
|
|
|
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
Change
|
|
|
|
(In
thousands)
|
||||||||
Oilseeds
Processing
|
$
|
6,583,239
|
$
|
5,922,128
|
$
|
661,111
|
||||
Corn
Processing
|
||||||||||
Sweeteners
and Starches
|
1,070,815
|
984,918
|
85,897
|
|||||||
Bioproducts
|
1,514,799
|
1,317,683
|
197,116
|
|||||||
Total
Corn Processing
|
2,585,614
|
2,302,601
|
283,013
|
|||||||
Agricultural
Services
|
8,836,225
|
7,421,140
|
1,415,085
|
|||||||
Other
|
||||||||||
Food,
Feed and Industrial
|
2,372,662
|
2,247,224
|
125,438
|
|||||||
Financial
|
45,221
|
32,841
|
12,380
|
|||||||
Total
Other
|
2,417,883
|
2,280,065
|
137,818
|
|||||||
Total
|
$
|
20,422,961
|
$
|
17,925,934
|
$
|
2,497,027
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
SIX
MONTHS ENDED
|
|
|
|
|||||||
|
|
DECEMBER
31,
|
|
|
|
|||||
|
|
|
2006
|
|
|
2005
|
|
|
Change
|
|
|
|
(In
thousands)
|
||||||||
Oilseeds
Processing
|
$
|
361,650
|
$
|
227,192
|
$
|
134,458
|
||||
Corn
Processing
|
||||||||||
Sweeteners
and Starches
|
259,102
|
206,524
|
52,578
|
|||||||
Bioproducts
|
366,856
|
166,266
|
200,590
|
|||||||
Total
Corn Processing
|
625,958
|
372,790
|
253,168
|
|||||||
Agricultural
Services
|
234,135
|
113,615
|
120,520
|
|||||||
Other
|
||||||||||
Food,
Feed and Industrial
|
91,378
|
104,131
|
(12,753
|
)
|
||||||
Financial
|
101,850
|
56,685
|
45,165
|
|||||||
Total
Other
|
193,228
|
160,816
|
32,412
|
|||||||
Total
Segment Operating Profit
|
1,414,971
|
874,413
|
540,558
|
|||||||
Corporate
|
(210,991
|
)
|
(93,977
|
)
|
(117,014
|
)
|
||||
Earnings
Before Income Taxes
|
$
|
1,203,980
|
$
|
780,436
|
$
|
423,544
|
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)
|
DECEMBER
31, 2006
|
JUNE
30, 2006
|
||||||||||||
|
|
|
Fair
Value
|
|
|
Market
Risk
|
|
|
Fair
Value
|
|
|
Market
Risk
|
|
|
|
(in
millions)
|
|||||||||||
Highest
long position
|
$
|
682
|
$
|
68
|
$
|
510
|
$
|
51
|
|||||
Highest
short position
|
278
|
28
|
574
|
57
|
|||||||||
Average
position - long (short)
|
287
|
29
|
(203
|
)
|
(20
|
)
|
ITEM
1.
|
LEGAL
PROCEEDINGS
|
ITEM
1A.
|
RISK
FACTORS
|
ITEM
2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
|
|
|
|
|
|
|
Total
Number of
|
|
Number
of Shares
|
||||||||
|
|
|
Total
Number
|
|
|
Average
|
|
|
Shares
Purchased as
|
|
Remaining
that May be
|
|||||
|
|
|
of
Shares
|
|
|
Price
Paid
|
|
|
Part
of Publicly
|
|
Purchased
Under the
|
|||||
Period
|
|
|
Purchased
(1)
|
|
|
per
Share
|
|
|
Announced
Program (2)
|
|
Program
(2)
|
|||||
October
1, 2006 to
|
||||||||||||||||
October
31, 2006
|
304,174
|
$
|
36.93
|
273
|
92,863,061
|
|||||||||||
November
1, 2006 to
|
||||||||||||||||
November
30, 2006
|
1,051,816
|
33.62
|
1,047,445
|
91,815,616
|
||||||||||||
December
1, 2006 to
|
||||||||||||||||
December
31, 2006
|
3,105,519
|
32.52
|
3,097,009
|
88,718,607
|
||||||||||||
Total
|
4,461,509
|
$
|
33.08
|
4,144,727
|
88,718,607
|
(1)
|
Total shares purchased represents those shares purchased as part of the Company’s publicly announced share repurchase program described below, shares received as payment of the exercise price for stock option exercises, and shares received as payment of the withholding taxes on vested restricted stock grants. |
(2)
|
On November 4, 2004, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2005 and ending December 31, 2009. |
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS
|
Nominee
|
Shares
Cast For
|
Shares
Withheld
|
|
|
|||
G.
A. Andreas
|
549,008,476
|
23,681,263
|
|
A.
L. Boeckmann
|
551,055,354
|
21,634,385
|
|
M.
H. Carter
|
383,077,036
|
189,612,703
|
|
R.
S. Joslin
|
535,963,289
|
36,726,450
|
|
A.
Maciel
|
559,965,357
|
12,724,382
|
|
P.
J. Moore
|
552,549,529
|
20,140,210
|
|
M.
B. Mulroney
|
534,456,858
|
38,232,881
|
|
T.
F. O’Neill
|
534,013,079
|
38,676,660
|
|
O.
G. Webb
|
367,090,965
|
205,598,774
|
|
K.
R. Westbrook
|
548,619,719
|
24,070,020
|
|
P.
A. Woertz
|
551,356,837
|
21,332,902
|
The Stockholder’s Proposal No. 1 (Labeling Genetically Engineered Food) was defeated as follows: |
For
|
Against
|
Abstain
|
32,325,360
|
417,072,901
|
40,177,202
|
The Stockholder’s Proposal No. 2 (Code of Conduct Regarding Global Human Rights Standards) was defeated as follows: |
For
|
Against
|
Abstain
|
118,097,442
|
325,510,551
|
45,967,470
|
ITEM
6.
|
EXHIBITS
|
(3)(i)
|
Composite
Certificate of Incorporation, as amended, filed on November 13,
2001 as
Exhibit 3(i) to Form 10-Q for the quarter ended September 30, 2001
(File
No. 1-44), is incorporated herein by
reference.
|
(ii)
|
Bylaws,
as amended, filed on February 6, 2007 as Exhibit 3(ii) to Form 8-K
(File No. 1-44), are incorporated herein by reference.
|
(4)
|
Indenture
dated as of September 20, 2006 between the Company and JP Morgan
Chase
Bank, filed on September 22, 2006 as Exhibit 4 to Form S-3 (File
No.
333-137541), is incorporated herein by
reference.
|
(31.1)
|
Certification
of Chief Executive Officer pursuant to Rule 13a - 14(a) and Rule
15d-14(a)
of the Securities Exchange Act, as
amended.
|
(31.2)
|
Certification
of Chief Financial Officer pursuant to Rule 13a - 14(a) and Rule
15d-14(a)
of the Securities Exchange Act, as
amended.
|
(32.1)
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted
pursuant
to Section 906 of the Sarbanes-Oxley Act of
2002.
|
(32.2)
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted
pursuant
to Section 906 of the Sarbanes-Oxley Act of
2002.
|
ARCHER-DANIELS-MIDLAND
COMPANY
|
||
/s/
D. J. Schmalz
|
||
D.
J. Schmalz
|
||
Senior
Vice President
|
||
and
Chief Financial Officer
|
||
/s/
D. J. Smith
|
||
D.
J. Smith
|
||
Executive
Vice President, Secretary and
|
||
General
Counsel
|