Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | ARCHER DANIELS MIDLAND CO | ||
Entity Central Index Key | 7084 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 634,287,854 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $28 |
Consolidated_Statements_Of_Ear
Consolidated Statements Of Earnings (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | |||||
Revenues | $46,729 | $45,208 | $81,201 | $89,804 | $89,038 |
Cost of products sold | 44,927 | 43,361 | 76,433 | 85,915 | 85,370 |
Gross Profit | 1,802 | 1,847 | 4,768 | 3,889 | 3,668 |
Selling, general and administrative expenses | 869 | 830 | 1,907 | 1,759 | 1,626 |
Asset impairment, exit, and restructuring costs | 146 | 352 | 105 | 259 | 449 |
Interest expense | 213 | 209 | 337 | 413 | 441 |
Equity in earnings of unconsolidated affiliates | -255 | -251 | -372 | -411 | -472 |
Interest income | -59 | -62 | -92 | -102 | -112 |
Other (income) expense - net | -109 | -12 | -247 | -53 | -29 |
Earnings Before Income Taxes | 997 | 781 | 3,130 | 2,024 | 1,765 |
Income taxes | 303 | 237 | 877 | 670 | 523 |
Net Earnings Including Noncontrolling Interests | 694 | 544 | 2,253 | 1,354 | 1,242 |
Less: Net earnings (losses) attributable to noncontrolling interests | 2 | 4 | 5 | 12 | 19 |
Net Earnings Attributable to Controlling Interests | $692 | $540 | $2,248 | $1,342 | $1,223 |
Average number of shares outstanding - basic | 660 | 669 | 653 | 661 | 665 |
Average number of shares outstanding - diluted | 661 | 670 | 656 | 663 | 666 |
Basic earnings per common share (dollars per share) | $1.05 | $0.81 | $3.44 | $2.03 | $1.84 |
Diluted earnings per common share (dollars per share) | $1.05 | $0.81 | $3.43 | $2.02 | $1.84 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | |||||
Net earnings including noncontrolling interests | $694 | $544 | $2,253 | $1,354 | $1,242 |
Other Comprehensive Income (Loss), Before tax | |||||
Foreign currency translation adjustment, before tax | 371 | -707 | -954 | 125 | -751 |
Pension and other postretirement benefit liabilities adjustment, before tax | 292 | 11 | -464 | 411 | -565 |
Deferred gain (loss) on hedging avtivities, before tax | -72 | 3 | 68 | 2 | 36 |
Unrealized gain (loss) on investments, before tax | -1 | -65 | -5 | 0 | -90 |
Other Comprehensive Income (Loss), Tax | |||||
Foreign currency translation adjustment, tax effect | -51 | 0 | 30 | 2 | 60 |
Pension and other postretirement benefit liabilities adjustment, tax effect | -100 | -3 | 164 | -154 | 202 |
Deferred gain (loss) on hedging activities, tax effect | 26 | -2 | -26 | -1 | -15 |
Unrealized gain (loss) on investments, tax effect | 0 | 24 | 2 | -1 | 34 |
Other Comprehensive Income (Loss), Net of Tax | |||||
Foreign currency translation adjustment, net of tax | 320 | -707 | -924 | 127 | -691 |
Pension and other postretirement benefit liabilities adjustment, net of tax | 192 | 8 | -300 | 257 | -363 |
Deferred gain (loss) on hedging activities, net of tax | -46 | 1 | 42 | 1 | 21 |
Unrealized gain (loss) on investments, net of tax | -1 | -41 | -3 | -1 | -56 |
Other comprehensive income (loss) | 465 | -739 | -1,185 | 384 | -1,089 |
Comprehensive income (loss) | 1,159 | -195 | 1,068 | 1,738 | 153 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 10 | 4 | 4 | 3 | 13 |
Comprehensive income (loss) attributable to controlling interests | $1,149 | ($199) | $1,064 | $1,735 | $140 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $1,099 | $3,121 |
Short-term marketable securities | 515 | 433 |
Segregated cash and investments | 4,877 | 3,961 |
Trade receivables | 2,704 | 3,224 |
Inventories | 9,374 | 11,441 |
Current assets held for sale | 1,403 | 0 |
Other current assets | 6,056 | 6,350 |
Total Current Assets | 26,028 | 28,530 |
Investments and Other Assets | ||
Investments in and advances to affiliates | 3,892 | 3,538 |
Long-term marketable securities | 485 | 508 |
Goodwill and other intangible assets | 3,283 | 561 |
Other assets | 379 | 478 |
Total Investments and Other Assets | 8,039 | 5,085 |
Property, Plant, and Equipment | ||
Land | 441 | 408 |
Buildings | 4,668 | 4,877 |
Machinery and equipment | 17,044 | 17,472 |
Construction in progress | 819 | 773 |
Gross Property, Plant, and Equipment | 22,972 | 23,530 |
Accumulated depreciation | -13,012 | -13,393 |
Net Property, Plant, and Equipment | 9,960 | 10,137 |
Total Assets | 44,027 | 43,752 |
Current Liabilities | ||
Short-term debt | 108 | 358 |
Trade payables | 4,326 | 4,513 |
Payables to brokerage customers | 5,874 | 4,832 |
Accrued expenses and other payables | 5,040 | 4,790 |
Current maturities of long-term debt | 24 | 1,165 |
Current liabilities held for sale | 230 | 0 |
Total Current Liabilities | 15,602 | 15,658 |
Long-Term Liabilities | ||
Long-term debt | 5,558 | 5,347 |
Deferred income taxes | 1,662 | 1,448 |
Other | 1,575 | 1,105 |
Total Long-Term Liabilities | 8,795 | 7,900 |
Shareholders’ Equity | ||
Common stock | 5,115 | 6,136 |
Reinvested earnings | 15,701 | 14,077 |
Accumulated other comprehensive income (loss) | -1,241 | -57 |
Noncontrolling interests | 55 | 38 |
Total Shareholders’ Equity | 19,630 | 20,194 |
Total Liabilities and Shareholders’ Equity | $44,027 | $43,752 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Operating Activities | |||||
Net earnings including noncontrolling interests | $694 | $544 | $2,253 | $1,354 | $1,242 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | |||||
Depreciation and amortization | 435 | 414 | 894 | 909 | 848 |
Asset impairment charges | 146 | 350 | 41 | 259 | 392 |
Deferred income taxes | 118 | 28 | -59 | 161 | 45 |
Equity in earnings of affiliates, net of dividends | -201 | -106 | -215 | -285 | -243 |
Stock compensation expense | 30 | 34 | 55 | 43 | 48 |
Pension and postretirement accruals (contributions), net | 78 | 59 | 13 | 10 | 37 |
Gain (loss) on sale of assets and equity dilution | -51 | -17 | -351 | -41 | -30 |
Other – net | 23 | 104 | 71 | -117 | 216 |
Changes in operating assets and liabilities | |||||
Segregated cash and investments | -365 | -61 | -935 | -322 | 128 |
Trade receivables | 38 | -741 | 425 | 296 | 974 |
Inventories | -1,512 | -480 | 1,274 | 2,541 | -272 |
Other current assets | 209 | 958 | 220 | 227 | -954 |
Trade payables | 2,310 | 1,545 | -94 | -291 | -117 |
Payables to brokerage customers | 437 | -195 | 1,167 | 231 | -89 |
Accrued expenses and other payables | 89 | 605 | 203 | 251 | 670 |
Total Operating Activities | 2,478 | 3,041 | 4,962 | 5,226 | 2,895 |
Investing Activities | |||||
Purchases of property, plant, and equipment | -615 | -852 | -894 | -913 | -1,477 |
Net assets of businesses acquired | -26 | -206 | -2,758 | -44 | -241 |
Proceeds from sale of business and assets | 521 | 49 | 414 | 86 | 48 |
Cash divested from deconsolidation | 0 | -130 | -12 | 0 | -130 |
Purchases of marketable securities | -1,629 | -889 | -1,344 | -891 | -1,297 |
Proceeds from sales of marketable securities | 731 | 1,084 | 1,239 | 995 | 1,945 |
Other – net | 45 | 10 | -52 | 190 | 30 |
Total Investing Activities | -973 | -934 | -3,407 | -577 | -1,122 |
Financing Activities | |||||
Long-term debt borrowings | 106 | 91 | 1 | 23 | 97 |
Long-term debt payments | -1,423 | -173 | -1,251 | -275 | -358 |
Net borrowings (payments) under lines of credit agreements | 660 | -1,076 | -458 | -2,461 | 197 |
Debt repurchase premium and costs | -197 | -32 | 0 | -1 | -44 |
Purchases of treasury stock | 0 | -427 | -1,183 | -101 | -527 |
Cash dividends | -230 | -224 | -624 | -501 | -455 |
Payments to Noncontrolling Interests | -1 | -19 | -157 | 0 | -19 |
Other – net | 3 | 2 | 95 | 74 | 12 |
Total Financing Activities | -1,082 | -1,858 | -3,577 | -3,242 | -1,097 |
Increase (decrease) in cash and cash equivalents | 423 | 249 | -2,022 | 1,407 | 676 |
Cash and cash equivalents – beginning of year | 1,291 | 615 | 3,121 | 1,714 | 615 |
Cash and cash equivalents – end of year | 1,714 | 864 | 1,099 | 3,121 | 1,291 |
Cash paid for interest and income taxes were as follows: | |||||
Interest | 205 | 206 | 338 | 380 | 411 |
Income taxes | $115 | $118 | $720 | $556 | $479 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Reinvested Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | |||||
Balance at Jun. 30, 2011 | $18,838 | $6,636 | $11,996 | $176 | $30 |
Balance, shares at Jun. 30, 2011 | 676 | ||||
Comprehensive income | |||||
Net earnings | 1,242 | 1,223 | 19 | ||
Other comprehensive income (loss) | -1,089 | -1,083 | -6 | ||
Total comprehensive income | 153 | ||||
Cash dividends paid | -455 | -455 | |||
Treasury stock purchases | -527 | -527 | |||
Treasury stock purchases, shares | -18 | ||||
Stock compensation expense | 48 | 48 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -54 | -40 | -14 | ||
Noncontrolling interests previously associated with mandatorily redeemable instruments | 184 | 10 | 174 | ||
Other | -18 | -15 | -3 | ||
Other, shares | 1 | ||||
Balance at Jun. 30, 2012 | 18,169 | 6,102 | 12,774 | -907 | 200 |
Balance, shares at Jun. 30, 2012 | 659 | ||||
Comprehensive income | |||||
Net earnings | 694 | 692 | 2 | ||
Other comprehensive income (loss) | 465 | 457 | 8 | ||
Total comprehensive income | 1,159 | ||||
Cash dividends paid | -230 | -230 | |||
Stock compensation expense | 30 | 30 | |||
Other | 3 | 2 | 1 | ||
Balance at Dec. 31, 2012 | 19,131 | 6,134 | 13,236 | -450 | 211 |
Balance, shares at Dec. 31, 2012 | 659 | ||||
Comprehensive income | |||||
Net earnings | 1,354 | 1,342 | 12 | ||
Other comprehensive income (loss) | 384 | 393 | -9 | ||
Total comprehensive income | 1,738 | ||||
Cash dividends paid | -501 | -501 | |||
Treasury stock purchases | -101 | -101 | |||
Treasury stock purchases, shares | -3 | ||||
Stock compensation expense | 43 | 43 | |||
Noncontrolling Interests Subject to Mandatorily Redeemable Instruments | -180 | -180 | |||
Other | 64 | 60 | 4 | ||
Other, shares | 3 | ||||
Balance at Dec. 31, 2013 | 20,194 | 6,136 | 14,077 | -57 | 38 |
Balance, shares at Dec. 31, 2013 | 659 | ||||
Comprehensive income | |||||
Net earnings | 2,253 | 2,248 | 5 | ||
Other comprehensive income (loss) | -1,185 | -1,184 | -1 | ||
Total comprehensive income | 1,068 | ||||
Cash dividends paid | -624 | -624 | |||
Treasury stock purchases | -1,183 | -1,183 | |||
Treasury stock purchases, shares | -25 | ||||
Stock compensation expense | 55 | 55 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -12 | -12 | |||
Noncontrolling Interest, Increase from Business Combination | 19 | 19 | |||
Other | 113 | 119 | -6 | ||
Other, shares | 3 | ||||
Balance at Dec. 31, 2014 | $19,630 | $5,115 | $15,701 | ($1,241) | $55 |
Balance, shares at Dec. 31, 2014 | 637 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends paid (dollars per share) | $0.35 | $0.96 | $0.76 | $0.69 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Summary Of Significant Accounting Policies [Abstract] | ||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||
Nature of Business | ||||||||
The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. | ||||||||
Change in Fiscal Year | ||||||||
On May 3, 2012, the Board of Directors of the Company determined that, in accordance with its Bylaws and upon the recommendation of the Audit Committee, the Company’s fiscal year shall begin on January 1 and end on December 31 of each year, starting on January 1, 2013. The required transition period of July 1, 2012 to December 31, 2012 is included in this Form 10-K report. Amounts included in this report for the six months ended December 31, 2011 are unaudited. | ||||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee's activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee. The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period. | ||||||||
The Company consolidates Alfred C. Toepfer International (Toepfer), a wholly owned subsidiary, in which prior to June 6, 2014, the Company had an 80% interest, for which the minority interest was subject to a mandatorily redeemable put option. As a result of the put option, the associated minority interest was reported in other long-term liabilities. On December 31, 2011, the put option expired and the Company reclassified $174 million of minority interest from other long-term liabilities to noncontrolling interests in shareholders’ equity at that date. During 2013, Toepfer became subject to a new mandatorily redeemable put option; and as a result, the Company reclassified $180 million of noncontrolling interest in shareholders' equity to long-term liabilities. On June 6, 2014, the Company completed its acquisition of the remaining 20% interest in Toepfer for $157 million. The excess of the purchase price over the carrying value of the associated noncontrolling interest of $12 million was recorded as a reduction in additional paid in capital. | ||||||||
Use of Estimates | ||||||||
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||
Reclassifications | ||||||||
Affiliates goodwill of $198 million in 2013, previously included in goodwill and other intangible assets, have been reclassified to investments in and advances to affiliates. There was no change in total investments and other assets as a result of this reclassification. | ||||||||
Cash Equivalents | ||||||||
The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | ||||||||
Segregated Cash and Investments | ||||||||
The Company segregates certain cash and investment balances in accordance with regulatory requirements, commodity exchange requirements, insurance arrangements, and lending arrangements. These segregated balances represent deposits received from customers of the Company’s registered futures commission merchant, securities pledged to commodity exchange clearinghouses, and cash and securities pledged as security under certain insurance or lending arrangements. Segregated cash and investments primarily consist of cash, United States government securities, and money-market funds. | ||||||||
Receivables | ||||||||
The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts of $81 million at December 31, 2014 and 2013, to reflect any loss anticipated on the accounts receivable balances. The Company estimates this allowance based on its history of write-offs, level of past-due accounts, and its relationships with, and the economic status of, its customers. Portions of the allowance for uncollectible accounts are recorded in trade receivables, other current assets, and other assets. | ||||||||
Credit risk on receivables is minimized as a result of the large and diversified nature of the Company’s worldwide customer base. The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Collateral is generally not required for the Company’s receivables. | ||||||||
Accounts receivable due from unconsolidated affiliates as of December 31, 2014 and 2013 was $15 million and $73 million, respectively. | ||||||||
Inventories | ||||||||
Inventories of certain merchandisable agricultural commodities, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the lower of cost, determined by either the first-in, first-out (FIFO) or last-in, first-out (LIFO) methods, or market. | ||||||||
The following table sets forth the Company's inventories as of December 31, 2014 and 2013. | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
LIFO inventories | ||||||||
FIFO value | $ | 1,199 | $ | 1,408 | ||||
LIFO valuation reserve | (53 | ) | (297 | ) | ||||
LIFO inventories carrying value | 1,146 | 1,111 | ||||||
FIFO inventories | 3,058 | 3,741 | ||||||
Market inventories | 4,699 | 6,059 | ||||||
Supplies and other inventories | 471 | 530 | ||||||
Total inventories | $ | 9,374 | $ | 11,441 | ||||
Fair Value Measurements | ||||||||
The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value. Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities. Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation. | ||||||||
Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. However, in certain cases, if the Company believes the nonperformance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the contract in Level 3. | ||||||||
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. | ||||||||
The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. | ||||||||
Derivatives | ||||||||
The Company recognizes all of its derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet. Unrealized gains are reported as other current assets and unrealized losses are reported as accrued expenses and other payables. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. The majority of the Company’s derivatives have not been designated as hedging instruments; and as such, changes in fair value of these derivatives are recognized in earnings immediately. For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. | ||||||||
For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (AOCI) and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument that is in excess of the cumulative change in the cash flows of the hedged item, if any (i.e., the ineffective portion), hedge components excluded from the assessment of effectiveness, and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period. | ||||||||
For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the underlying are recognized in the consolidated statement of earnings during the current period. | ||||||||
Marketable Securities | ||||||||
The Company classifies its marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of income taxes, reported as a component of other comprehensive income. The Company monitors its investments for impairment periodically, and recognizes an impairment charge when the decline in fair value of an investment is judged to be other-than-temporary. The Company uses the specific identification method when securities are sold or reclassified out of accumulated other comprehensive income into earnings. The Company considers marketable securities maturing in less than one year as short-term. All other marketable securities are classified as long-term. | ||||||||
Property, Plant, and Equipment | ||||||||
Property, plant, and equipment is recorded at cost. Repair and maintenance costs are expensed as incurred. The Company generally uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: buildings - 10 to 40 years; machinery and equipment - 3 to 30 years. The Company capitalized interest on major construction projects in progress of $18 million, $16 million, $12 million, $9 million, and $21 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. | ||||||||
Income Taxes | ||||||||
The Company accounts for its income tax positions in accordance with the applicable accounting standards. The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the consolidated financial statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company recognizes in its consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position. | ||||||||
The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general and administrative expenses. | ||||||||
Goodwill and other intangible assets | ||||||||
Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. Definite-lived intangible assets are amortized over their estimated useful lives of 2 to 25 years and are reviewed for impairment whenever there are indicators that the carrying value of the assets may not be fully recoverable. Prior to the fiscal year end change transition period, the Company’s accounting policy was to evaluate goodwill and other intangible assets with indefinite lives for impairment on April 1 of each fiscal year or whenever there were indicators that the carrying value of the assets may not be fully recoverable. Effective in the transition period ended December 31, 2012, the Company voluntarily changed its accounting policy to begin conducting the annual goodwill and indefinite life intangible assets impairment tests on October 1. The change to the annual goodwill and indefinite life intangible assets impairment testing date is preferable under the circumstances as the new impairment testing date is better aligned with the timing of the Company’s annual strategic, planning, and budgeting process, and the timing is more closely aligned with the Company’s annual financial reporting process as a result of the change in year end. The resulting change in accounting principle related to the annual testing date did not delay, accelerate, or avoid an impairment charge of the Company’s goodwill. As it is impracticable to objectively determine the estimates and assumptions necessary to perform the annual goodwill impairment test as of October 1 for periods prior to October 1, 2012, the Company prospectively applied the annual goodwill impairment testing date effective October 1, 2012. During the year ended December 31, 2013, the Company recorded an impairment charge for goodwill of $9 million related to the Company's Brazilian sugar milling business. There were no impairment charges recorded for goodwill and indefinite-lived intangible assets during the year ended December 31, 2014, the six months ended December 31, 2012 and the year ended June 30, 2012. | ||||||||
Asset Abandonments and Write-Downs | ||||||||
The Company evaluates long-lived assets for impairment whenever indicators of impairment exist. Assets are written down to fair value after consideration of the Company's ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value. During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, impairment charges were $35 million, $84 million, $0 million, $337 million, and $367 million, respectively (see Note 19 for additional information). | ||||||||
Payables to Brokerage Customers | ||||||||
Payables to brokerage customers represent the total of customer accounts at the Company's futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purpose as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments and customer omnibus receivable in other current assets. | ||||||||
Revenues | ||||||||
The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. The Company has sales contracts that allow for pricing to occur after title of the goods has passed to the customer. In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined. Freight costs and handling charges related to sales are recorded as a component of cost of products sold. | ||||||||
Net sales to unconsolidated affiliates during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, were $5.8 billion, $6.9 billion, $4.0 billion, $4.5 billion, and $7.7 billion, respectively. | ||||||||
Stock Compensation | ||||||||
The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted. The Company’s stock compensation plans provide for the granting of restricted stock, restricted stock units, performance stock units, and stock options. The fair values of stock options and performance stock units are estimated at the date of grant using the Black-Scholes option valuation model and a lattice valuation model, respectively. These valuation models require the input of highly subjective assumptions. Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related stock compensation award. | ||||||||
Research and Development | ||||||||
Costs associated with research and development are expensed as incurred. Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $79 million, $59 million, $28 million, $29 million, and $56 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. | ||||||||
Per Share Data | ||||||||
Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding. In computing diluted earnings per share, average number of common shares outstanding is increased by common stock options outstanding with exercise prices lower than the average market price of common shares using the treasury share method. | ||||||||
Business Combinations | ||||||||
The Company’s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Assets acquired and liabilities assumed, based on preliminary purchase price allocations , are adjusted to fair values at acquisition date with the remainder of the purchase price, if any, recorded as goodwill. During the measurement period, which may take up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded with a corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statements of earnings. | ||||||||
Adoption of New Accounting Standards | ||||||||
Effective January 1, 2014, the Company adopted the amended guidance of Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires the Company to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or if the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with deferred tax assets. The adoption of this amended guidance does not have an impact on the Company’s financial results. | ||||||||
Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 830, Foreign Currency Matters (Topic 830), which requires the Company to transfer currency translation adjustments from other comprehensive income into net income in certain circumstances. The amended guidance aims to resolve diversity in practice as to whether ASC Topic 810, Consolidation or Topic 830 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business. The adoption of this amended guidance did not have an impact on the Company’s current period results. If the Company disposes all or part of a qualifying foreign entity, it will be required to release the portion of cumulative translation adjustment applicable to the disposed entity. | ||||||||
Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 405, Liabilities, which addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, for which the total amount under the arrangement is fixed at the reporting date. The amended guidance aims to resolve diversity in practice among companies that are subject to joint and several liabilities. The retrospective adoption of this amended guidance did not have an impact on current and prior period results and is not expected to have any material impact on the Company’s financial results. | ||||||||
Effective October 1, 2014, the Company early adopted the amended guidance of ASC Topic 205, Presentation of Financial Statements (Topic 205) and ASC Topic 360, Property, Plant, and Equipment, which limit the definition of discontinued operations as only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amended guidance also expands the definition of discontinued operations to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and a disposal of an equity method investment that meets the definition of discontinued operations. The amended guidance requires the Company to report discontinued operations if (1) the component of an entity or group of components of an entity meets the criteria in Topic 205 to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; or (3) the component of an entity or group of components of an entity is disposed other than by sale. As a result of the prospective adoption of this amended guidance, the global chocolate and cocoa businesses that were classified as held for sale at December 31, 2014 (see Note 18 for more information) were not reported as discontinued operations. The Company does not believe the sale of these businesses to have a major effect on an entity's operations and financial results. | ||||||||
Pending Accounting Standards | ||||||||
Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Topic 718, Compensation - Stock Compensation (Topic 718), which seeks to resolve the diversity in practice that exists when accounting for share-based payments. The amended guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The Company will be required to adopt the amended guidance either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of this amended guidance to impact financial results. | ||||||||
Effective January 1, 2017, the Company will be required to adopt the new guidance of ASC Topic 606, Revenue from Contracts with Customers (Topic 606), which will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition. Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company will be required to adopt Topic 606 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. If the Company elects the modified retrospective approach, it will be required to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Business Combinations [Abstract] | ||||||||||||||
Acquisitions | Acquisitions | |||||||||||||
Operating results of acquisitions are included in the Company’s financial statements from the date of acquisition and are not significant to the Company’s consolidated operating results. | ||||||||||||||
Fiscal Year 2014 acquisitions | ||||||||||||||
On October 1, 2014 and November 18, 2014, the Company completed the acquisitions of the WILD Flavors businesses (Wild Flavors) and Specialty Commodities Inc. (SCI), respectively. Both acquisitions are in line with the Company's strategy to increase returns and reduce earnings volatility through the growth of its specialty ingredient offerings. The 2014 post acquisition financial results of Wild Flavors and SCI are reported in the Other segment. | ||||||||||||||
During the year ended December 31, 2014, the Company acquired six businesses, including Wild Flavors and SCI, for a total cost of $3.0 billion. The purchase price net of cash acquired of $280 million was preliminarily allocated as follows: | ||||||||||||||
(In millions) | Wild Flavors | SCI | Others | Total | ||||||||||
Trade receivables | $ | 176 | $ | 48 | $ | 8 | $ | 232 | ||||||
Inventories | 286 | 72 | 25 | 383 | ||||||||||
Other current assets | 64 | 2 | — | 66 | ||||||||||
Goodwill | 1,698 | 59 | 15 | 1,772 | ||||||||||
Other intangible assets | 1,103 | 46 | 35 | 1,184 | ||||||||||
Property, plant, and equipment | 423 | 10 | 30 | 463 | ||||||||||
Other assets | 68 | 6 | — | 74 | ||||||||||
Short-term debt | (215 | ) | — | (1 | ) | (216 | ) | |||||||
Trade payables | (128 | ) | (25 | ) | (1 | ) | (154 | ) | ||||||
Accrued expenses and other payables | (214 | ) | (14 | ) | (10 | ) | (238 | ) | ||||||
Long-term debt | (238 | ) | — | (3 | ) | (241 | ) | |||||||
Deferred income taxes | (378 | ) | (16 | ) | — | (394 | ) | |||||||
Other liabilities | (173 | ) | — | — | (173 | ) | ||||||||
Total purchase price, net of cash acquired | $ | 2,472 | $ | 188 | $ | 98 | $ | 2,758 | ||||||
Goodwill recorded in connection with the acquisitions is primarily attributable to the synergies expected to arise after the Company’s acquisition of the businesses. | ||||||||||||||
Of the $1.8 billion preliminarily allocated to goodwill, $15 million is expected to be deductible for tax purposes. | ||||||||||||||
The following table sets forth the preliminary fair values and weighted average useful lives of the other intangible assets acquired. | ||||||||||||||
Weighted Average | ||||||||||||||
Useful Life | Wild Flavors | SCI | Others | Total | ||||||||||
(In years) | (In millions) | |||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||
Trademarks/brands | $ | 238 | $ | — | $ | 12 | $ | 250 | ||||||
Intangible assets with finite lives: | ||||||||||||||
Patents | 15 | — | 3 | — | 3 | |||||||||
Customer lists | 15 | 552 | 36 | 21 | 609 | |||||||||
Recipes and other | 15 | 313 | 7 | 2 | 322 | |||||||||
Total other intangible assets acquired | $ | 1,103 | $ | 46 | $ | 35 | $ | 1,184 | ||||||
The Company's consolidated statement of earnings for the year ended December 31, 2014 includes the post acquisition results of Wild Flavors which were immaterial. | ||||||||||||||
Fiscal Year 2013 acquisitions | ||||||||||||||
During the year ended December 31, 2013, the Company acquired four businesses for a total cost of $44 million and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for the acquisitions of $44 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $6 million, $29 million, $2 million, and $7 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments. | ||||||||||||||
Transition Period 2012 Acquisitions | ||||||||||||||
During the six months ended December 31, 2012, the Company made eight acquisitions for a total cost of $26 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for these eight acquisitions of $26 million was preliminarily allocated to working capital, property, plant, and equipment, goodwill, and other long-term assets for $4 million, $24 million, $2 million, and $(4) million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments. | ||||||||||||||
Fiscal Year 2012 Acquisitions | ||||||||||||||
During fiscal year 2012, the Company made nine acquisitions for a total cost of $241 million in cash and recorded a preliminary allocation of the purchase price related to these acquisitions. The net cash purchase price for these nine acquisitions of $241 million was allocated to working capital, property, plant, and equipment, goodwill, other long-term assets, and long-term liabilities for $(12) million, $199 million, $51 million, $6 million, and $3 million, respectively. The finalization of the purchase price allocations related to these acquisitions did not result in material adjustments. There was no single material acquisition during the year. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013. | ||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Inventories carried at market | $ | — | $ | 3,208 | $ | 1,491 | $ | 4,699 | ||||||||
Unrealized derivative gains: | ||||||||||||||||
Commodity contracts | — | 487 | 203 | 690 | ||||||||||||
Foreign exchange contracts | — | 186 | — | 186 | ||||||||||||
Interest rate contracts | — | 21 | — | 21 | ||||||||||||
Cash equivalents | 491 | — | — | 491 | ||||||||||||
Marketable securities | 860 | 80 | — | 940 | ||||||||||||
Segregated investments | 2,158 | — | — | 2,158 | ||||||||||||
Deferred consideration | — | 511 | — | 511 | ||||||||||||
Total Assets | $ | 3,509 | $ | 4,493 | $ | 1,694 | $ | 9,696 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized derivative losses: | ||||||||||||||||
Commodity contracts | $ | — | $ | 564 | $ | 212 | $ | 776 | ||||||||
Foreign exchange contracts | — | 150 | — | 150 | ||||||||||||
Inventory-related payables | — | 612 | 40 | 652 | ||||||||||||
Total Liabilities | $ | — | $ | 1,326 | $ | 252 | $ | 1,578 | ||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Inventories carried at market | $ | — | $ | 4,247 | $ | 1,812 | $ | 6,059 | ||||||||
Unrealized derivative gains: | ||||||||||||||||
Commodity contracts | 31 | 540 | 279 | 850 | ||||||||||||
Foreign exchange contracts | 30 | 88 | — | 118 | ||||||||||||
Interest rate contracts | — | 1 | — | 1 | ||||||||||||
Cash equivalents | 2,518 | — | — | 2,518 | ||||||||||||
Marketable securities | 881 | 26 | — | 907 | ||||||||||||
Segregated investments | 1,707 | — | — | 1,707 | ||||||||||||
Deferred consideration | — | 757 | — | 757 | ||||||||||||
Total Assets | $ | 5,167 | $ | 5,659 | $ | 2,091 | $ | 12,917 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized derivative losses: | ||||||||||||||||
Commodity contracts | $ | 45 | $ | 343 | $ | 261 | $ | 649 | ||||||||
Foreign exchange contracts | — | 166 | — | 166 | ||||||||||||
Interest rate contracts | — | 9 | — | 9 | ||||||||||||
Inventory-related payables | — | 708 | 34 | 742 | ||||||||||||
Total Liabilities | $ | 45 | $ | 1,226 | $ | 295 | $ | 1,566 | ||||||||
Estimated fair values for inventories carried at market are based on exchange-quoted prices, adjusted for differences in local markets, broker or dealer quotations or market transactions in either listed or over-the-counter (OTC) markets. Market valuations for the Company’s inventories are adjusted for location and quality because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. When unobservable inputs have a significant impact on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold. | ||||||||||||||||
Derivative contracts include exchange-traded commodity futures and option contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables. Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets. These differences are generally determined using inputs from broker or dealer quotations or market transactions in either the listed or OTC markets. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2. When unobservable inputs have a significant impact on the measurement of fair value, the contract is classified in Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the consolidated statements of earnings as a component of cost of products sold. Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense–net. The effective portions of changes in the fair value of derivatives designated as cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur. | ||||||||||||||||
The Company's cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1. | ||||||||||||||||
The Company’s marketable securities are comprised of equity investments, U.S. Treasury securities, obligations of U.S. government agencies, and other debt securities. Publicly traded equity investments and U.S. Treasury securities are valued using quoted market prices and are classified in Level 1. U.S. government agency obligations and corporate and municipal debt securities are valued using third-party pricing services and substantially all are classified in Level 2. Unrealized changes in the fair value of available-for-sale marketable securities are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) unless a decline in value is deemed to be other-than-temporary at which point the decline is recorded in earnings. | ||||||||||||||||
The Company's segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1. | ||||||||||||||||
The Company has deferred consideration under its accounts receivable securitization programs (the “Programs”) which represents a note receivable from the purchasers under the Programs. This amount is reflected in other current assets on the consolidated balance sheet (see Notes 6 and 20). The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received. The fair value is principally based on observable inputs (a Level 2 measurement) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate. Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant. | ||||||||||||||||
The following tables present a rollforward of the activity of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013. | ||||||||||||||||
Level 3 Fair Value Assets Measurements at | ||||||||||||||||
31-Dec-14 | ||||||||||||||||
Inventories | Commodity | Total | ||||||||||||||
Carried at | Derivative | |||||||||||||||
Market | Contracts | |||||||||||||||
Gains | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2013 | $ | 1,812 | $ | 279 | $ | 2,091 | ||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | 15 | 544 | 559 | |||||||||||||
Purchases | 16,114 | — | 16,114 | |||||||||||||
Sales | (16,384 | ) | — | (16,384 | ) | |||||||||||
Settlements | — | (948 | ) | (948 | ) | |||||||||||
Transfers into Level 3 | 44 | 395 | 439 | |||||||||||||
Transfers out of Level 3 | (110 | ) | (67 | ) | (177 | ) | ||||||||||
Ending balance, December 31, 2014 | $ | 1,491 | $ | 203 | $ | 1,694 | ||||||||||
* Includes gains of $602 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2014. | ||||||||||||||||
Level 3 Fair Value Liabilities Measurements at | ||||||||||||||||
31-Dec-14 | ||||||||||||||||
Inventory- | Commodity | Total | ||||||||||||||
related | Derivative | |||||||||||||||
Payables | Contracts | |||||||||||||||
Losses | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2013 | $ | 34 | $ | 261 | $ | 295 | ||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | 22 | 534 | 556 | |||||||||||||
Purchases | 29 | — | 29 | |||||||||||||
Sales | (45 | ) | — | (45 | ) | |||||||||||
Settlements | — | (785 | ) | (785 | ) | |||||||||||
Transfers into Level 3 | — | 256 | 256 | |||||||||||||
Transfers out of Level 3 | — | (54 | ) | (54 | ) | |||||||||||
Ending balance, December 31, 2014 | $ | 40 | $ | 212 | $ | 252 | ||||||||||
* Includes losses of $558 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2014. | ||||||||||||||||
Level 3 Fair Value Assets Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Inventories | Commodity | Total | ||||||||||||||
Carried at | Derivative | |||||||||||||||
Market | Contracts | |||||||||||||||
Gains | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2012 | $ | 1,745 | $ | 143 | $ | 1,888 | ||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | (645 | ) | 474 | (171 | ) | |||||||||||
Purchases | 14,638 | — | 14,638 | |||||||||||||
Sales | (14,107 | ) | — | (14,107 | ) | |||||||||||
Settlements | — | (567 | ) | (567 | ) | |||||||||||
Transfers into Level 3 | 231 | 323 | 554 | |||||||||||||
Transfers out of Level 3 | (50 | ) | (94 | ) | (144 | ) | ||||||||||
Ending balance, December 31, 2013 | $ | 1,812 | $ | 279 | $ | 2,091 | ||||||||||
* Includes gains of $700 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2013. | ||||||||||||||||
Level 3 Fair Value Liabilities Measurements at | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Inventory- | Commodity | Total | ||||||||||||||
related | Derivative | |||||||||||||||
Payables | Contracts | |||||||||||||||
Losses | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2012 | $ | 33 | $ | 138 | $ | 171 | ||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | (191 | ) | 524 | 333 | ||||||||||||
Purchases | 219 | — | 219 | |||||||||||||
Sales | (26 | ) | — | (26 | ) | |||||||||||
Settlements | — | (550 | ) | (550 | ) | |||||||||||
Transfers into Level 3 | — | 197 | 197 | |||||||||||||
Transfers out of Level 3 | (1 | ) | (48 | ) | (49 | ) | ||||||||||
Ending balance, December 31, 2013 | $ | 34 | $ | 261 | $ | 295 | ||||||||||
* Includes losses of $380 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2013. | ||||||||||||||||
For all periods presented, the Company had no transfers between Levels 1 and 2. Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2. | ||||||||||||||||
In some cases, the price components of inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as Basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components. | ||||||||||||||||
The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of December 31, 2014 and 2013. The Company’s Level 3 measurements may include Basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with Basis, the unobservable component is a weighted average 23.4% of the total price for assets and 43.4% for liabilities. | ||||||||||||||||
Weighted Average | ||||||||||||||||
% of Total Price | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Component Type | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Inventories | ||||||||||||||||
Basis | 23.40% | 43.40% | 21.90% | 13.20% | ||||||||||||
Transportation cost | 4.90% | 15.20% | 12.30% | —% | ||||||||||||
Commodity Derivative Contracts | ||||||||||||||||
Basis | 13.50% | 13.60% | 22.80% | 17.60% | ||||||||||||
Transportation cost | 10.20% | 19.50% | 32.50% | 12.30% | ||||||||||||
In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100 percent unobservable and, therefore, the fair value of these items is reported in Level 3. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Derivative Instruments & Hedging Activities | Derivative Instruments & Hedging Activities | ||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
The majority of the Company's derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies. The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. Derivatives, including exchange traded contracts and physical purchase or sale contracts, and inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below. | |||||||||||||||||||||
The following table sets forth the fair value of derivatives not designated as hedging instruments as of December 31, 2014 and 2013. | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Foreign Currency Contracts | $ | 186 | $ | 150 | $ | 118 | $ | 166 | |||||||||||||
Interest Contracts | — | — | 1 | — | |||||||||||||||||
Commodity Contracts | 690 | 776 | 850 | 649 | |||||||||||||||||
Total | $ | 876 | $ | 926 | $ | 969 | $ | 815 | |||||||||||||
The following table sets forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012. | |||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | |||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Interest Contracts | |||||||||||||||||||||
Other income (expense) - net | $ | — | $ | 1 | $ | — | $ | — | $ | — | |||||||||||
Foreign Currency Contracts | |||||||||||||||||||||
Revenues | $ | (1 | ) | $ | 108 | $ | 129 | $ | 33 | $ | 117 | ||||||||||
Cost of products sold | 131 | (157 | ) | (49 | ) | (116 | ) | (255 | ) | ||||||||||||
Other income (expense) - net | (171 | ) | 61 | 94 | (69 | ) | (21 | ) | |||||||||||||
Commodity Contracts | |||||||||||||||||||||
Cost of products sold | $ | (263 | ) | $ | 301 | $ | 136 | $ | (4 | ) | $ | (527 | ) | ||||||||
Other Contracts | |||||||||||||||||||||
Other income (expense) - net | $ | — | $ | — | $ | 58 | $ | — | $ | (1 | ) | ||||||||||
Total gain(loss) recognized in earnings | $ | (304 | ) | $ | 314 | $ | 368 | $ | (156 | ) | $ | (687 | ) | ||||||||
During the quarter ended September 30, 2014, the Company recognized $102 million of pre-tax foreign exchange hedging losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition. | |||||||||||||||||||||
During December 2012, the Company entered into two transactions with investment bank counterparties resulting in an economic interest in GrainCorp shares. The purpose of these transactions was to facilitate the Company’s planned acquisition of GrainCorp, which was rejected by the Australian Federal Treasurer in November 2013. One of the transactions was accounted for as an unfunded derivative instrument. The other transaction was a hybrid financial instrument, as defined by applicable accounting standards, whereby the accounting rules required the Company to account for a funded host instrument and a separate embedded derivative instrument. In December 2012, the Company settled the derivative instruments known as “Total Return Swaps”, and recognized pre-tax gains reported as “Other Contracts” in the table above. After the settlement of these transactions, the interest in GrainCorp is recorded as a long-term marketable security. | |||||||||||||||||||||
Inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value. Changes in the market value of inventories of certain merchandisable agricultural commodities, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately. | |||||||||||||||||||||
Derivatives Designated as Cash Flow or Fair Value Hedging Strategies | |||||||||||||||||||||
As of December 31, 2014 and 2013, the Company has certain derivatives designated as cash flow hedges and fair value hedges. | |||||||||||||||||||||
The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt are recorded in other (income) expense - net. The terms of the interest rate swaps match the terms of the underlying debt resulting in no ineffectiveness. At December 31, 2014, the Company has $21 million in other current assets representing the fair value of the interest rate swaps and a corresponding increase in the underlying debt for the same amount with no impact to earnings. | |||||||||||||||||||||
For each of the commodity hedge programs described below, the derivatives are designated as cash flow hedges. Assuming normal market conditions, the changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item. Once the hedged item is recognized in earnings, the gains/losses arising from the hedge are reclassified from AOCI to either revenues, cost of products sold, interest expense or other (income) expense – net, as applicable. As of December 31, 2014, the Company has $30 million of after-tax gains in AOCI related to gains and losses from commodity cash flow hedge transactions. The Company expects to recognize the $30 million of gains in its consolidated statement of earnings during the next 12 months. | |||||||||||||||||||||
The Company uses futures or options contracts to fix the purchase price of anticipated volumes of corn to be purchased and processed in a future month. The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn. The Company’s corn processing plants currently grind approximately 76 million bushels of corn per month. During the past 12 months, the Company hedged between 24% and 71% of its monthly anticipated grind. At December 31, 2014, the Company has designated hedges representing between 0.3% to 23% of its anticipated monthly grind of corn for the next 12 months. | |||||||||||||||||||||
The Company, from time to time, also uses futures, options, and swaps to fix the sales price of certain ethanol sales contracts. The Company has established hedging programs for ethanol sales contracts that are indexed to unleaded gasoline prices and to various exchange-traded ethanol contracts. The objective of these hedging programs is to reduce the variability of cash flows associated with the Company’s sales of ethanol. During the past 12 months, the Company hedged between 9 million and 121 million gallons of ethanol sales per month under these programs. At December 31, 2014, the Company has designated hedges representing between 1 million to 30 million gallons of ethanol sales per month over the next 6 months. | |||||||||||||||||||||
The following tables set forth the fair value of derivatives designated as hedging instruments as of December 31, 2014 and 2013. | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Interest Contracts | $ | 21 | $ | — | $ | — | $ | 9 | |||||||||||||
Total | $ | 21 | $ | — | $ | — | $ | 9 | |||||||||||||
The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statement of earnings for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012. | |||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
Consolidated Statement of | 31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
(In millions) | Earnings Locations | 2014 | 2013 | 2012 | 2011 | 2012 | |||||||||||||||
(Unaudited) | |||||||||||||||||||||
Effective amounts recognized in earnings | |||||||||||||||||||||
FX Contracts | Other income/expense -net | $ | 5 | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | ||||||
Interest Contracts | Interest expense | 1 | 1 | — | — | 1 | |||||||||||||||
Commodity Contracts | Cost of products sold | (124 | ) | (41 | ) | 158 | 11 | 5 | |||||||||||||
Revenues | (69 | ) | 4 | 2 | 8 | 3 | |||||||||||||||
Ineffective amount recognized in earnings | |||||||||||||||||||||
Interest contracts | Interest expense | — | — | — | — | — | |||||||||||||||
Commodity contracts | Cost of products sold | (4 | ) | (120 | ) | (30 | ) | 39 | 49 | ||||||||||||
Revenues | (34 | ) | — | — | — | — | |||||||||||||||
Total amount recognized in earnings | $ | (225 | ) | $ | (157 | ) | $ | 129 | $ | 57 | $ | 57 | |||||||||
Hedge ineffectiveness for commodity contracts results when the change in the price of the underlying commodity in a specific cash market differs from the change in the price of the derivative financial instrument used to establish the hedging relationship. As an example, if the change in the price of a corn futures contract is strongly correlated to the change in the cash price paid for corn, the gain or loss on the derivative instrument is deferred and recognized at the time the corn grind occurs. If the change in price of the derivative does not strongly correlate to the change in the cash price of corn, in the same example, some portion or all of the derivative gains or losses may be required to be recognized in earnings prior to the corn grind occurring. |
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||
The following table sets forth items in short-term and long-term investments. | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||
Gains | Losses | Value | ||||||||||||||
(In millions) | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
United States government obligations | ||||||||||||||||
Maturity less than 1 year | $ | 385 | $ | — | $ | — | $ | 385 | ||||||||
Maturity 1 to 5 years | 93 | — | — | 93 | ||||||||||||
Corporate debt securities | ||||||||||||||||
Maturity 1 to 5 years | 72 | — | — | 72 | ||||||||||||
Other debt securities | ||||||||||||||||
Maturity less than 1 year | 130 | — | — | 130 | ||||||||||||
Maturity 1 to 5 years | 3 | — | — | 3 | ||||||||||||
Equity securities | ||||||||||||||||
Available-for-sale | 328 | 1 | (12 | ) | 317 | |||||||||||
$ | 1,011 | $ | 1 | $ | (12 | ) | $ | 1,000 | ||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||
Gains | Losses | Value | ||||||||||||||
(In millions) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
United States government obligations | ||||||||||||||||
Maturity less than 1 year | $ | 395 | $ | — | $ | — | $ | 395 | ||||||||
Maturity 1 to 5 years | 124 | — | — | 124 | ||||||||||||
Government-sponsored enterprise obligations | ||||||||||||||||
Maturity 1 to 5 years | 4 | — | — | 4 | ||||||||||||
Corporate debt securities | ||||||||||||||||
Maturity 1 to 5 years | 16 | — | — | 16 | ||||||||||||
Other debt securities | ||||||||||||||||
Maturity less than 1 year | 38 | — | — | 38 | ||||||||||||
Maturity 1 to 5 years | 3 | — | — | 3 | ||||||||||||
Equity securities | ||||||||||||||||
Available-for-sale | 362 | 1 | (2 | ) | 361 | |||||||||||
$ | 942 | $ | 1 | $ | (2 | ) | $ | 941 | ||||||||
All of the $12 million in unrealized losses at December 31, 2014 arose within the last 12 months and is related to the Company’s investment in two available for sale equity securities with a fair value of $310 million. The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment. Based on that evaluation and the Company’s ability and intent to hold these investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2014. | ||||||||||||||||
For information on other-than-temporary impairment charges, see Note 19. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Other Current Assets | Other Current Assets | |||||||
The following table sets forth the items in other current assets: | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Unrealized gains on derivative contracts | $ | 897 | $ | 969 | ||||
Deferred receivables consideration | 511 | 757 | ||||||
Customer omnibus receivable | 1,532 | 1,298 | ||||||
Financing receivables - net (1) | 402 | 576 | ||||||
Other current assets | 2,714 | 2,750 | ||||||
$ | 6,056 | $ | 6,350 | |||||
(1) The Company provides financing to suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $11 million and $15 million at December 31, 2014 and 2013, respectively. Changes in the allowance for 2014 included an increase of $4 million for additional bad debt provisions and a reduction in the allowance for adjustments of $8 million, respectively. Interest earned on financing receivables of $23 million, $26 million, $15 million, $12 million, and $26 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, respectively, is included in interest income in the consolidated statements of earnings. |
Accrued_Expenses_And_Other_Pay
Accrued Expenses And Other Payables | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses And Other Payables | Accrued Expenses and Other Payables | |||||||
The following table sets forth the items in accrued expenses and other payables: | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Unrealized losses on derivative contracts | $ | 926 | $ | 824 | ||||
Other accruals and payables | 4,114 | 3,966 | ||||||
$ | 5,040 | $ | 4,790 | |||||
Investments_In_And_Advances_To
Investments In And Advances To Affiliates | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||
Investments In And Advances To Affiliates | Investments in and Advances to Affiliates | |||||||||||||||||||
The Company applies the equity method for investments in investees over which the Company has the ability to exercise significant influence, including the Company’s 17.3% and 16.4% share ownership in Wilmar as of December 31, 2014 and 2013, respectively. The Company had 60 unconsolidated domestic and foreign affiliates as of December 31, 2014 and 2013, respectively. The following table summarizes the combined balance sheets as of December 31, 2014 and 2013, and the combined statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012. | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||
Current assets | $ | 27,307 | $ | 30,966 | ||||||||||||||||
Non-current assets | 21,624 | 20,846 | ||||||||||||||||||
Current liabilities | (19,370 | ) | (27,423 | ) | ||||||||||||||||
Non-current liabilities | (9,882 | ) | (5,515 | ) | ||||||||||||||||
Noncontrolling interests | (897 | ) | (890 | ) | ||||||||||||||||
Net assets | $ | 18,782 | $ | 17,984 | ||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2011 | 2012 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net Sales | $ | 50,591 | $ | 51,967 | $ | 28,314 | $ | 29,767 | $ | 58,068 | ||||||||||
Gross profit | 4,558 | 4,373 | 2,847 | 3,291 | 6,458 | |||||||||||||||
Net income | 1,561 | 1,762 | 855 | 1,022 | 1,940 | |||||||||||||||
The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December 31, 2014, is $2.1 billion. The Company has a direct investment in a foreign equity method investee with a carrying value of $2.4 billion as of December 31, 2014, and a market value of $2.7 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at December 31, 2014. | ||||||||||||||||||||
The Company provides credit facilities totaling $168 million to five unconsolidated affiliates. One facility that is due on demand and bears interest at the one month British pound LIBOR rate plus 1.5% has an outstanding balance of $17 million. The other four facilities have no outstanding balances as of December 31, 2014. The outstanding balance is included in other current assets in the accompanying consolidated balance sheet. | ||||||||||||||||||||
For information on the Company’s former equity method interest in Gruma, see Note 19. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Goodwill balances attributable to consolidated businesses, by segment, are set forth in the following table. | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Oilseeds Processing | $ | 130 | $ | 192 | ||||||||||||||||||||||
Corn Processing | 81 | 81 | ||||||||||||||||||||||||
Agricultural Services | 79 | 81 | ||||||||||||||||||||||||
Other | 1,720 | 10 | ||||||||||||||||||||||||
Total | $ | 2,010 | $ | 364 | ||||||||||||||||||||||
The changes in goodwill during the year ended December 31, 2014 related primarily to acquisitions (see Note 2) and assets classified as held for sale (see Note 18). | ||||||||||||||||||||||||||
The following table sets forth the other intangible assets: | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Useful | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Life | Amount | Amortization | Net | Amount | Amortization | Net | ||||||||||||||||||||
(In years) | (In millions) | |||||||||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||||
Trademarks/brands | $ | 267 | $ | — | $ | 267 | $ | 5 | $ | — | 5 | |||||||||||||||
Other | 1 | — | 1 | 2 | — | 2 | ||||||||||||||||||||
Intangible assets with definite lives: | ||||||||||||||||||||||||||
Trademarks/brands | 8 to 25 | 25 | (5 | ) | 20 | 44 | (11 | ) | 33 | |||||||||||||||||
Customer lists | 9 to 20 | 663 | (32 | ) | 631 | 130 | (34 | ) | 96 | |||||||||||||||||
Patents | 15 to 20 | 44 | (29 | ) | 15 | 43 | (27 | ) | 16 | |||||||||||||||||
Recipes and other | 2 to 25 | 372 | (33 | ) | 339 | 73 | (28 | ) | 45 | |||||||||||||||||
Total | $ | 1,372 | $ | (99 | ) | $ | 1,273 | $ | 297 | $ | (100 | ) | $ | 197 | ||||||||||||
The change in the gross carrying amount of intangible assets during the year ended December 31, 2014 is primarily related to acquisitions as discussed in Note 2 partially offset by reclassification for held for sale presentation and foreign currency translation adjustments. | ||||||||||||||||||||||||||
Aggregate amortization expense was $27 million, $22 million, $10 million, $14 million, and $28 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. The estimated future aggregate amortization expense for the next five years are $81 million, $78 million, $74 million, $72 million, and $72 million. |
Debt_Financing_Arrangements
Debt Financing Arrangements | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Financing Arrangements | Debt Financing Arrangements | |||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
4.479% Debentures $750 million face amount, due in 2021 | 773 | 746 | ||||||
5.45% Notes $700 million face amount, due in 2018 | 701 | 699 | ||||||
5.765% Debentures $596 million face amount, due in 2041 | 600 | 600 | ||||||
5.375% Debentures $600 million face amount, due in 2035 | 589 | 588 | ||||||
5.935% Debentures $420 million face amount, due in 2032 | 417 | 416 | ||||||
4.016% Debentures $570 million face amount, due in 2043 | 378 | 376 | ||||||
4.535% Debentures $528 million face amount due in 2042 | 375 | 373 | ||||||
8.375% Debentures $295 million face amount, due in 2017 | 294 | 294 | ||||||
7.5% Debentures $187 million face amount, due in 2027 | 186 | 186 | ||||||
7.0% Debentures $185 million face amount, due in 2031 | 184 | 184 | ||||||
6.625% Debentures $182 million face amount, due in 2029 | 182 | 182 | ||||||
6.95% Debentures $172 million face amount, due in 2097 | 170 | 170 | ||||||
6.45% Debentures $154 million face amount, due in 2038 | 153 | 153 | ||||||
6.75% Debentures $124 million face amount, due in 2027 | 122 | 122 | ||||||
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014 | — | 1,144 | ||||||
Other | 458 | 279 | ||||||
Total long-term debt including current maturities | 5,582 | 6,512 | ||||||
Current maturities | (24 | ) | (1,165 | ) | ||||
Total long-term debt | $ | 5,558 | $ | 5,347 | ||||
In February 2007, the Company issued $1.15 billion principal amount of convertible senior notes due in 2014 (the Notes) in a private placement. The Notes were issued at par and bear interest at a rate of 0.875% per year, payable semiannually. In accordance with applicable accounting standards, the Company recognized the Notes proceeds received in 2007 as long-term debt of $853 million and equity of $297 million. The discount on the long-term debt was amortized over the life of the Notes using the effective interest method. Discount amortization expense of $6 million, $49 million, $24 million, $22 million, and $45 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively, were included in interest expense related to the Notes. | ||||||||
On February 18, 2014, the Notes were repaid with available funds. | ||||||||
Discount amortization expense net of premium of $11 million, $54 million, $23 million, $26 million, and $49 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively, were included in interest expense related to the Company's long-term debt. | ||||||||
At December 31, 2014, the fair value of the Company’s long-term debt exceeded the carrying value by $1.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). | ||||||||
The aggregate maturities of long-term debt for the five years after December 31, 2014, are $24 million, $14 million, $307 million, $711 million, and $10 million, respectively. | ||||||||
At December 31, 2014, the Company had lines of credit totaling $6.6 billion which was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2014 and 2013, were 3.76% and 4.24%, respectively. Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was no commercial paper outstanding at December 31, 2014. | ||||||||
The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company is in compliance with these covenants as of December 31, 2014. | ||||||||
The Company has outstanding standby letters of credit and surety bonds at December 31, 2014 and 2013, totaling $980 million and $795 million, respectively. | ||||||||
The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.6 billion in funding resulting from the sale of accounts receivable. As of December 31, 2014, the Company utilized $1.6 billion of its facility under the Programs (see Note 20 for more information on the Programs). |
Stock_Compensation
Stock Compensation | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Equity [Abstract] | ||||||||
Stock Compensation | Stock Compensation | |||||||
The Company’s employee stock compensation plans provide for the granting of options to employees to purchase common stock of the Company pursuant to the Company’s 2002 and 2009 Incentive Compensation Plans. These options are issued at market value on the date of grant, vest incrementally over one to five years, and expire ten years after the date of grant. | ||||||||
The fair value of each option grant is estimated as of the date of grant using the Black-Scholes single option pricing model. The volatility assumption used in the Black-Scholes single option pricing model is based on the historical volatility of the Company’s stock. The volatility of the Company’s stock was calculated based upon the monthly closing price of the Company’s stock for the period immediately prior to the date of grant corresponding to the average expected life of the grant. The average expected life represents the period of time that option grants are expected to be outstanding. The risk-free rate is based on the rate of U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of option grants. The assumptions used in the Black-Scholes single option pricing model are as follows. | ||||||||
Year Ended December 31 | Six Months Ended | Year Ended | ||||||
31-Dec | 30-Jun | |||||||
2014 | 2013 | 2012 | 2012 | |||||
Dividend yield | 2% | 2% | 3% | 2% | ||||
Risk-free interest rate | 2% | 1% | 1% | 2% | ||||
Stock volatility | 37% | 38% | 30% | 32% | ||||
Average expected life (years) | 6 | 6 | 7 | 8 | ||||
A summary of option activity during 2014 is presented below: | ||||||||
Shares | Weighted-Average | |||||||
Exercise Price | ||||||||
(In thousands, except per share amounts) | ||||||||
Shares under option at December 31, 2013 | 13,304 | $ | 28.31 | |||||
Granted | 1,253 | 40.65 | ||||||
Exercised | (3,376 | ) | 27.63 | |||||
Forfeited or expired | (68 | ) | 27.5 | |||||
Shares under option at December 31, 2014 | 11,113 | $ | 29.91 | |||||
Exercisable at December 31, 2014 | 6,835 | $ | 29.01 | |||||
The weighted-average remaining contractual term of options outstanding and exercisable at December 31, 2014, is 6 years and 5 years, respectively. The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014, is $248 million and $158 million, respectively. The weighted-average grant-date fair values of options granted during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $12.80, $10.02, $5.89, and $6.98, respectively. The total intrinsic values of options exercised during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $66 million, $29 million, $1 million, and $5 million, respectively. Cash proceeds received from options exercised during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, were $93 million, $73 million, $2 million, and $7 million, respectively. | ||||||||
At December 31, 2014, there was $21 million of total unrecognized compensation expense related to option grants. Amounts to be recognized as compensation expense during the next four years are $10 million, $6 million, $3 million, and $2 million, respectively. | ||||||||
The Company’s 2002 and 2009 Incentive Compensation Plans provide for the granting of restricted stock and restricted stock units (Restricted Stock Awards) at no cost to certain officers and key employees. In addition, the Company’s 2002 and 2009 Incentive Compensation Plans also provide for the granting of performance stock units (PSUs) at no cost to certain officers and key employees. Restricted Stock Awards are made in common stock or stock units with equivalent rights and vest at the end of a three-year restriction period. The awards for PSUs are made in common stock units and vest at the end of a three-year vesting period subject to the attainment of certain future performance criteria based on the Company's adjusted return on invested capital compared to the weighted average cost of capital. During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, 1.4 million, 0.9 million, 1.3 million, and 1.2 million common stock or stock units, respectively, were granted as Restricted Stock Awards and PSUs. At December 31, 2014, there were 17.3 million shares available for future grants pursuant to the 2009 plan. | ||||||||
The fair value of Restricted Stock Awards and PSUs is determined based on the market value of the Company’s shares on the grant date. The weighted-average grant-date fair values of awards granted during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012 were $40.78, $32.96, $26.34, and $26.75, respectively. | ||||||||
A summary of Restricted Stock Awards and PSUs activity during 2014 is presented below: | ||||||||
Restricted | Weighted Average | |||||||
Stock Awards and PSUs | Grant-Date Fair Value | |||||||
(In thousands, except per share amounts) | ||||||||
Non-vested at December 31, 2013 | 3,557 | $ | 28.86 | |||||
Granted | 1,396 | 40.78 | ||||||
Vested | (1,250 | ) | 27.86 | |||||
Forfeited | (147 | ) | 33.68 | |||||
Non-vested at December 31, 2014 | 3,556 | $ | 34.17 | |||||
At December 31, 2014, there was $44 million of total unrecognized compensation expense related to Restricted Stock Awards and PSUs. Amounts to be recognized as compensation expense during the next three years are $27 million, $15 million, and $2 million, respectively. At the vesting date, the total fair value of Restricted Stock Awards vested during the year ended December 31, 2014 was $35 million. | ||||||||
Compensation expense for option grants, Restricted Stock Awards and PSUs granted to employees is generally recognized on a straight-line basis during the service period of the respective grant. Certain of the Company’s option grants, Restricted Stock Awards and PSUs continue to vest upon the recipient’s retirement from the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant. Compensation expense for PSUs is based on the probability of meeting the performance criteria. | ||||||||
Total compensation expense for option grants, Restricted Stock Awards and PSUs recognized during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 was $55 million, $43 million, $31 million, $34 million, and $48 million, respectively. |
Other_Income_Expense_Net
Other (Income) Expense - Net | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||
Other (Income) Expense - Net | Other (Income) Expense – Net | |||||||||||||||||||
The following table sets forth the items in other (income) expense: | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Gain) loss on derivatives | 102 | 40 | (62 | ) | — | — | ||||||||||||||
Gain on sale of assets and equity dilution | (351 | ) | (41 | ) | (51 | ) | (17 | ) | (30 | ) | ||||||||||
Charges from early extinguishment of debt | — | — | 5 | 12 | 12 | |||||||||||||||
Gain on marketable securities transactions | — | (8 | ) | (6 | ) | (16 | ) | (37 | ) | |||||||||||
Other – net | 2 | (44 | ) | 5 | 9 | 26 | ||||||||||||||
$ | (247 | ) | $ | (53 | ) | $ | (109 | ) | $ | (12 | ) | $ | (29 | ) | ||||||
Individually significant items included in the table above are: | ||||||||||||||||||||
The loss on derivatives for the year ended December 31, 2014 was due to losses on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition. The loss on derivatives for the year ended December 31, 2013 was due to losses on Australian dollar foreign currency derivative contracts entered into to economically hedge the proposed GrainCorp Limited (GrainCorp) acquisition. The gain on derivatives for the six months and year ended December 31, 2012 relates to the settlement of the Total Return Swap instruments related to the Company's investment in GrainCorp (see Note 4 for more information). | ||||||||||||||||||||
Gain on sale of assets for the year ended December 31, 2014 includes a gain of $156 million upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture resulting from the contribution of additional assets by another member in exchange for new equity units and a gain of $126 million on the sale of the fertilizer business. Gain on sale of assets for six months ended December 31, 2012 includes a $39 million gain related to the sale of certain of the Company’s exchange membership interests. | ||||||||||||||||||||
Realized gains on sales of available-for-sale marketable securities totaled $8 million, $8 million, $17 million, and $38 million for the year ended December 31, 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. Realized gains on sales of available-for-sale marketable securities were immaterial for the year ended December 31, 2014. Realized losses on sales of available-for-sale marketable securities were immaterial for all periods presented. Impairment losses on securities of $6 million, $166 million, $13 million, and $25 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2011, and year ended June 30, 2012, respectively, were classified as asset impairment, exit, and restructuring charges in the consolidated statements of earnings (see Note 19 for more information). |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||
The following table sets forth the geographic split of earnings before income taxes: | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
United States | $ | 2,224 | $ | 1,509 | $ | 611 | $ | 592 | $ | 1,035 | ||||||||||
Foreign | 906 | 515 | 386 | 189 | 730 | |||||||||||||||
$ | 3,130 | $ | 2,024 | $ | 997 | $ | 781 | $ | 1,765 | |||||||||||
Significant components of income tax are as follows: | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 641 | $ | 348 | $ | 92 | $ | 179 | $ | 300 | ||||||||||
State | 57 | 14 | 9 | 19 | 21 | |||||||||||||||
Foreign | 235 | 146 | 83 | 7 | 118 | |||||||||||||||
Deferred | ||||||||||||||||||||
Federal | (29 | ) | 112 | 92 | 14 | 66 | ||||||||||||||
State | 28 | (5 | ) | 20 | 3 | 9 | ||||||||||||||
Foreign | (55 | ) | 55 | 7 | 15 | 9 | ||||||||||||||
$ | 877 | $ | 670 | $ | 303 | $ | 237 | $ | 523 | |||||||||||
Significant components of deferred tax liabilities and assets are as follows: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||
Property, plant, and equipment | $ | 1,631 | $ | 1,286 | ||||||||||||||||
Equity in earnings of affiliates | 394 | 323 | ||||||||||||||||||
Debt exchange | 135 | 123 | ||||||||||||||||||
Inventories | 57 | 132 | ||||||||||||||||||
Other | 192 | 119 | ||||||||||||||||||
$ | 2,409 | $ | 1,983 | |||||||||||||||||
Deferred tax assets | ||||||||||||||||||||
Pension and postretirement benefits | $ | 460 | $ | 267 | ||||||||||||||||
Stock compensation | 55 | 60 | ||||||||||||||||||
Foreign tax credit carryforwards | 76 | 26 | ||||||||||||||||||
Foreign tax loss carryforwards | 305 | 329 | ||||||||||||||||||
Capital loss carryforwards | 21 | 24 | ||||||||||||||||||
State tax attributes | 70 | 74 | ||||||||||||||||||
Reserves and other accruals | 43 | — | ||||||||||||||||||
Other | 271 | 205 | ||||||||||||||||||
Gross deferred tax assets | 1,301 | 985 | ||||||||||||||||||
Valuation allowances | (347 | ) | (329 | ) | ||||||||||||||||
Net deferred tax assets | $ | 954 | $ | 656 | ||||||||||||||||
Net deferred tax liabilities | $ | 1,455 | $ | 1,327 | ||||||||||||||||
The net deferred tax liabilities are classified as follows: | ||||||||||||||||||||
Current assets | $ | 17 | $ | — | ||||||||||||||||
Current assets (foreign) | 137 | 17 | ||||||||||||||||||
Current liabilities | — | (8 | ) | |||||||||||||||||
Current liabilities (foreign) | (33 | ) | (22 | ) | ||||||||||||||||
Noncurrent assets (foreign) | 86 | 134 | ||||||||||||||||||
Noncurrent liabilities | (1,316 | ) | (1,404 | ) | ||||||||||||||||
Noncurrent liabilities (foreign) | (346 | ) | (44 | ) | ||||||||||||||||
$ | (1,455 | ) | $ | (1,327 | ) | |||||||||||||||
Reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate on earnings is as follows: | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
State income taxes, net of federal tax benefit | 2.1 | 0.2 | 2.4 | 2.4 | 1.4 | |||||||||||||||
Foreign earnings taxed at rates other than the U.S. statutory rate | (4.8 | ) | (3.7 | ) | (7.6 | ) | (7.2 | ) | (4.8 | ) | ||||||||||
Foreign currency remeasurement | 0.1 | (0.9 | ) | 2.6 | (0.3 | ) | (3.3 | ) | ||||||||||||
Income tax adjustment to filed returns | (2.5 | ) | 0.5 | (1.5 | ) | (0.7 | ) | 0.9 | ||||||||||||
Tax benefit on U.S. biodiesel credits | (1.1 | ) | (5.1 | ) | — | — | — | |||||||||||||
Tax benefit on U.S. qualified production activity deduction | (1.8 | ) | (1.4 | ) | — | — | — | |||||||||||||
Valuation allowances | — | 8 | — | — | — | |||||||||||||||
Other | 1 | 0.5 | (0.5 | ) | 1.1 | 0.4 | ||||||||||||||
Effective income tax rate | 28 | % | 33.1 | % | 30.4 | % | 30.3 | % | 29.6 | % | ||||||||||
The Company has historically included amounts received from the U.S. Government in the form of a biodiesel credit as taxable income on its federal and state income tax returns. In the fourth quarter of 2013, the Internal Revenue Service released a Chief Counsel Advice stipulating that biodiesel credits should not be included in taxable income. Based upon the Chief Counsel Advice, the Company changed its position related to these credits and excluded them from income for years 2011 through the current year. Of the total tax benefit recorded in 2013 of $107 million, $55 million relates to years prior to 2013. | ||||||||||||||||||||
The Company has $305 million and $329 million of tax assets related to net operating loss carry-forwards of certain international subsidiaries at December 31, 2014 and 2013, respectively. As of December 31, 2014, approximately $274 million of these assets have no expiration date, and the remaining $31 million expire at various times through fiscal 2032. The annual usage of certain of these assets is limited to a percentage of taxable income of the respective foreign subsidiary for the year. The Company has recorded a valuation allowance of $218 million and $196 million against these tax assets at December 31, 2014 and 2013, respectively, due to the uncertainty of their realization. | ||||||||||||||||||||
During the fourth quarter of 2013, the Company recorded a full valuation allowance on net deferred tax assets of a German subsidiary in the amount of $103 million ($82 million, equal to $0.12 per share, when adjusted for the income attributable to the minority interest holders). Management’s establishment of a valuation allowance resulted from a combination of matters, including the absence of financial performance of the subsidiary and its ability to generate sufficient taxable income in the future. Management continues to maintain its view of the subsidiary and the need for the valuation allowance. | ||||||||||||||||||||
During the fourth quarter of 2013, the Company placed a full valuation allowance on the deferred tax asset related to the impairment of its investment in GrainCorp in the amount of $41 million. The Company also placed a full valuation allowance on the impairment of assets related to its sugar business in Brazil in the amount of $17 million. | ||||||||||||||||||||
The Company has $21 million of tax assets related to foreign and domestic capital loss carryforwards at December 31, 2014. The Company has recorded a valuation allowance of $21 million against these tax assets at December 31, 2014. | ||||||||||||||||||||
The Company has $76 million and $26 million of tax assets related to excess foreign tax credits at December 31, 2014 and 2013, respectively, which begin to expire in 2015. The Company has $70 million and $74 million of tax assets related to state income tax attributes (incentive credits and net operating loss carryforwards), net of federal tax benefit, at December 31, 2014 and 2013, respectively, which will expire at various times through fiscal 2034. The Company has not recorded a valuation allowance against the excess foreign tax credits at December 31, 2014. Due to the uncertainty of realization, the Company has recorded a valuation allowance of $51 million and $53 million related to state income tax assets net of federal tax benefit as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
The Company remains subject to federal examination in the U.S. for the calendar tax years 2013 and 2014. | ||||||||||||||||||||
Undistributed earnings of the Company’s foreign subsidiaries and the Company’s share of the undistributed earnings of affiliated corporate joint venture companies accounted for on the equity method amounting to approximately $8.6 billion at December 31, 2014, are considered to be permanently reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon. It is not practicable to determine the deferred tax liability for temporary differences related to these undistributed earnings. | ||||||||||||||||||||
The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2014 and 2013 as follows: | ||||||||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balance | $ | 66 | $ | 77 | ||||||||||||||||
Additions related to current year’s tax positions | 5 | — | ||||||||||||||||||
Additions related to prior years’ tax positions | 7 | 7 | ||||||||||||||||||
Reductions related to prior years’ tax positions | (3 | ) | — | |||||||||||||||||
Reductions related to lapse of statute of limitations | — | (6 | ) | |||||||||||||||||
Settlements with tax authorities | (3 | ) | (12 | ) | ||||||||||||||||
Ending balance | $ | 72 | $ | 66 | ||||||||||||||||
The additions and reductions in unrecognized tax benefits shown in the table include effects related to net income and shareholders’ equity. The changes in unrecognized tax benefits did not have a material effect on the Company’s net income or cash flow. | ||||||||||||||||||||
At December 31, 2014 and 2013, the Company had accrued interest and penalties on unrecognized tax benefits of $21 million and $18 million, respectively. | ||||||||||||||||||||
The Company is subject to income taxation in many jurisdictions around the world. Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions. However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months. Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period. If the total amount of unrecognized tax benefits were recognized by the Company at one time, there would be a reduction of $62 million on the tax expense for that period. | ||||||||||||||||||||
The Company is subject to routine examination by domestic and foreign tax authorities and frequently faces challenges regarding the amount of taxes due. These challenges include positions taken by the Company related to the timing, nature and amount of deductions and the allocation of income among various tax jurisdictions. Resolution of the related tax positions, through negotiation with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions. In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential additional tax owed by the Company in accordance with the applicable accounting standard. However, the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations. | ||||||||||||||||||||
The Company’s wholly-owned subsidiary, ADM do Brasil Ltda. (ADM do Brasil), has received three separate tax assessments from the Brazilian Federal Revenue Service (BFRS) challenging the tax deductibility of commodity hedging losses and related expenses for the tax years 2004, 2006 and 2007. As of December 31, 2014, these assessments, updated for estimated penalties, interest, and variation in currency exchange rates, totaled approximately $493 million. ADM do Brasil’s tax return for 2005 was also audited and no assessment was received. The statute of limitations for 2005 and 2008 has expired. If the BFRS were to challenge commodity hedging deductions in tax years after 2008, the Company estimates it could receive additional tax assessments of approximately $57 million (based on currency exchange rates as of December 31, 2014). | ||||||||||||||||||||
ADM do Brasil enters into commodity hedging transactions that can result in gains, which are included in ADM do Brasil’s calculations of taxable income in Brazil, and losses, which ADM do Brasil deducts from its taxable income in Brazil. The Company has evaluated its tax position regarding these hedging transactions and concluded, based upon advice from Brazilian legal counsel, that it was appropriate to recognize both gains and losses resulting from hedging transactions when determining its Brazilian income tax expense. Therefore, the Company has continued to recognize the tax benefit from hedging losses in its financial statements and has not recorded any tax liability for the amounts assessed by the BFRS. | ||||||||||||||||||||
ADM do Brasil filed an administrative appeal for each of the assessments. During the second quarter of fiscal 2011, the appeal panel found in favor of the BFRS on the 2004 assessment and ADM do Brasil filed a second level administrative appeal, which is still ongoing. In January of 2012, the appeal panel found in favor of the BFRS on the 2006 and 2007 assessments and ADM do Brasil filed a second level administrative appeal, which is still ongoing. If ADM do Brasil continues to be unsuccessful in the administrative appellate process, it intends to file appeals in the Brazilian federal courts. While the Company believes its consolidated financial statements properly reflect the tax deductibility of these hedging losses, the ultimate resolution of this matter could result in the future recognition of additional payments of, and expense for, income tax and the associated interest and penalties. | ||||||||||||||||||||
The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2008. | ||||||||||||||||||||
The Company’s subsidiaries in Argentina have received tax assessments challenging transfer prices used to price grain exports totaling $93 million (inclusive of interest and adjusted for variation in currency exchange rates) for the tax years 2004 through 2007. The Argentine tax authorities have been conducting a review of income and other taxes paid by large exporters and processors of cereals and other agricultural commodities resulting in allegations of income tax evasion. While the Company believes that it has complied with all Argentine tax laws, it cannot rule out receiving additional assessments challenging transfer prices used to price grain exports for years subsequent to 2007, and estimates that these potential assessments would be approximately $325 million (as of December 31, 2014 and subject to variation in currency exchange rates). The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2007. The Company believes that it has appropriately evaluated the transactions underlying these assessments, and has concluded, based on Argentine tax law, that its tax position would be sustained, and accordingly, the Company has not recorded a tax liability for these assessments. | ||||||||||||||||||||
In accordance with the accounting requirements for uncertain tax positions, the Company has concluded that it is more likely than not to prevail on the Brazil and Argentina matters based upon their technical merits. The Company has not recorded an uncertain tax liability for these assessments partly because the taxing jurisdictions' processes do not provide a mechanism for settling at less than the full amount of the assessment. The Company's consideration of these tax assessments requires judgments about the application of income tax regulations to specific facts and circumstances. The final outcome of these matters cannot reliably be predicted, may take many years to resolve, and could result in financial impacts of up to the entire amount of these assessments. |
Leases
Leases | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Leases | Leases | |||
The Company leases manufacturing and warehouse facilities, real estate, transportation assets, and other equipment under non-cancelable operating leases, the majority of which expire at various dates through the year 2044. Rent expense for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 was $224 million, $199 million, $106 million, $103 million, and $209 million, respectively. Additional amounts incurred for charges pertaining to time charters of ocean going vessels accounted for as leases for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012 were $136 million, $147 million, $62 million, $76 million, and $164 million, respectively. Future minimum rental payments for non-cancelable operating leases with initial or remaining terms in excess of one year are as follows: | ||||
Minimum | ||||
Rental Payments | ||||
(In millions) | ||||
2015 | $ | 226 | ||
2016 | 198 | |||
2017 | 158 | |||
2018 | 106 | |||
2019 | 59 | |||
Thereafter | 240 | |||
Total minimum lease payments | $ | 987 | ||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans | |||||||||||||||
The Company provides substantially all U.S. employees and employees at certain foreign subsidiaries with retirement benefits including defined benefit pension plans and defined contribution plans. The Company provides eligible U.S. employees who retire under qualifying conditions with access to postretirement health care, at full cost to the retiree (certain employees are “grandfathered” into subsidized coverage while others are provided with Health Care Reimbursement Accounts as described below). | ||||||||||||||||
On August 5, 2014, the Company amended its U.S. qualified pension plans and began notifying certain eligible individuals of its offer to pay those individuals’ pension benefit in a lump sum. Individuals eligible for the voluntary lump sum payment option are generally those who are retirees, surviving joint annuitants, beneficiaries, and alternate payees of the U.S. qualified pension plans who are currently receiving a payment and commenced their benefit prior to June 30, 2014. The voluntary lump sum which amounted to $296 million reduced the Company's global pension benefit obligation by $336 million resulting in a net improvement of its pension underfunding by $40 million. The Company incurred a non-cash pre-tax income statement charge of $98 million in the quarter ended December 31, 2014 as a result of the requirement to expense the unrealized actuarial losses recognized in accumulated other comprehensive income (loss) pertaining to liabilities settled at December 31, 2014. | ||||||||||||||||
The Company maintains 401(k) plans covering substantially all U.S. employees. The Company contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching employer contribution of 1% of pay to eligible participants. Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in ADM stock as part of their own investment elections. The employer contributions are expensed when paid. Assets of the Company’s 401(k) plans consist primarily of listed common stocks and pooled funds. The Company’s 401(k) plans held 11 million shares of Company common stock at December 31, 2014, with a market value of $596 million. Cash dividends received on shares of Company common stock by these plans during the year ended December 31, 2014 were $12 million. | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In millions) | Year Ended December 31 | Year Ended December 31 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Retirement plan expense | ||||||||||||||||
Defined benefit plans: | ||||||||||||||||
Service cost (benefits earned during the period) | $ | 71 | $ | 84 | $ | 4 | $ | 5 | ||||||||
Interest cost | 126 | 114 | 8 | 7 | ||||||||||||
Expected return on plan assets | (155 | ) | (144 | ) | — | — | ||||||||||
Settlement charges | 95 | — | — | — | ||||||||||||
Amortization of actuarial loss | 36 | 74 | 2 | 5 | ||||||||||||
Other amortization expense | 3 | 3 | (18 | ) | (18 | ) | ||||||||||
Net periodic defined benefit plan expense | 176 | 131 | (4 | ) | (1 | ) | ||||||||||
Defined contribution plans | 50 | 44 | — | — | ||||||||||||
Total retirement plan expense | $ | 226 | $ | 175 | $ | (4 | ) | $ | (1 | ) | ||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In millions) | Six Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Retirement plan expense | ||||||||||||||||
Defined benefit plans: | ||||||||||||||||
Service cost (benefits earned during the period) | $ | 44 | $ | 36 | $ | 4 | $ | 3 | ||||||||
Interest cost | 61 | 65 | 6 | 6 | ||||||||||||
Expected return on plan assets | (75 | ) | (70 | ) | — | — | ||||||||||
Settlement charges | 68 | — | — | — | ||||||||||||
Amortization of actuarial loss | 42 | 24 | — | — | ||||||||||||
Other amortization | 2 | 2 | — | — | ||||||||||||
Net periodic defined benefit plan expense | 142 | 57 | 10 | 9 | ||||||||||||
Defined contribution plans | 23 | 23 | — | — | ||||||||||||
Total retirement plan expense | $ | 165 | $ | 80 | $ | 10 | $ | 9 | ||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
(In millions) | Year Ended June 30 | Year Ended June 30 | ||||||||||||||
2012 | 2012 | |||||||||||||||
Retirement plan expense | ||||||||||||||||
Defined benefit plans: | ||||||||||||||||
Service cost (benefits earned during the period) | $ | 71 | $ | 7 | ||||||||||||
Interest cost | 130 | 12 | ||||||||||||||
Expected return on plan assets | (141 | ) | — | |||||||||||||
Remeasurement charge(1) | 30 | 4 | ||||||||||||||
Amortization of actuarial loss | 52 | — | ||||||||||||||
Other amortization | 5 | (2 | ) | |||||||||||||
Net periodic defined benefit plan expense | 147 | 21 | ||||||||||||||
Defined contribution plans | 45 | — | ||||||||||||||
Total retirement plan expense | $ | 192 | $ | 21 | ||||||||||||
(1) See Note 19 | ||||||||||||||||
Prior to December 31, 2012, the Company used a June 30 measurement date for all defined benefit plans. As a result of the change in fiscal year end (see Note 1), the Company changed its measurement date for all defined benefit plans to December 31 effective in the transition period ended December 31, 2012. The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2014 and 2013: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
Benefit obligation, beginning | $ | 2,814 | $ | 2,954 | $ | 174 | $ | 208 | ||||||||
Service cost | 71 | 84 | 4 | 5 | ||||||||||||
Interest cost | 126 | 114 | 8 | 7 | ||||||||||||
Actuarial loss (gain) | 688 | (236 | ) | 54 | (34 | ) | ||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||
Curtailments | (5 | ) | — | — | — | |||||||||||
Settlements | (304 | ) | — | — | — | |||||||||||
Business combinations | 136 | — | — | — | ||||||||||||
Benefits paid | (109 | ) | (119 | ) | (12 | ) | (12 | ) | ||||||||
Plan amendments | (4 | ) | (1 | ) | 3 | — | ||||||||||
Actual expenses | (2 | ) | (2 | ) | — | — | ||||||||||
Foreign currency effects | (108 | ) | 18 | — | — | |||||||||||
Benefit obligation, ending | $ | 3,305 | $ | 2,814 | $ | 231 | $ | 174 | ||||||||
Fair value of plan assets, beginning | $ | 2,341 | $ | 2,174 | $ | — | $ | — | ||||||||
Actual return on plan assets | 292 | 222 | — | — | ||||||||||||
Employer contributions | 42 | 50 | 12 | 12 | ||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||
Settlements | (304 | ) | — | — | — | |||||||||||
Business combinations | 10 | — | — | — | ||||||||||||
Benefits paid | (109 | ) | (119 | ) | (12 | ) | (12 | ) | ||||||||
Actual expenses | (2 | ) | (2 | ) | — | — | ||||||||||
Foreign currency effects | (78 | ) | 14 | — | — | |||||||||||
Fair value of plan assets, ending | $ | 2,194 | $ | 2,341 | $ | — | $ | — | ||||||||
Funded status | $ | (1,111 | ) | $ | (473 | ) | $ | (231 | ) | $ | (174 | ) | ||||
Prepaid benefit cost | $ | 27 | $ | 63 | $ | — | $ | — | ||||||||
Accrued benefit liability – current | (17 | ) | (15 | ) | (12 | ) | (11 | ) | ||||||||
Accrued benefit liability – long-term | (1,121 | ) | (521 | ) | (219 | ) | (163 | ) | ||||||||
Net amount recognized in the balance sheet | $ | (1,111 | ) | $ | (473 | ) | $ | (231 | ) | $ | (174 | ) | ||||
Included in accumulated other comprehensive income for pension benefits at December 31, 2014 is an unrecognized actuarial loss of $983 million that has not yet been recognized in net periodic pension cost. The prior service cost and actuarial loss included in accumulated other comprehensive income expected to be recognized in net periodic pension cost during 2015 is $2 million and $68 million, respectively. | ||||||||||||||||
Included in accumulated other comprehensive income for postretirement benefits at December 31, 2014, are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service credit of $85 million and unrecognized actuarial loss of $80 million. Prior service credit of $18 million and actuarial loss of $7 million included in accumulated other comprehensive income are expected to be recognized in net periodic benefit cost during 2015. | ||||||||||||||||
The following table sets forth the principal assumptions used in developing net periodic pension cost: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Discount rate | 4.60% | 3.90% | 4.40% | 3.60% | ||||||||||||
Expected return on plan assets | 7.00% | 7.00% | N/A | N/A | ||||||||||||
Rate of compensation increase | 3.90% | 3.90% | N/A | N/A | ||||||||||||
The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Discount rate | 3.5 | % | 4.6 | % | 3.80% | 4.40% | ||||||||||
Rate of compensation increase | 3.8 | % | 3.9 | % | N/A | N/A | ||||||||||
At December 31, 2014, a new mortality table was used to estimate anticipated mortality rates that contributed to an increase in projected benefit obligations of approximately $0.2 billion. | ||||||||||||||||
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with projected benefit obligations in excess of plan assets were $2.9 billion, $2.6 billion, and $1.7 billion, respectively as of December 31, 2014, and $2.2 billion, $2.0 billion, and $1.6 billion, respectively, as of December 31, 2013. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets were $2.8 billion, $2.5 billion, and $1.7 billion, respectively, as of December 31, 2014 and $2.1 billion, $1.9 billion, and $1.6 billion, respectively, as of December 31, 2013. The accumulated benefit obligation for all pension plans as of December 31, 2014 and 2013, was $3.0 billion and $2.6 billion, respectively. | ||||||||||||||||
For postretirement benefit measurement purposes, a 7.25% annual rate of increase in the per capita cost of covered health care benefits was assumed for the year ended December 31, 2014. The rate was assumed to decrease gradually to 5% by 2024 and remain at that level thereafter. The credits used to fund certain retirees with Health Reimbursement Accounts are indexed up to a maximum of 3% per year. | ||||||||||||||||
A 1% change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||
(In millions) | ||||||||||||||||
Effect on combined service and interest cost components | $ | 1 | $ | (1 | ) | |||||||||||
Effect on accumulated postretirement benefit obligations | $ | 8 | $ | (7 | ) | |||||||||||
Plan Assets | ||||||||||||||||
The Company’s employee benefit plan assets are principally comprised of the following types of investments: | ||||||||||||||||
Common stock: | ||||||||||||||||
Equity securities are valued based on quoted exchange prices and are classified within Level 1 of the valuation hierarchy. | ||||||||||||||||
Mutual funds: | ||||||||||||||||
Mutual funds are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy. | ||||||||||||||||
Common collective trust (CCT) funds: | ||||||||||||||||
The fair values of the CCTs are based on the cumulative net asset value (NAV) of their underlying investments. The investments in CCTs are comprised of international equity funds, a small cap U.S. equity fund, large cap U.S. equity funds, fixed income funds, and other funds. The fund units are valued at NAV based on the closing market value of the units bought or sold as of the valuation date and are classified in Level 2 of the fair value hierarchy. The CCTs seek primarily to provide investment results approximating the aggregate price, dividend performance, total return, and income stream of underlying investments of the funds. Issuances and redemptions of certain of the CCT investments may be restricted by date and/or amount. | ||||||||||||||||
Corporate debt instruments: | ||||||||||||||||
Corporate debt instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||
U.S. Treasury instruments: | ||||||||||||||||
U.S. Treasury instruments are valued at the closing price reported on the active market on which they are traded and are classified within Level 1 of the valuation hierarchy. | ||||||||||||||||
U.S. government agency, state, and local government bonds: | ||||||||||||||||
U.S. government agency obligations and state and municipal debt securities are valued using third-party pricing services and are classified within Level 2 of the valuation hierarchy. | ||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants’ methods, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||
The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2014 and 2013. | ||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In millions) | ||||||||||||||||
Common stock | ||||||||||||||||
U.S. companies | $ | 180 | $ | — | $ | — | $ | 180 | ||||||||
International companies | 6 | — | — | 6 | ||||||||||||
Equity mutual funds | ||||||||||||||||
Emerging markets | 62 | — | — | 62 | ||||||||||||
International | 91 | — | — | 91 | ||||||||||||
Large cap U.S. | 362 | — | — | 362 | ||||||||||||
Common collective trust funds | ||||||||||||||||
International equity | — | 370 | — | 370 | ||||||||||||
Large cap U.S. equity | — | 33 | — | 33 | ||||||||||||
Fixed income | — | 500 | — | 500 | ||||||||||||
Other | — | 35 | — | 35 | ||||||||||||
Debt instruments | ||||||||||||||||
Corporate bonds | — | 422 | — | 422 | ||||||||||||
U.S. Treasury instruments | 95 | — | — | 95 | ||||||||||||
U.S. government agency, state and local government bonds | — | 37 | — | 37 | ||||||||||||
Other | — | 1 | — | 1 | ||||||||||||
Total assets at fair value | $ | 796 | $ | 1,398 | $ | — | $ | 2,194 | ||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In millions) | ||||||||||||||||
Common stock | ||||||||||||||||
U.S. companies | $ | 221 | $ | — | $ | — | $ | 221 | ||||||||
International companies | 2 | — | — | 2 | ||||||||||||
Equity mutual funds | ||||||||||||||||
Emerging markets | 75 | — | — | 75 | ||||||||||||
International | 111 | — | — | 111 | ||||||||||||
Large cap U.S. | 419 | — | — | 419 | ||||||||||||
Common collective trust funds | ||||||||||||||||
International equity | — | 373 | — | 373 | ||||||||||||
Large cap U.S. equity | — | 51 | — | 51 | ||||||||||||
Fixed income | — | 437 | — | 437 | ||||||||||||
Other | — | 62 | — | 62 | ||||||||||||
Debt instruments | ||||||||||||||||
Corporate bonds | — | 422 | — | 422 | ||||||||||||
U.S. Treasury instruments | 134 | — | — | 134 | ||||||||||||
U.S. government agency, state and local government bonds | — | 32 | — | 32 | ||||||||||||
Other | — | 2 | — | 2 | ||||||||||||
Total assets at fair value | $ | 962 | $ | 1,379 | $ | — | $ | 2,341 | ||||||||
Level 3 Gains and Losses: | ||||||||||||||||
There are no Plan assets classified as Level 3 in the fair value hierarchy; therefore there are no gains or losses associated with Level 3 assets. | ||||||||||||||||
The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date: | ||||||||||||||||
December 31 2014(1)(2) | 31-Dec | |||||||||||||||
2013(2) | ||||||||||||||||
Equity securities | 51% | 54% | ||||||||||||||
Debt securities | 48% | 45% | ||||||||||||||
Other | 1% | 1% | ||||||||||||||
Total | 100% | 100% | ||||||||||||||
-1 | The Company’s U.S. pension plans contain approximately 62% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt securities. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 38% equity securities, 60% debt securities, and 2% in other investments. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation. | |||||||||||||||
-2 | The Company’s pension plans did not hold any shares of Company common stock as of the December 31, 2014 and 2013 measurement dates. | |||||||||||||||
Investment objectives for the Company’s plan assets are to: | ||||||||||||||||
• | Optimize the long-term return on plan assets at an acceptable level of risk. | |||||||||||||||
• | Maintain a broad diversification across asset classes and among investment managers. | |||||||||||||||
• | Maintain careful control of the risk level within each asset class. | |||||||||||||||
Asset allocation targets promote optimal expected return and volatility characteristics given the long-term time horizon for fulfilling the obligations of the pension plans. Selection of the targeted asset allocation for plan assets was based upon a review of the expected return and risk characteristics of each asset class, as well as the correlation of returns among asset classes. The U.S. pension plans target asset allocation is also based on an asset and liability study that is updated periodically. | ||||||||||||||||
Investment guidelines are established with each investment manager. These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements, and credit quality standards, where applicable. In some countries, derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of underlying investments. | ||||||||||||||||
The Company uses external consultants to assist in monitoring the investment strategy and asset mix for the Company’s plan assets. To develop the Company’s expected long-term rate of return assumption on plan assets, the Company generally uses long-term historical return information for the targeted asset mix identified in asset and liability studies. Adjustments are made to the expected long-term rate of return assumption when deemed necessary based upon revised expectations of future investment performance of the overall investment markets. | ||||||||||||||||
Contributions and Expected Future Benefit Payments | ||||||||||||||||
Based on actuarial calculations, the Company expects to contribute $38 million to the pension plans and $12 million to the postretirement benefit plan during 2015. The Company may elect to make additional discretionary contributions during this period. | ||||||||||||||||
The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans: | ||||||||||||||||
Pension | Postretirement | |||||||||||||||
Benefits | Benefits | |||||||||||||||
(In millions) | ||||||||||||||||
2015 | $ | 97 | $ | 12 | ||||||||||||
2016 | 103 | 13 | ||||||||||||||
2017 | 108 | 13 | ||||||||||||||
2018 | 115 | 13 | ||||||||||||||
2019 | 122 | 14 | ||||||||||||||
2020 – 2024 | 721 | 75 | ||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity | |||||||||||||||||||
The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued. At December 31, 2014 and 2013, the Company had approximately 79.4 million shares and 57.5 million shares, respectively, of its common shares in treasury. Treasury stock of $2.7 billion and $1.6 billion at December 31, 2014 and 2013, respectively, is recorded at cost as a reduction of common stock. | ||||||||||||||||||||
Included in the foreign currency translation adjustment component of AOCI, is a $43 million net of tax loss pertaining to a foreign currency-denominated debt that was designated as a net investment hedge on October 27, 2014. | ||||||||||||||||||||
The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Pension and | ||||||||||||||||||||
Foreign | Deferred | Other | Unrealized | Accumulated | ||||||||||||||||
Currency | Gain (Loss) | Postretirement | Gain (Loss) | Other | ||||||||||||||||
Translation | on Hedging | Benefit | on | Comprehensive | ||||||||||||||||
Adjustment | Activities | Liabilities | Investments | Income (Loss) | ||||||||||||||||
Adjustment | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 136 | $ | 4 | $ | (590 | ) | $ | — | $ | (450 | ) | ||||||||
Other comprehensive income before reclassifications | 131 | (35 | ) | 354 | (157 | ) | 293 | |||||||||||||
Amounts reclassified from AOCI | — | 37 | 60 | 157 | 254 | |||||||||||||||
Tax effect | 2 | (1 | ) | (154 | ) | (1 | ) | (154 | ) | |||||||||||
Net of tax amount | 133 | 1 | 260 | (1 | ) | 393 | ||||||||||||||
Balance at December 31, 2013 | $ | 269 | $ | 5 | $ | (330 | ) | $ | (1 | ) | $ | (57 | ) | |||||||
Other comprehensive income before reclassifications | (953 | ) | (119 | ) | (485 | ) | (11 | ) | (1,568 | ) | ||||||||||
Amounts reclassified from AOCI | — | 187 | 21 | 6 | 214 | |||||||||||||||
Tax effect | 30 | (26 | ) | 164 | 2 | 170 | ||||||||||||||
Net of tax amount | (923 | ) | 42 | (300 | ) | (3 | ) | (1,184 | ) | |||||||||||
Balance at December 31, 2014 | $ | (654 | ) | $ | 47 | $ | (630 | ) | $ | (4 | ) | $ | (1,241 | ) | ||||||
Amount reclassified from AOCI | ||||||||||||||||||||
Year Ended December 31 | Affected line item in the consolidated | |||||||||||||||||||
Details about AOCI components | 2014 | 2013 | statement of earnings | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Deferred loss (gain) on hedging activities | ||||||||||||||||||||
$ | 124 | $ | 41 | Cost of products sold | ||||||||||||||||
(5 | ) | (1 | ) | Other income/expense | ||||||||||||||||
(1 | ) | 1 | Interest expense | |||||||||||||||||
69 | (4 | ) | Revenues | |||||||||||||||||
187 | 37 | Total before tax | ||||||||||||||||||
(70 | ) | (14 | ) | Tax on reclassifications | ||||||||||||||||
$ | 117 | $ | 23 | Net of tax | ||||||||||||||||
Pension liability adjustment | ||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||
Prior service credit | $ | (15 | ) | $ | (15 | ) | ||||||||||||||
Actuarial losses | 36 | 75 | ||||||||||||||||||
21 | 60 | Total before tax | ||||||||||||||||||
(7 | ) | (23 | ) | Tax on reclassifications | ||||||||||||||||
$ | 14 | $ | 37 | Net of tax | ||||||||||||||||
Unrealized loss on investments | ||||||||||||||||||||
$ | 6 | $ | 157 | Asset impairment, exit, and restructuring costs | ||||||||||||||||
(2 | ) | (3 | ) | Tax on reclassifications | ||||||||||||||||
$ | 4 | $ | 154 | Net of tax | ||||||||||||||||
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment And Geographic Information | Segment and Geographic Information | |||||||||||||||||||
The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. The Company’s operations are organized, managed and classified into three reportable business segments: Oilseeds Processing, Corn Processing, and Agricultural Services. Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by ASC Topic 280, Segment Reporting, and are classified as Other. | ||||||||||||||||||||
During the fourth quarter of 2014, the Company completed the acquisition of Wild Flavors and SCI, making the Company one of the world’s leading flavors and specialty ingredients companies. Effective January 1, 2015, the Company has formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors and SCI were reported in Other as the 2014 results were not material to the Company. | ||||||||||||||||||||
The Oilseeds Processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the Company include ingredients for the food, feed, energy, and other industrial products industries. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” or are further processed by refining, blending, bleaching, and deodorizing into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food processing industry. In Europe and South America, the Oilseeds Processing segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets. These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds. The Oilseeds Processing segment produces natural health and nutrition products and other specialty food and feed ingredients. The Oilseeds Processing segment is a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets. In South America, the Oilseeds Processing segment operates fertilizer blending facilities. The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar and its share of results for its Stratas Foods LLC and Edible Oils Limited joint ventures. | ||||||||||||||||||||
The Company’s Corn Processing segment is engaged in corn wet milling and dry milling activities, with its asset base primarily located in the central part of the United States. The Corn Processing segment converts corn into sweeteners and starches, and bioproducts. Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose. Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations. By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other specialty food and animal feed ingredients. Ethyl alcohol is produced by the Company for industrial use as ethanol or as beverage grade. Ethanol, in gasoline, increases octane and is used as an extender and oxygenate. Bioproducts also include amino acids such as lysine and threonine that are vital compounds used in swine feeds to produce leaner animals and in poultry feeds to enhance the speed and efficiency of poultry production. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products. The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company’s Brazilian sugarcane ethanol plant and related operations. This segment also includes the Company’s share of the results of its equity investments in Almidones Mexicanos S.A., Eaststarch C.V., and Red Star Yeast Company LLC. | ||||||||||||||||||||
The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry. Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services. Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour, the processing and distribution of formula feeds, animal health and nutrition products, and the procurement, processing, and distribution of edible beans. The Agricultural Services segment includes the activities of Alfred C. Toepfer International (Toepfer), a global merchant of agricultural commodities and processed products. On June 6, 2014, the Company announced that it has completed its acquisition of the remaining 20% interest in Toepfer. The Agricultural Services segment also includes the Company’s 32.2% share of the results of its Pacificor (formerly Kalama Export Company LLC) joint venture and returns associated with the Company's 19.8% investment in GrainCorp. Prior to December 2012, the Company had a 23.2% interest in Gruma S.A.B. de C.V. (Gruma), the world’s largest producer and marketer of corn flour and tortillas. Additionally, the Company had joint ventures in corn flour and wheat flour mills with and through Gruma. In December 2012, the Company sold its 23.2% interest in Gruma and the Gruma-related joint ventures. | ||||||||||||||||||||
Other includes the activities of Wild Flavors, SCI, and the Company’s remaining operations, primarily its financial business units, related principally to futures commission merchant and insurance activities. | ||||||||||||||||||||
Intersegment sales have been recorded at amounts approximating market. Operating profit for each segment is based on net sales less identifiable operating expenses. Also included in segment operating profit is equity in earnings of affiliates based on the equity method of accounting. Certain Corporate items are not allocated to the Company’s reportable business segments. Corporate results principally include the impact of LIFO-related adjustments, unallocated corporate expenses, interest cost net of investment income, and the Company’s share of the results of an equity investment. Corporate results also include the after-tax elimination of income attributable to mandatorily redeemable interests in consolidated subsidiaries except during the calendar year 2012 when the put options related to these interests expired and the results were included in noncontrolling interest. The Company acquired the remaining 20% interest in Toepfer during the second quarter of 2014, thus no longer requiring the elimination of income attributable to the minority shareholder as of June 30, 2014. | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Gross revenues | ||||||||||||||||||||
Oilseeds Processing | $ | 34,196 | $ | 38,490 | $ | 19,465 | $ | 18,073 | $ | 36,990 | ||||||||||
Corn Processing | 11,814 | 13,299 | 6,223 | 6,564 | 12,287 | |||||||||||||||
Agricultural Services | 41,150 | 46,950 | 25,487 | 24,115 | 47,691 | |||||||||||||||
Other | 885 | 515 | 151 | 136 | 288 | |||||||||||||||
Intersegment elimination | (6,844 | ) | (9,450 | ) | (4,597 | ) | (3,680 | ) | (8,218 | ) | ||||||||||
Total | $ | 81,201 | $ | 89,804 | $ | 46,729 | $ | 45,208 | $ | 89,038 | ||||||||||
Intersegment revenues | ||||||||||||||||||||
Oilseeds Processing | $ | 2,650 | $ | 3,607 | $ | 1,413 | $ | 736 | $ | 2,275 | ||||||||||
Corn Processing | 128 | 160 | 56 | 113 | 173 | |||||||||||||||
Agricultural Services | 3,823 | 5,470 | 3,046 | 2,751 | 5,609 | |||||||||||||||
Other | 243 | 213 | 82 | 80 | 161 | |||||||||||||||
Total | $ | 6,844 | $ | 9,450 | $ | 4,597 | $ | 3,680 | $ | 8,218 | ||||||||||
Revenues from external customers | ||||||||||||||||||||
Oilseeds Processing | ||||||||||||||||||||
Crushing and Origination | $ | 18,542 | $ | 20,522 | $ | 10,784 | $ | 8,927 | $ | 18,794 | ||||||||||
Refining, Packaging, Biodiesel, and Other | 9,111 | 10,375 | 5,256 | 6,218 | 11,628 | |||||||||||||||
Cocoa and Other | 3,439 | 3,281 | 1,746 | 1,952 | 3,715 | |||||||||||||||
Asia | 454 | 705 | 266 | 240 | 578 | |||||||||||||||
Total Oilseeds Processing | 31,546 | 34,883 | 18,052 | 17,337 | 34,715 | |||||||||||||||
Corn Processing | ||||||||||||||||||||
Sweeteners and Starches | 3,749 | 4,717 | 2,405 | 2,316 | 4,793 | |||||||||||||||
Bioproducts | 7,937 | 8,422 | 3,762 | 4,135 | 7,321 | |||||||||||||||
Total Corn Processing | 11,686 | 13,139 | 6,167 | 6,451 | 12,114 | |||||||||||||||
Agricultural Services | ||||||||||||||||||||
Merchandising and Handling | 33,061 | 36,968 | 20,159 | 19,061 | 37,631 | |||||||||||||||
Transportation | 265 | 228 | 128 | 149 | 269 | |||||||||||||||
Milling and Other | 4,001 | 4,284 | 2,154 | 2,154 | 4,182 | |||||||||||||||
Total Agricultural Services | 37,327 | 41,480 | 22,441 | 21,364 | 42,082 | |||||||||||||||
Other | ||||||||||||||||||||
Processing | 312 | — | — | — | — | |||||||||||||||
Financial | 330 | 302 | 69 | 56 | 127 | |||||||||||||||
Total Other | 642 | 302 | 69 | 56 | 127 | |||||||||||||||
Total | $ | 81,201 | $ | 89,804 | $ | 46,729 | $ | 45,208 | $ | 89,038 | ||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Oilseeds Processing | $ | 244 | $ | 237 | $ | 113 | $ | 108 | $ | 228 | ||||||||||
Corn Processing | 323 | 325 | 165 | 178 | 345 | |||||||||||||||
Agricultural Services | 214 | 220 | 99 | 90 | 188 | |||||||||||||||
Other | 15 | 5 | 2 | 2 | 4 | |||||||||||||||
Corporate | 54 | 40 | 17 | 13 | 28 | |||||||||||||||
Total | $ | 850 | $ | 827 | $ | 396 | $ | 391 | $ | 793 | ||||||||||
Long-lived asset abandonments and write-downs(1) | ||||||||||||||||||||
Oilseeds Processing | $ | 3 | $ | 4 | $ | — | $ | — | $ | 1 | ||||||||||
Corn Processing | 15 | 62 | — | 337 | 360 | |||||||||||||||
Agricultural Services | 17 | 3 | — | — | 2 | |||||||||||||||
Corporate | — | 15 | — | — | 4 | |||||||||||||||
Total | $ | 35 | $ | 84 | $ | — | $ | 337 | $ | 367 | ||||||||||
Interest income | ||||||||||||||||||||
Oilseeds Processing | $ | 30 | $ | 36 | $ | 18 | $ | 16 | $ | 35 | ||||||||||
Corn Processing | 10 | 3 | 1 | — | 1 | |||||||||||||||
Agricultural Services | 31 | 47 | 18 | 10 | 22 | |||||||||||||||
Other | 14 | 12 | 11 | 14 | 21 | |||||||||||||||
Corporate | 7 | 4 | 11 | 22 | 33 | |||||||||||||||
Total | $ | 92 | $ | 102 | $ | 59 | $ | 62 | $ | 112 | ||||||||||
Equity in earnings of affiliates | ||||||||||||||||||||
Oilseeds Processing | $ | 236 | $ | 261 | $ | 96 | $ | 129 | $ | 226 | ||||||||||
Corn Processing | 113 | 98 | 49 | 53 | 107 | |||||||||||||||
Agricultural Services | 41 | 64 | 49 | 55 | 110 | |||||||||||||||
Other | 10 | 1 | — | — | — | |||||||||||||||
Corporate | (28 | ) | (13 | ) | 61 | 14 | 29 | |||||||||||||
Total | $ | 372 | $ | 411 | $ | 255 | $ | 251 | $ | 472 | ||||||||||
Operating Profit | ||||||||||||||||||||
Oilseeds Processing | $ | 1,605 | $ | 1,473 | $ | 747 | $ | 429 | $ | 1,302 | ||||||||||
Corn Processing | 1,188 | 814 | 71 | 54 | 261 | |||||||||||||||
Agricultural Services | 1,089 | 380 | 395 | 563 | 947 | |||||||||||||||
Other | 33 | 41 | 93 | 17 | 15 | |||||||||||||||
Total operating profit | 3,915 | 2,708 | 1,306 | 1,063 | 2,525 | |||||||||||||||
Corporate | (785 | ) | (684 | ) | (309 | ) | (282 | ) | (760 | ) | ||||||||||
Earnings before income taxes | $ | 3,130 | $ | 2,024 | $ | 997 | $ | 781 | $ | 1,765 | ||||||||||
(1) See Note 19 for total asset impairment, exit, and restructuring costs. | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Investments in and advances to affiliates | ||||||||||||||||||||
Oilseeds Processing | $ | 2,596 | $ | 2,304 | ||||||||||||||||
Corn Processing | 426 | 438 | ||||||||||||||||||
Agricultural Services | 460 | 309 | ||||||||||||||||||
Other | 33 | 24 | ||||||||||||||||||
Corporate | 377 | 463 | ||||||||||||||||||
Total | $ | 3,892 | $ | 3,538 | ||||||||||||||||
Identifiable assets | ||||||||||||||||||||
Oilseeds Processing | $ | 12,979 | $ | 15,408 | ||||||||||||||||
Corn Processing | 6,196 | 6,558 | ||||||||||||||||||
Agricultural Services | 10,716 | 12,358 | ||||||||||||||||||
Other | 10,833 | 6,408 | ||||||||||||||||||
Corporate | 3,303 | 3,020 | ||||||||||||||||||
Total | $ | 44,027 | $ | 43,752 | ||||||||||||||||
Year Ended | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Gross additions to property, plant, and equipment | ||||||||||||||||||||
Oilseeds Processing | $ | 335 | $ | 302 | ||||||||||||||||
Corn Processing | 334 | 317 | ||||||||||||||||||
Agricultural Services | 186 | 239 | ||||||||||||||||||
Other | 434 | 1 | ||||||||||||||||||
Corporate | 68 | 88 | ||||||||||||||||||
Total | $ | 1,357 | $ | 947 | ||||||||||||||||
Geographic information: The following geographic data include revenues attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant, and equipment. | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
United States | $ | 39,609 | $ | 41,427 | $ | 25,033 | $ | 24,490 | $ | 46,593 | ||||||||||
Switzerland | 10,118 | 10,467 | 4,991 | 5,237 | 9,698 | |||||||||||||||
Germany | 7,174 | 10,029 | 4,450 | 4,521 | 9,656 | |||||||||||||||
Other Foreign | 24,300 | 27,881 | 12,255 | 10,960 | 23,091 | |||||||||||||||
$ | 81,201 | $ | 89,804 | $ | 46,729 | $ | 45,208 | $ | 89,038 | |||||||||||
(In millions) | 31-Dec | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Long-lived assets | ||||||||||||||||||||
United States | $ | 6,693 | $ | 7,192 | ||||||||||||||||
Foreign | 3,267 | 2,945 | ||||||||||||||||||
$ | 9,960 | $ | 10,137 | |||||||||||||||||
Assets_and_Liabilities_Held_fo
Assets and Liabilities Held for Sale | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Assets and Liabilities Held for Sale | |||
On September 2, 2014, the Company announced the sale of its global chocolate business to Cargill, Inc. for $440 million, subject to regulatory approval and customary conditions. On December 15, 2014, the Company also announced that it has reached an agreement to sell its global cocoa business to Olam International Limited for $1.3 billion, subject to customary conditions. Both transactions are expected to close in 2015. Assets and liabilities subject to the purchase and sale agreements have been classified as held for sale in the Company's consolidated balance sheet at December 31, 2014. The global chocolate and cocoa businesses do not meet the criteria to be classified as discontinued operations at December 31, 2014 under the amended guidance of ASC Topics 205 and 360 which the Company early adopted on October 1, 2014 because these businesses do not comprise a major component of the Company's operations. Assets and liabilities classified as held for sale are required to be recorded at the lower of carrying value or fair value less any costs to sell. As of December 31, 2014. the carrying value of the cocoa and chocolate assets were less than fair value less costs to sell, and accordingly, no adjustment to the asset value was necessary. The gain or loss on disposal, along with the continuing operations of the disposal group, will be reported in the Oilseeds Processing segment. | ||||
The major classes of assets and liabilities held for sale were as follows: | ||||
31-Dec-14 | ||||
(In millions) | ||||
Trade receivables | $ | 94 | ||
Inventories | 742 | |||
Other current assets | 83 | |||
Goodwill | 63 | |||
Other intangible assets | 28 | |||
Net property, plant, and equipment | 374 | |||
Other assets | 19 | |||
Current assets held for sale | $ | 1,403 | ||
Trade payables | $ | 114 | ||
Accrued expenses and other payables | 110 | |||
Other liabilities | 6 | |||
Current liabilities held for sale | $ | 230 | ||
Asset_Impairment_Exit_and_Rest
Asset Impairment, Exit, and Restructuring Costs | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Restructuring, Settlement and Impairment Provisions [Abstract] | ||||||||||||||||||||
Asset Impairment, Exit, and Restructuring Costs | Asset Impairment, Exit, and Restructuring Costs | |||||||||||||||||||
The following table sets forth the charges included in asset impairment, exit, and restructuring costs. | ||||||||||||||||||||
(In millions) | Year Ended December 31 | Six Months Ended December 31 | Year Ended June 30 | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Relocation and restructuring costs (1) | $ | 64 | $ | — | $ | — | $ | — | $ | 71 | ||||||||||
Asset impairment charge - equity method investment (2) | — | — | 146 | — | — | |||||||||||||||
Asset impairment charge - equity securities(3) | 6 | 166 | — | 13 | 25 | |||||||||||||||
Asset impairment charge - goodwill (4) | — | 9 | — | — | — | |||||||||||||||
Asset impairments (5) | 35 | 84 | — | 339 | 353 | |||||||||||||||
Total asset impairment, exit, and restructuring costs | $ | 105 | $ | 259 | $ | 146 | $ | 352 | $ | 449 | ||||||||||
-1 | Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program. | |||||||||||||||||||
-2 | As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Gruma”). As a result, the Company’s equity method investments in Gruma were evaluated for impairment. In the quarter ended September 30, 2012, the Company recorded a $146 million pre-tax asset impairment charge ($0.16 per share after tax) on its investments in Gruma by comparing the carrying value, including $123 million of cumulative unrealized foreign currency translation losses, to estimated fair value. Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012. The Company sold its interest in Gruma in December 2012. | |||||||||||||||||||
-3 | Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate. | |||||||||||||||||||
-4 | The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013. | |||||||||||||||||||
-5 | Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate. |
Sale_of_Accounts_Receivable
Sale of Accounts Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Transfers and Servicing [Abstract] | |
Sale of Accounts Receivable | Sale of Accounts Receivable |
Since March 2012, the Company has had an accounts receivable securitization program (the “Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Purchasers”). Under the Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables in turn transfers such purchased accounts receivable in their entirety to the Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Receivables receives a cash payment of up to $1.2 billion, as amended, and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 26, 2015, unless extended. | |
In March 2014, the Company entered into a second accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (“ADM Ireland Receivables”). ADM Ireland Receivables in turn transfers such purchased accounts receivable in their entirety to the Second Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Ireland Receivables receives a cash payment of up to $0.4 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 20, 2015, unless extended. | |
Under the Program and Second Program (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the Purchasers and Second Purchasers and other consideration to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. | |
The Company accounts for these transfers as sales. The Company has no retained interests in the transferred receivables, other than collection and administrative responsibilities and its right to the deferred consideration. At December 31, 2014 and 2013, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions and its cost of servicing the receivables sold. | |
As of December 31, 2014 and 2013, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $2.1 billion and $1.9 billion, respectively. In exchange for the transfer as of December 31, 2014 and 2013, the Company received cash of $1.6 billion and $1.1 billion and recorded a receivable for deferred consideration included in other current assets $0.5 billion and $0.8 billion, respectively. Cash collections from customers on receivables sold were $36.4 billion, $39.8 billion, $21.9 billion, and $8.9 billion for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively. Of this amount, $35.1 billion, $39.8 billion, $21.9 billion, and $8.9 billion pertain to cash collections on the deferred consideration for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012, respectively. Deferred consideration is paid to the Company in cash on behalf of the Purchasers as receivables are collected; however, as this is a revolving facility, cash collected from the Company’s customers is reinvested by the Purchasers daily in new receivable purchases under the Program. | |
The Company’s risk of loss following the transfer of accounts receivable under the Program is limited to the deferred consideration outstanding. The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received and is principally based on observable inputs (a Level 2 measurement under the applicable accounting standards) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate. Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the program which have historically been insignificant. | |
Transfers of receivables under the Program during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012, and the year ended June 30, 2012 resulted in an expense for the loss on sale of $5 million, $4 million, $4 million, and $4 million, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings. | |
The Company reflects all cash flows related to the Program as operating activities in its consolidated statements of cash flows because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables. |
Legal_Proceedings_Guarantees_a
Legal Proceedings, Guarantees, and Commitments | 12 Months Ended |
Dec. 31, 2014 | |
Guarantees [Abstract] | |
Legal Proceedings, Guarantees, and Commitments | Legal Proceedings, Guarantees, and Commitments |
The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 13 for information on tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of our business, including with respect to our compliance with laws and regulations relating to the environment and, at any given time, the Company has matters at various stages of resolution with the applicable government authorities. The outcomes of these matters are not within our complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief, including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice. | |
On April 22, 2011, certain manufacturers and distributors of sugar cane and beet sugar products filed suit in the U.S. District Court for the Central District of California against the Company, other manufacturers and marketers of high-fructose corn syrup (HFCS), and the Corn Refiners Association, alleging that the defendants falsely claimed that HFCS is “natural” and nutritionally equivalent to sugar. The defendants have filed counterclaims against the plaintiffs. The parties are currently engaged in pretrial proceedings. | |
The Company has entered into agreements, primarily debt guarantee agreements related to equity-method investees, which could obligate the Company to make future payments if the primary entity fails to perform its contractual obligations. The Company has not recorded a liability for payment of these contingent obligations, as the Company believes the fair value of these contingent obligations is immaterial. The Company has collateral for a portion of these contingent obligations. These contingent obligations totaled $27 million at December 31, 2014. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Data | Quarterly Financial Data (Unaudited) | |||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Year | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
Fiscal Year Ended December 31, 2014 | ||||||||||||||||||||
Revenues | $ | 20,696 | $ | 21,494 | $ | 18,117 | $ | 20,894 | $ | 81,201 | ||||||||||
Gross Profit | 675 | 1,172 | 1,470 | 1,451 | 4,768 | |||||||||||||||
Net Earnings Attributable to Controlling Interests | 267 | 533 | 747 | 701 | 2,248 | |||||||||||||||
Basic Earnings Per Common Share | 0.4 | 0.81 | 1.15 | 1.09 | 3.44 | |||||||||||||||
Diluted Earnings Per Common Share | 0.4 | 0.81 | 1.14 | 1.08 | 3.43 | |||||||||||||||
Quarter | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Year | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | ||||||||||||||||||||
Revenues | $ | 21,727 | $ | 22,541 | $ | 21,393 | $ | 24,143 | $ | 89,804 | ||||||||||
Gross Profit | 756 | 807 | 1,156 | 1,170 | 3,889 | |||||||||||||||
Net Earnings Attributable to Controlling Interests | 269 | 223 | 476 | 374 | 1,342 | |||||||||||||||
Basic Earnings Per Common Share | 0.41 | 0.34 | 0.72 | 0.57 | 2.03 | |||||||||||||||
Diluted Earnings Per Common Share | 0.41 | 0.34 | 0.72 | 0.56 | 2.02 | |||||||||||||||
Net earnings attributable to controlling interests for the second quarter of the fiscal year ended December 31, 2014 include relocation and restructuring costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, costs related to integration of Toepfer following the acquisition of the noncontrolling interest, and other restructuring charges totaling $20 million after-tax (equal to $0.03 per share) as discussed in Note 19. Net earnings attributable to controlling interests for the third quarter of the fiscal year ended December 31, 2014 include an after-tax gain on sale of $97 million (equal to $0.15 per share) upon the Company's effective dilution in the Pacificor (formerly Kalama Export Company) joint venture, resulting from the contribution of additional assets by another member in exchange for new equity units as discussed in Note 12 and an after-tax loss on Euro foreign exchange hedges of $63 million (equal to $0.10 per share) as discussed in Note 12. Net earnings attributable to controlling interests for the fourth quarter of the fiscal year ended December 31, 2014 include restructuring costs related to the Wild Flavors acquisition of $21 million after-tax (equal to $0.03 per share) as discussed in Note 19, an after-tax gain on sale of assets related to the sale of the fertilizer business and other asset of $89 million (equal to $0.14 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $26 million (equal to $0.04 per share) as discussed in Note 19, an after-tax charge of $61 million (equal to $0.09 per share) related to pension settlements, and after-tax biodiesel blending credits of $61 million (equal to $0.09 per share), recognized upon the approval of the relevant legislation in the fourth quarter, that related to prior quarters in 2014. | ||||||||||||||||||||
Net earnings attributable to controlling interests for the first quarter of the fiscal year ended December 31, 2013 include an after-tax FCPA charge of $17 million (equal to $0.03 per share). Net earnings attributable to controlling interests for the second quarter of the fiscal year ended December 31, 2013 include an after-tax FCPA charge of $20 million (equal to $0.03 per share) and an after-tax loss on Australian dollar foreign exchange hedges of $32 million (equal to $0.05 per share) as discussed in Note 12. Net earnings attributable to controlling interests for the third quarter of the fiscal year ended December 31, 2013 include an after-tax gain on Australian dollar foreign exchange hedges of $16 million (equal to $0.02 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $8 million (equal to $0.01 per share) as discussed in Note 19, and an after-tax other-than-temporary writedown of an investment of $7 million (equal to $0.01 per share) as discussed in Note 19. Net earnings attributable to controlling interests for the fourth quarter of the fiscal year ended December 31, 2013 include an after-tax loss on Australian dollar foreign exchange hedges of $9 million (equal to $0.01 per share) as discussed in Note 12, after-tax asset impairment charges related to certain fixed assets of $61 million (equal to $0.09 per share), as discussed in Note 19, an after-tax goodwill impairment charge of $9 million (equal to $0.02 per share) as discussed in Note 19, an after-tax other-than-temporary writedown of GrainCorp of $155 million (equal to $0.23 per share) as discussed in Note 19, other after-tax GrainCorp-related charges of $3 million (equal to $0.01 per share), valuation allowance on certain deferred tax assets of $82 million (equal to $0.12 per share), income tax benefit recognized in the current period of $84 million (equal to $0.13 per share) related to biodiesel blending credits in prior periods, effective tax rate adjustment due to the change in annual effective tax rate on prior year-to-date earnings of $21 million (equal to $0.03 per share),and other after-tax charges of $3 million (equal to $0.01 per share). |
Subsequent_Event_Subsequent_Ev
Subsequent Event Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event |
On February 3, 2015, the Company announced that it had reached an agreement to sell a 50 percent stake in its export terminal in Barcarena, in the northern Brazilian state of Pará, to Glencore plc. |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts And Reserves | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation And Qualifying Accounts And Reserves | |||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||
Balance at | Balance at | ||||||||||||||||
Beginning | End | ||||||||||||||||
of Year | Additions | Deductions (1) | Other (2) | of Year | |||||||||||||
(In millions) | |||||||||||||||||
Allowance for doubtful accounts | |||||||||||||||||
30-Jun-12 | $ | 100 | 13 | (13 | ) | (8 | ) | $ | 92 | ||||||||
31-Dec-12 | $ | 92 | 8 | (8 | ) | (5 | ) | $ | 87 | ||||||||
31-Dec-13 | $ | 87 | 35 | (39 | ) | (2 | ) | $ | 81 | ||||||||
31-Dec-14 | $ | 81 | 37 | (32 | ) | (5 | ) | $ | 81 | ||||||||
(1) Uncollectible accounts written off and recoveries | |||||||||||||||||
(2) Impact of reclassifications and foreign currency exchange adjustments |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. | |
Change in Fiscal Year | Change in Fiscal Year |
On May 3, 2012, the Board of Directors of the Company determined that, in accordance with its Bylaws and upon the recommendation of the Audit Committee, the Company’s fiscal year shall begin on January 1 and end on December 31 of each year, starting on January 1, 2013. The required transition period of July 1, 2012 to December 31, 2012 is included in this Form 10-K report. Amounts included in this report for the six months ended December 31, 2011 are unaudited. | |
Principles Of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee's activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee. The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements. In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period. | |
The Company consolidates Alfred C. Toepfer International (Toepfer), a wholly owned subsidiary, in which prior to June 6, 2014, the Company had an 80% interest, for which the minority interest was subject to a mandatorily redeemable put option. As a result of the put option, the associated minority interest was reported in other long-term liabilities. On December 31, 2011, the put option expired and the Company reclassified $174 million of minority interest from other long-term liabilities to noncontrolling interests in shareholders’ equity at that date. During 2013, Toepfer became subject to a new mandatorily redeemable put option; and as a result, the Company reclassified $180 million of noncontrolling interest in shareholders' equity to long-term liabilities. On June 6, 2014, the Company completed its acquisition of the remaining 20% interest in Toepfer for $157 million. The excess of the purchase price over the carrying value of the associated noncontrolling interest of $12 million was recorded as a reduction in additional paid in capital. | |
Use of Estimates | Use of Estimates |
The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Reclassifications | Reclassifications |
Affiliates goodwill of $198 million in 2013, previously included in goodwill and other intangible assets, have been reclassified to investments in and advances to affiliates. There was no change in total investments and other assets as a result of this reclassification. | |
Cash Equivalents | Cash Equivalents |
The Company considers all non-segregated, highly-liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |
Segregated Cash and Investments | Segregated Cash and Investments |
The Company segregates certain cash and investment balances in accordance with regulatory requirements, commodity exchange requirements, insurance arrangements, and lending arrangements. These segregated balances represent deposits received from customers of the Company’s registered futures commission merchant, securities pledged to commodity exchange clearinghouses, and cash and securities pledged as security under certain insurance or lending arrangements. Segregated cash and investments primarily consist of cash, United States government securities, and money-market funds. | |
Receivables | Receivables |
The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts of $81 million at December 31, 2014 and 2013, to reflect any loss anticipated on the accounts receivable balances. The Company estimates this allowance based on its history of write-offs, level of past-due accounts, and its relationships with, and the economic status of, its customers. Portions of the allowance for uncollectible accounts are recorded in trade receivables, other current assets, and other assets. | |
Credit risk on receivables is minimized as a result of the large and diversified nature of the Company’s worldwide customer base. The Company manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Collateral is generally not required for the Company’s receivables. | |
Accounts receivable due from unconsolidated affiliates as of December 31, 2014 and 2013 was $15 million and $73 million, respectively. | |
Inventories | Inventories |
Inventories of certain merchandisable agricultural commodities, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the lower of cost, determined by either the first-in, first-out (FIFO) or last-in, first-out (LIFO) methods, or market. | |
Fair Value Measurements | Fair Value Measurements |
The Company determines fair value based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the market approach valuation technique to measure the majority of its assets and liabilities carried at fair value. Three levels are established within the fair value hierarchy that may be used to report fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, including Level 1 prices that have been adjusted; quoted prices for similar assets or liabilities; quoted prices in markets that are less active than traded exchanges; and other inputs that are observable or can be substantially corroborated by observable market data. Level 3: Unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. In evaluating the significance of fair value inputs, the Company generally classifies assets or liabilities as Level 3 when their fair value is determined using unobservable inputs that individually or when aggregated with other unobservable inputs, represent more than 10% of the fair value of the assets or liabilities. Judgment is required in evaluating both quantitative and qualitative factors in the determination of significance for purposes of fair value level classification. Level 3 amounts can include assets and liabilities whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as assets and liabilities for which the determination of fair value requires significant management judgment or estimation. | |
Based on historical experience with the Company’s suppliers and customers, the Company’s own credit risk and knowledge of current market conditions, the Company does not view nonperformance risk to be a significant input to fair value for the majority of its forward commodity purchase and sale contracts. However, in certain cases, if the Company believes the nonperformance risk to be a significant input, the Company records estimated fair value adjustments, and classifies the contract in Level 3. | |
In many cases, a valuation technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy. The lowest level of input that is a significant component of the fair value measurement determines the placement of the entire fair value measurement in the hierarchy. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the classification of fair value assets and liabilities within the fair value hierarchy levels. | |
The Company’s policy regarding the timing of transfers between levels, including both transfers into and transfers out of Level 3, is to measure and record the transfers at the end of the reporting period. | |
Derivatives | Derivatives |
The Company recognizes all of its derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet. Unrealized gains are reported as other current assets and unrealized losses are reported as accrued expenses and other payables. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and on the type of hedging relationship. The majority of the Company’s derivatives have not been designated as hedging instruments; and as such, changes in fair value of these derivatives are recognized in earnings immediately. For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. | |
For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (AOCI) and reclassified into earnings in the same line item affected by the hedged transaction and in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument that is in excess of the cumulative change in the cash flows of the hedged item, if any (i.e., the ineffective portion), hedge components excluded from the assessment of effectiveness, and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period. | |
For derivative instruments that are designated and qualify as fair value hedges, changes in the fair value of the hedging instrument and changes in the fair value of the underlying are recognized in the consolidated statement of earnings during the current period. | |
Marketable Securities | Marketable Securities |
The Company classifies its marketable securities as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of income taxes, reported as a component of other comprehensive income. The Company monitors its investments for impairment periodically, and recognizes an impairment charge when the decline in fair value of an investment is judged to be other-than-temporary. The Company uses the specific identification method when securities are sold or reclassified out of accumulated other comprehensive income into earnings. The Company considers marketable securities maturing in less than one year as short-term. All other marketable securities are classified as long-term. | |
Property, Plant, and Equipment | Property, Plant, and Equipment |
Property, plant, and equipment is recorded at cost. Repair and maintenance costs are expensed as incurred. The Company generally uses the straight-line method in computing depreciation for financial reporting purposes and generally uses accelerated methods for income tax purposes. The annual provisions for depreciation have been computed principally in accordance with the following ranges of asset lives: buildings - 10 to 40 years; machinery and equipment - 3 to 30 years. The Company capitalized interest on major construction projects in progress of $18 million, $16 million, $12 million, $9 million, and $21 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. | |
Income Taxes | Income Taxes |
The Company accounts for its income tax positions in accordance with the applicable accounting standards. The liability method is used in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and reported amounts in the consolidated financial statements using statutory rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in the results of operations in the period that includes the enactment date under the law. Applicable accounting standards prescribe a minimum threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Company recognizes in its consolidated financial statements tax positions determined more likely than not to be sustained upon examination, based on the technical merits of the position. | |
The Company classifies interest on income tax-related balances as interest expense and classifies tax-related penalties as selling, general and administrative expenses. | |
Goodwill and other intangible assets | Goodwill and other intangible assets |
Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests. Definite-lived intangible assets are amortized over their estimated useful lives of 2 to 25 years and are reviewed for impairment whenever there are indicators that the carrying value of the assets may not be fully recoverable. Prior to the fiscal year end change transition period, the Company’s accounting policy was to evaluate goodwill and other intangible assets with indefinite lives for impairment on April 1 of each fiscal year or whenever there were indicators that the carrying value of the assets may not be fully recoverable. Effective in the transition period ended December 31, 2012, the Company voluntarily changed its accounting policy to begin conducting the annual goodwill and indefinite life intangible assets impairment tests on October 1. The change to the annual goodwill and indefinite life intangible assets impairment testing date is preferable under the circumstances as the new impairment testing date is better aligned with the timing of the Company’s annual strategic, planning, and budgeting process, and the timing is more closely aligned with the Company’s annual financial reporting process as a result of the change in year end. The resulting change in accounting principle related to the annual testing date did not delay, accelerate, or avoid an impairment charge of the Company’s goodwill. As it is impracticable to objectively determine the estimates and assumptions necessary to perform the annual goodwill impairment test as of October 1 for periods prior to October 1, 2012, the Company prospectively applied the annual goodwill impairment testing date effective October 1, 2012. During the year ended December 31, 2013, the Company recorded an impairment charge for goodwill of $9 million related to the Company's Brazilian sugar milling business. There were no impairment charges recorded for goodwill and indefinite-lived intangible assets during the year ended December 31, 2014, the six months ended December 31, 2012 and the year ended June 30, 2012. | |
Asset Abandonments and Write-Downs | Asset Abandonments and Write-Downs |
The Company evaluates long-lived assets for impairment whenever indicators of impairment exist. Assets are written down to fair value after consideration of the Company's ability to utilize the assets for their intended purpose, employ the assets in alternative uses, or sell the assets to recover the carrying value. During the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, impairment charges were $35 million, $84 million, $0 million, $337 million, and $367 million, respectively (see Note 19 for additional information). | |
Payables to Brokerage Customers | Payables to Brokerage Customers |
Payables to brokerage customers represent the total of customer accounts at the Company's futures commission merchant with credit or positive balances. Customer accounts are used primarily in connection with commodity transactions and include gains and losses on open commodity trades as well as securities and other deposits made for margins or other purpose as required by the Company or the exchange-clearing organizations or counterparties. Payables to brokerage customers have a corresponding balance in segregated cash and investments and customer omnibus receivable in other current assets. | |
Revenues | Revenues |
The Company follows a policy of recognizing sales revenue at the time of delivery of the product and when all of the following have occurred: a sales agreement is in place, pricing is fixed or determinable, and collection is reasonably assured. The Company has sales contracts that allow for pricing to occur after title of the goods has passed to the customer. In these cases, the Company continues to report the goods in inventory until it recognizes the sales revenue once the price has been determined. Freight costs and handling charges related to sales are recorded as a component of cost of products sold. | |
Net sales to unconsolidated affiliates during the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, were $5.8 billion, $6.9 billion, $4.0 billion, $4.5 billion, and $7.7 billion, respectively. | |
Stock Compensation | Stock Compensation |
The Company recognizes expense for its stock compensation based on the fair value of the awards that are granted. The Company’s stock compensation plans provide for the granting of restricted stock, restricted stock units, performance stock units, and stock options. The fair values of stock options and performance stock units are estimated at the date of grant using the Black-Scholes option valuation model and a lattice valuation model, respectively. These valuation models require the input of highly subjective assumptions. Measured compensation cost, net of estimated forfeitures, is recognized ratably over the vesting period of the related stock compensation award. | |
Research and Development | Research and Development |
Costs associated with research and development are expensed as incurred. Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $79 million, $59 million, $28 million, $29 million, and $56 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011, and the year ended June 30, 2012, respectively. | |
Per Share Data | Per Share Data |
Basic earnings per common share are determined by dividing net earnings attributable to controlling interests by the weighted average number of common shares outstanding. In computing diluted earnings per share, average number of common shares outstanding is increased by common stock options outstanding with exercise prices lower than the average market price of common shares using the treasury share method. | |
Business Combinations Policy | Business Combinations |
The Company’s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Assets acquired and liabilities assumed, based on preliminary purchase price allocations , are adjusted to fair values at acquisition date with the remainder of the purchase price, if any, recorded as goodwill. During the measurement period, which may take up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded with a corresponding offset to goodwill. Upon the conclusion of the measurement period or the final determination of the values of assets acquired and liabilities assumed, whichever comes first, any subsequent adjustments are charged to the consolidated statements of earnings. | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards |
Effective January 1, 2014, the Company adopted the amended guidance of Accounting Standards Codification (ASC) Topic 740, Income Taxes, which requires the Company to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or if the Company does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability in the financial statements and should not be combined with deferred tax assets. The adoption of this amended guidance does not have an impact on the Company’s financial results. | |
Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 830, Foreign Currency Matters (Topic 830), which requires the Company to transfer currency translation adjustments from other comprehensive income into net income in certain circumstances. The amended guidance aims to resolve diversity in practice as to whether ASC Topic 810, Consolidation or Topic 830 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business. The adoption of this amended guidance did not have an impact on the Company’s current period results. If the Company disposes all or part of a qualifying foreign entity, it will be required to release the portion of cumulative translation adjustment applicable to the disposed entity. | |
Effective January 1, 2014, the Company adopted the amended guidance of ASC Topic 405, Liabilities, which addresses the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, for which the total amount under the arrangement is fixed at the reporting date. The amended guidance aims to resolve diversity in practice among companies that are subject to joint and several liabilities. The retrospective adoption of this amended guidance did not have an impact on current and prior period results and is not expected to have any material impact on the Company’s financial results. | |
Effective October 1, 2014, the Company early adopted the amended guidance of ASC Topic 205, Presentation of Financial Statements (Topic 205) and ASC Topic 360, Property, Plant, and Equipment, which limit the definition of discontinued operations as only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amended guidance also expands the definition of discontinued operations to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and a disposal of an equity method investment that meets the definition of discontinued operations. The amended guidance requires the Company to report discontinued operations if (1) the component of an entity or group of components of an entity meets the criteria in Topic 205 to be classified as held for sale; (2) the component of an entity or group of components of an entity is disposed of by sale; or (3) the component of an entity or group of components of an entity is disposed other than by sale. As a result of the prospective adoption of this amended guidance, the global chocolate and cocoa businesses that were classified as held for sale at December 31, 2014 (see Note 18 for more information) were not reported as discontinued operations. The Company does not believe the sale of these businesses to have a major effect on an entity's operations and financial results. | |
Pending Accounting Standards | Pending Accounting Standards |
Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Topic 718, Compensation - Stock Compensation (Topic 718), which seeks to resolve the diversity in practice that exists when accounting for share-based payments. The amended guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The Company will be required to adopt the amended guidance either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of this amended guidance to impact financial results. | |
Effective January 1, 2017, the Company will be required to adopt the new guidance of ASC Topic 606, Revenue from Contracts with Customers (Topic 606), which will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition. Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company will be required to adopt Topic 606 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. If the Company elects the modified retrospective approach, it will be required to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventories [Abstract] | ||||||||
Schedule of inventory by costing method | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
LIFO inventories | ||||||||
FIFO value | $ | 1,199 | $ | 1,408 | ||||
LIFO valuation reserve | (53 | ) | (297 | ) | ||||
LIFO inventories carrying value | 1,146 | 1,111 | ||||||
FIFO inventories | 3,058 | 3,741 | ||||||
Market inventories | 4,699 | 6,059 | ||||||
Supplies and other inventories | 471 | 530 | ||||||
Total inventories | $ | 9,374 | $ | 11,441 | ||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Acquisitions [Abstract] | ||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ||||||||||||||
(In millions) | Wild Flavors | SCI | Others | Total | ||||||||||
Trade receivables | $ | 176 | $ | 48 | $ | 8 | $ | 232 | ||||||
Inventories | 286 | 72 | 25 | 383 | ||||||||||
Other current assets | 64 | 2 | — | 66 | ||||||||||
Goodwill | 1,698 | 59 | 15 | 1,772 | ||||||||||
Other intangible assets | 1,103 | 46 | 35 | 1,184 | ||||||||||
Property, plant, and equipment | 423 | 10 | 30 | 463 | ||||||||||
Other assets | 68 | 6 | — | 74 | ||||||||||
Short-term debt | (215 | ) | — | (1 | ) | (216 | ) | |||||||
Trade payables | (128 | ) | (25 | ) | (1 | ) | (154 | ) | ||||||
Accrued expenses and other payables | (214 | ) | (14 | ) | (10 | ) | (238 | ) | ||||||
Long-term debt | (238 | ) | — | (3 | ) | (241 | ) | |||||||
Deferred income taxes | (378 | ) | (16 | ) | — | (394 | ) | |||||||
Other liabilities | (173 | ) | — | — | (173 | ) | ||||||||
Total purchase price, net of cash acquired | $ | 2,472 | $ | 188 | $ | 98 | $ | 2,758 | ||||||
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ||||||||||||||
Weighted Average | ||||||||||||||
Useful Life | Wild Flavors | SCI | Others | Total | ||||||||||
(In years) | (In millions) | |||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||
Trademarks/brands | $ | 238 | $ | — | $ | 12 | $ | 250 | ||||||
Intangible assets with finite lives: | ||||||||||||||
Patents | 15 | — | 3 | — | 3 | |||||||||
Customer lists | 15 | 552 | 36 | 21 | 609 | |||||||||
Recipes and other | 15 | 313 | 7 | 2 | 322 | |||||||||
Total other intangible assets acquired | $ | 1,103 | $ | 46 | $ | 35 | $ | 1,184 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Measurements At Reporting Date | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||||||
Active Markets | Other | Unobservable | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||
for Identical | Observable | Inputs | for Identical | Observable | Inputs | |||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||
Inventories carried at market | $ | — | $ | 3,208 | $ | 1,491 | $ | 4,699 | Inventories carried at market | $ | — | $ | 4,247 | $ | 1,812 | $ | 6,059 | |||||||||||||||
Unrealized derivative gains: | Unrealized derivative gains: | |||||||||||||||||||||||||||||||
Commodity contracts | — | 487 | 203 | 690 | Commodity contracts | 31 | 540 | 279 | 850 | |||||||||||||||||||||||
Foreign exchange contracts | — | 186 | — | 186 | Foreign exchange contracts | 30 | 88 | — | 118 | |||||||||||||||||||||||
Interest rate contracts | — | 21 | — | 21 | Interest rate contracts | — | 1 | — | 1 | |||||||||||||||||||||||
Cash equivalents | 491 | — | — | 491 | Cash equivalents | 2,518 | — | — | 2,518 | |||||||||||||||||||||||
Marketable securities | 860 | 80 | — | 940 | Marketable securities | 881 | 26 | — | 907 | |||||||||||||||||||||||
Segregated investments | 2,158 | — | — | 2,158 | Segregated investments | 1,707 | — | — | 1,707 | |||||||||||||||||||||||
Deferred consideration | — | 511 | — | 511 | Deferred consideration | — | 757 | — | 757 | |||||||||||||||||||||||
Total Assets | $ | 3,509 | $ | 4,493 | $ | 1,694 | $ | 9,696 | Total Assets | $ | 5,167 | $ | 5,659 | $ | 2,091 | $ | 12,917 | |||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||
Unrealized derivative losses: | Unrealized derivative losses: | |||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 564 | $ | 212 | $ | 776 | Commodity contracts | $ | 45 | $ | 343 | $ | 261 | $ | 649 | |||||||||||||||
Foreign exchange contracts | — | 150 | — | 150 | Foreign exchange contracts | — | 166 | — | 166 | |||||||||||||||||||||||
Inventory-related payables | — | 612 | 40 | 652 | Interest rate contracts | — | 9 | — | 9 | |||||||||||||||||||||||
Total Liabilities | $ | — | $ | 1,326 | $ | 252 | $ | 1,578 | Inventory-related payables | — | 708 | 34 | 742 | |||||||||||||||||||
Total Liabilities | $ | 45 | $ | 1,226 | $ | 295 | $ | 1,566 | ||||||||||||||||||||||||
Reconciliation Of Assets Measured At Fair Value On A Recurring Basis | ||||||||||||||||||||||||||||||||
Level 3 Fair Value Assets Measurements at | Level 3 Fair Value Assets Measurements at | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Inventories | Commodity | Total | Inventories | Commodity | Total | |||||||||||||||||||||||||||
Carried at | Derivative | Carried at | Derivative | |||||||||||||||||||||||||||||
Market | Contracts | Market | Contracts | |||||||||||||||||||||||||||||
Gains | Gains | |||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,812 | $ | 279 | $ | 2,091 | Balance, December 31, 2012 | $ | 1,745 | $ | 143 | $ | 1,888 | |||||||||||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | 15 | 544 | 559 | Total increase (decrease) in unrealized gains included in cost of products sold* | (645 | ) | 474 | (171 | ) | |||||||||||||||||||||||
Purchases | 16,114 | — | 16,114 | Purchases | 14,638 | — | 14,638 | |||||||||||||||||||||||||
Sales | (16,384 | ) | — | (16,384 | ) | Sales | (14,107 | ) | — | (14,107 | ) | |||||||||||||||||||||
Settlements | — | (948 | ) | (948 | ) | Settlements | — | (567 | ) | (567 | ) | |||||||||||||||||||||
Transfers into Level 3 | 44 | 395 | 439 | Transfers into Level 3 | 231 | 323 | 554 | |||||||||||||||||||||||||
Transfers out of Level 3 | (110 | ) | (67 | ) | (177 | ) | Transfers out of Level 3 | (50 | ) | (94 | ) | (144 | ) | |||||||||||||||||||
Ending balance, December 31, 2014 | $ | 1,491 | $ | 203 | $ | 1,694 | Ending balance, December 31, 2013 | $ | 1,812 | $ | 279 | $ | 2,091 | |||||||||||||||||||
* Includes gains of $602 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2014. | * Includes gains of $700 million that are attributable to the change in unrealized gains relating to Level 3 assets still held at December 31, 2013. | |||||||||||||||||||||||||||||||
Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis | ||||||||||||||||||||||||||||||||
Level 3 Fair Value Liabilities Measurements at | Level 3 Fair Value Liabilities Measurements at | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Inventory- | Commodity | Total | Inventory- | Commodity | Total | |||||||||||||||||||||||||||
related | Derivative | related | Derivative | |||||||||||||||||||||||||||||
Payables | Contracts | Payables | Contracts | |||||||||||||||||||||||||||||
Losses | Losses | |||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 34 | $ | 261 | $ | 295 | Balance, December 31, 2012 | $ | 33 | $ | 138 | $ | 171 | |||||||||||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | 22 | 534 | 556 | Total increase (decrease) in unrealized losses included in cost of products sold* | (191 | ) | 524 | 333 | ||||||||||||||||||||||||
Purchases | 29 | — | 29 | Purchases | 219 | — | 219 | |||||||||||||||||||||||||
Sales | (45 | ) | — | (45 | ) | Sales | (26 | ) | — | (26 | ) | |||||||||||||||||||||
Settlements | — | (785 | ) | (785 | ) | Settlements | — | (550 | ) | (550 | ) | |||||||||||||||||||||
Transfers into Level 3 | — | 256 | 256 | Transfers into Level 3 | — | 197 | 197 | |||||||||||||||||||||||||
Transfers out of Level 3 | — | (54 | ) | (54 | ) | Transfers out of Level 3 | (1 | ) | (48 | ) | (49 | ) | ||||||||||||||||||||
Ending balance, December 31, 2013 | $ | 34 | $ | 261 | $ | 295 | ||||||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 40 | $ | 212 | $ | 252 | ||||||||||||||||||||||||||
* Includes losses of $380 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2013. | ||||||||||||||||||||||||||||||||
* Includes losses of $558 million that are attributable to the change in unrealized losses relating to Level 3 liabilities still held at December 31, 2014. | ||||||||||||||||||||||||||||||||
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||||||||||
% of Total Price | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Component Type | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||||||
Basis | 23.40% | 43.40% | 21.90% | 13.20% | ||||||||||||||||||||||||||||
Transportation cost | 4.90% | 15.20% | 12.30% | —% | ||||||||||||||||||||||||||||
Commodity Derivative Contracts | ||||||||||||||||||||||||||||||||
Basis | 13.50% | 13.60% | 22.80% | 17.60% | ||||||||||||||||||||||||||||
Transportation cost | 10.20% | 19.50% | 32.50% | 12.30% |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Foreign Currency Contracts | $ | 186 | $ | 150 | $ | 118 | $ | 166 | |||||||||||||
Interest Contracts | — | — | 1 | — | |||||||||||||||||
Commodity Contracts | 690 | 776 | 850 | 649 | |||||||||||||||||
Total | $ | 876 | $ | 926 | $ | 969 | $ | 815 | |||||||||||||
Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | |||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Interest Contracts | |||||||||||||||||||||
Other income (expense) - net | $ | — | $ | 1 | $ | — | $ | — | $ | — | |||||||||||
Foreign Currency Contracts | |||||||||||||||||||||
Revenues | $ | (1 | ) | $ | 108 | $ | 129 | $ | 33 | $ | 117 | ||||||||||
Cost of products sold | 131 | (157 | ) | (49 | ) | (116 | ) | (255 | ) | ||||||||||||
Other income (expense) - net | (171 | ) | 61 | 94 | (69 | ) | (21 | ) | |||||||||||||
Commodity Contracts | |||||||||||||||||||||
Cost of products sold | $ | (263 | ) | $ | 301 | $ | 136 | $ | (4 | ) | $ | (527 | ) | ||||||||
Other Contracts | |||||||||||||||||||||
Other income (expense) - net | $ | — | $ | — | $ | 58 | $ | — | $ | (1 | ) | ||||||||||
Total gain(loss) recognized in earnings | $ | (304 | ) | $ | 314 | $ | 368 | $ | (156 | ) | $ | (687 | ) | ||||||||
Schedule Of Derivatives Designated As Hedging Instruments | |||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
Consolidated Statement of | 31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
(In millions) | Earnings Locations | 2014 | 2013 | 2012 | 2011 | 2012 | |||||||||||||||
(Unaudited) | |||||||||||||||||||||
Effective amounts recognized in earnings | |||||||||||||||||||||
FX Contracts | Other income/expense -net | $ | 5 | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | $ | (1 | ) | ||||||
Interest Contracts | Interest expense | 1 | 1 | — | — | 1 | |||||||||||||||
Commodity Contracts | Cost of products sold | (124 | ) | (41 | ) | 158 | 11 | 5 | |||||||||||||
Revenues | (69 | ) | 4 | 2 | 8 | 3 | |||||||||||||||
Ineffective amount recognized in earnings | |||||||||||||||||||||
Interest contracts | Interest expense | — | — | — | — | — | |||||||||||||||
Commodity contracts | Cost of products sold | (4 | ) | (120 | ) | (30 | ) | 39 | 49 | ||||||||||||
Revenues | (34 | ) | — | — | — | — | |||||||||||||||
Total amount recognized in earnings | $ | (225 | ) | $ | (157 | ) | $ | 129 | $ | 57 | $ | 57 | |||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Interest Contracts | $ | 21 | $ | — | $ | — | $ | 9 | |||||||||||||
Total | $ | 21 | $ | — | $ | — | $ | 9 | |||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Marketable Securities | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||
Gains | Losses | Value | ||||||||||||||
(In millions) | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
United States government obligations | ||||||||||||||||
Maturity less than 1 year | $ | 385 | $ | — | $ | — | $ | 385 | ||||||||
Maturity 1 to 5 years | 93 | — | — | 93 | ||||||||||||
Corporate debt securities | ||||||||||||||||
Maturity 1 to 5 years | 72 | — | — | 72 | ||||||||||||
Other debt securities | ||||||||||||||||
Maturity less than 1 year | 130 | — | — | 130 | ||||||||||||
Maturity 1 to 5 years | 3 | — | — | 3 | ||||||||||||
Equity securities | ||||||||||||||||
Available-for-sale | 328 | 1 | (12 | ) | 317 | |||||||||||
$ | 1,011 | $ | 1 | $ | (12 | ) | $ | 1,000 | ||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||
Gains | Losses | Value | ||||||||||||||
(In millions) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
United States government obligations | ||||||||||||||||
Maturity less than 1 year | $ | 395 | $ | — | $ | — | $ | 395 | ||||||||
Maturity 1 to 5 years | 124 | — | — | 124 | ||||||||||||
Government-sponsored enterprise obligations | ||||||||||||||||
Maturity 1 to 5 years | 4 | — | — | 4 | ||||||||||||
Corporate debt securities | ||||||||||||||||
Maturity 1 to 5 years | 16 | — | — | 16 | ||||||||||||
Other debt securities | ||||||||||||||||
Maturity less than 1 year | 38 | — | — | 38 | ||||||||||||
Maturity 1 to 5 years | 3 | — | — | 3 | ||||||||||||
Equity securities | ||||||||||||||||
Available-for-sale | 362 | 1 | (2 | ) | 361 | |||||||||||
$ | 942 | $ | 1 | $ | (2 | ) | $ | 941 | ||||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Other Current Assets | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Unrealized gains on derivative contracts | $ | 897 | $ | 969 | ||||
Deferred receivables consideration | 511 | 757 | ||||||
Customer omnibus receivable | 1,532 | 1,298 | ||||||
Financing receivables - net (1) | 402 | 576 | ||||||
Other current assets | 2,714 | 2,750 | ||||||
$ | 6,056 | $ | 6,350 | |||||
(1) The Company provides financing to suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $11 million and $15 million at December 31, 2014 and 2013, respectively. Changes in the allowance for 2014 included an increase of $4 million for additional bad debt provisions and a reduction in the allowance for adjustments of $8 million, respectively. Interest earned on financing receivables of $23 million, $26 million, $15 million, $12 million, and $26 million for the years ended December 31, 2014 and 2013, the six months ended December 31, 2012 and 2011 and the year ended June 30, 2012, respectively, is included in interest income in the consolidated statements of earnings. |
Accrued_Expenses_And_Other_Pay1
Accrued Expenses And Other Payables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses And Other Payables | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
Unrealized losses on derivative contracts | $ | 926 | $ | 824 | ||||
Other accruals and payables | 4,114 | 3,966 | ||||||
$ | 5,040 | $ | 4,790 | |||||
Investments_In_And_Advances_To1
Investments In And Advances To Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||
Combined Balance Sheets And Statements Of Earnings Of The Company's Unconsolidated Affiliates | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
(In millions) | 2014 | 2013 | ||||||||||||||||||
Current assets | $ | 27,307 | $ | 30,966 | ||||||||||||||||
Non-current assets | 21,624 | 20,846 | ||||||||||||||||||
Current liabilities | (19,370 | ) | (27,423 | ) | ||||||||||||||||
Non-current liabilities | (9,882 | ) | (5,515 | ) | ||||||||||||||||
Noncontrolling interests | (897 | ) | (890 | ) | ||||||||||||||||
Net assets | $ | 18,782 | $ | 17,984 | ||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2011 | 2012 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
Net Sales | $ | 50,591 | $ | 51,967 | $ | 28,314 | $ | 29,767 | $ | 58,068 | ||||||||||
Gross profit | 4,558 | 4,373 | 2,847 | 3,291 | 6,458 | |||||||||||||||
Net income | 1,561 | 1,762 | 855 | 1,022 | 1,940 | |||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill Balances Attributable To Consolidated Businesses And Investments In Affiliates, By Segment | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Oilseeds Processing | $ | 130 | $ | 192 | ||||||||||||||||||||||
Corn Processing | 81 | 81 | ||||||||||||||||||||||||
Agricultural Services | 79 | 81 | ||||||||||||||||||||||||
Other | 1,720 | 10 | ||||||||||||||||||||||||
Total | $ | 2,010 | $ | 364 | ||||||||||||||||||||||
Schedule of other intangible assets | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Useful | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||||||
Life | Amount | Amortization | Net | Amount | Amortization | Net | ||||||||||||||||||||
(In years) | (In millions) | |||||||||||||||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||||||||
Trademarks/brands | $ | 267 | $ | — | $ | 267 | $ | 5 | $ | — | 5 | |||||||||||||||
Other | 1 | — | 1 | 2 | — | 2 | ||||||||||||||||||||
Intangible assets with definite lives: | ||||||||||||||||||||||||||
Trademarks/brands | 8 to 25 | 25 | (5 | ) | 20 | 44 | (11 | ) | 33 | |||||||||||||||||
Customer lists | 9 to 20 | 663 | (32 | ) | 631 | 130 | (34 | ) | 96 | |||||||||||||||||
Patents | 15 to 20 | 44 | (29 | ) | 15 | 43 | (27 | ) | 16 | |||||||||||||||||
Recipes and other | 2 to 25 | 372 | (33 | ) | 339 | 73 | (28 | ) | 45 | |||||||||||||||||
Total | $ | 1,372 | $ | (99 | ) | $ | 1,273 | $ | 297 | $ | (100 | ) | $ | 197 | ||||||||||||
Debt_Financing_Arrangements_Ta
Debt Financing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | ||||||||
31-Dec-14 | 31-Dec-13 | |||||||
(In millions) | ||||||||
4.479% Debentures $750 million face amount, due in 2021 | 773 | 746 | ||||||
5.45% Notes $700 million face amount, due in 2018 | 701 | 699 | ||||||
5.765% Debentures $596 million face amount, due in 2041 | 600 | 600 | ||||||
5.375% Debentures $600 million face amount, due in 2035 | 589 | 588 | ||||||
5.935% Debentures $420 million face amount, due in 2032 | 417 | 416 | ||||||
4.016% Debentures $570 million face amount, due in 2043 | 378 | 376 | ||||||
4.535% Debentures $528 million face amount due in 2042 | 375 | 373 | ||||||
8.375% Debentures $295 million face amount, due in 2017 | 294 | 294 | ||||||
7.5% Debentures $187 million face amount, due in 2027 | 186 | 186 | ||||||
7.0% Debentures $185 million face amount, due in 2031 | 184 | 184 | ||||||
6.625% Debentures $182 million face amount, due in 2029 | 182 | 182 | ||||||
6.95% Debentures $172 million face amount, due in 2097 | 170 | 170 | ||||||
6.45% Debentures $154 million face amount, due in 2038 | 153 | 153 | ||||||
6.75% Debentures $124 million face amount, due in 2027 | 122 | 122 | ||||||
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014 | — | 1,144 | ||||||
Other | 458 | 279 | ||||||
Total long-term debt including current maturities | 5,582 | 6,512 | ||||||
Current maturities | (24 | ) | (1,165 | ) | ||||
Total long-term debt | $ | 5,558 | $ | 5,347 | ||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Equity [Abstract] | ||||||||
Assumptions Used To Value Share-Based Compensation | ||||||||
Year Ended December 31 | Six Months Ended | Year Ended | ||||||
31-Dec | 30-Jun | |||||||
2014 | 2013 | 2012 | 2012 | |||||
Dividend yield | 2% | 2% | 3% | 2% | ||||
Risk-free interest rate | 2% | 1% | 1% | 2% | ||||
Stock volatility | 37% | 38% | 30% | 32% | ||||
Average expected life (years) | 6 | 6 | 7 | 8 | ||||
Summary Of Option Activity During The Period | ||||||||
Shares | Weighted-Average | |||||||
Exercise Price | ||||||||
(In thousands, except per share amounts) | ||||||||
Shares under option at December 31, 2013 | 13,304 | $ | 28.31 | |||||
Granted | 1,253 | 40.65 | ||||||
Exercised | (3,376 | ) | 27.63 | |||||
Forfeited or expired | (68 | ) | 27.5 | |||||
Shares under option at December 31, 2014 | 11,113 | $ | 29.91 | |||||
Exercisable at December 31, 2014 | 6,835 | $ | 29.01 | |||||
Summary Of Restricted Stock Awards And PSUs Activity During The Period | ||||||||
Restricted | Weighted Average | |||||||
Stock Awards and PSUs | Grant-Date Fair Value | |||||||
(In thousands, except per share amounts) | ||||||||
Non-vested at December 31, 2013 | 3,557 | $ | 28.86 | |||||
Granted | 1,396 | 40.78 | ||||||
Vested | (1,250 | ) | 27.86 | |||||
Forfeited | (147 | ) | 33.68 | |||||
Non-vested at December 31, 2014 | 3,556 | $ | 34.17 | |||||
Other_Income_Expense_Net_Table
Other (Income) Expense - Net (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||
Other (Income) Expense - Net | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Gain) loss on derivatives | 102 | 40 | (62 | ) | — | — | ||||||||||||||
Gain on sale of assets and equity dilution | (351 | ) | (41 | ) | (51 | ) | (17 | ) | (30 | ) | ||||||||||
Charges from early extinguishment of debt | — | — | 5 | 12 | 12 | |||||||||||||||
Gain on marketable securities transactions | — | (8 | ) | (6 | ) | (16 | ) | (37 | ) | |||||||||||
Other – net | 2 | (44 | ) | 5 | 9 | 26 | ||||||||||||||
$ | (247 | ) | $ | (53 | ) | $ | (109 | ) | $ | (12 | ) | $ | (29 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||
Components Of Earnings Before Income Taxes by Geographic Region | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
United States | $ | 2,224 | $ | 1,509 | $ | 611 | $ | 592 | $ | 1,035 | ||||||||||
Foreign | 906 | 515 | 386 | 189 | 730 | |||||||||||||||
$ | 3,130 | $ | 2,024 | $ | 997 | $ | 781 | $ | 1,765 | |||||||||||
Significant Components Of Income Taxes | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 641 | $ | 348 | $ | 92 | $ | 179 | $ | 300 | ||||||||||
State | 57 | 14 | 9 | 19 | 21 | |||||||||||||||
Foreign | 235 | 146 | 83 | 7 | 118 | |||||||||||||||
Deferred | ||||||||||||||||||||
Federal | (29 | ) | 112 | 92 | 14 | 66 | ||||||||||||||
State | 28 | (5 | ) | 20 | 3 | 9 | ||||||||||||||
Foreign | (55 | ) | 55 | 7 | 15 | 9 | ||||||||||||||
$ | 877 | $ | 670 | $ | 303 | $ | 237 | $ | 523 | |||||||||||
Significant Components Of Deferred Tax Liabilities And Assets | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||
Property, plant, and equipment | $ | 1,631 | $ | 1,286 | ||||||||||||||||
Equity in earnings of affiliates | 394 | 323 | ||||||||||||||||||
Debt exchange | 135 | 123 | ||||||||||||||||||
Inventories | 57 | 132 | ||||||||||||||||||
Other | 192 | 119 | ||||||||||||||||||
$ | 2,409 | $ | 1,983 | |||||||||||||||||
Deferred tax assets | ||||||||||||||||||||
Pension and postretirement benefits | $ | 460 | $ | 267 | ||||||||||||||||
Stock compensation | 55 | 60 | ||||||||||||||||||
Foreign tax credit carryforwards | 76 | 26 | ||||||||||||||||||
Foreign tax loss carryforwards | 305 | 329 | ||||||||||||||||||
Capital loss carryforwards | 21 | 24 | ||||||||||||||||||
State tax attributes | 70 | 74 | ||||||||||||||||||
Reserves and other accruals | 43 | — | ||||||||||||||||||
Other | 271 | 205 | ||||||||||||||||||
Gross deferred tax assets | 1,301 | 985 | ||||||||||||||||||
Valuation allowances | (347 | ) | (329 | ) | ||||||||||||||||
Net deferred tax assets | $ | 954 | $ | 656 | ||||||||||||||||
Net deferred tax liabilities | $ | 1,455 | $ | 1,327 | ||||||||||||||||
The net deferred tax liabilities are classified as follows: | ||||||||||||||||||||
Current assets | $ | 17 | $ | — | ||||||||||||||||
Current assets (foreign) | 137 | 17 | ||||||||||||||||||
Current liabilities | — | (8 | ) | |||||||||||||||||
Current liabilities (foreign) | (33 | ) | (22 | ) | ||||||||||||||||
Noncurrent assets (foreign) | 86 | 134 | ||||||||||||||||||
Noncurrent liabilities | (1,316 | ) | (1,404 | ) | ||||||||||||||||
Noncurrent liabilities (foreign) | (346 | ) | (44 | ) | ||||||||||||||||
$ | (1,455 | ) | $ | (1,327 | ) | |||||||||||||||
Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
31-Dec | 31-Dec | 30-Jun | ||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
State income taxes, net of federal tax benefit | 2.1 | 0.2 | 2.4 | 2.4 | 1.4 | |||||||||||||||
Foreign earnings taxed at rates other than the U.S. statutory rate | (4.8 | ) | (3.7 | ) | (7.6 | ) | (7.2 | ) | (4.8 | ) | ||||||||||
Foreign currency remeasurement | 0.1 | (0.9 | ) | 2.6 | (0.3 | ) | (3.3 | ) | ||||||||||||
Income tax adjustment to filed returns | (2.5 | ) | 0.5 | (1.5 | ) | (0.7 | ) | 0.9 | ||||||||||||
Tax benefit on U.S. biodiesel credits | (1.1 | ) | (5.1 | ) | — | — | — | |||||||||||||
Tax benefit on U.S. qualified production activity deduction | (1.8 | ) | (1.4 | ) | — | — | — | |||||||||||||
Valuation allowances | — | 8 | — | — | — | |||||||||||||||
Other | 1 | 0.5 | (0.5 | ) | 1.1 | 0.4 | ||||||||||||||
Effective income tax rate | 28 | % | 33.1 | % | 30.4 | % | 30.3 | % | 29.6 | % | ||||||||||
Unrecognized Tax Benefits | ||||||||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balance | $ | 66 | $ | 77 | ||||||||||||||||
Additions related to current year’s tax positions | 5 | — | ||||||||||||||||||
Additions related to prior years’ tax positions | 7 | 7 | ||||||||||||||||||
Reductions related to prior years’ tax positions | (3 | ) | — | |||||||||||||||||
Reductions related to lapse of statute of limitations | — | (6 | ) | |||||||||||||||||
Settlements with tax authorities | (3 | ) | (12 | ) | ||||||||||||||||
Ending balance | $ | 72 | $ | 66 | ||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Future Minimum Rental Payments For Non-Cancelable Operating Leases | ||||
Minimum | ||||
Rental Payments | ||||
(In millions) | ||||
2015 | $ | 226 | ||
2016 | 198 | |||
2017 | 158 | |||
2018 | 106 | |||
2019 | 59 | |||
Thereafter | 240 | |||
Total minimum lease payments | $ | 987 | ||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Retirement Plan Expense | ||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||
(In millions) | Year Ended December 31 | Year Ended December 31 | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Retirement plan expense | ||||||||||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||||||||
Service cost (benefits earned during the period) | $ | 71 | $ | 84 | $ | 4 | $ | 5 | ||||||||||||||||||||||||
Interest cost | 126 | 114 | 8 | 7 | ||||||||||||||||||||||||||||
Expected return on plan assets | (155 | ) | (144 | ) | — | — | ||||||||||||||||||||||||||
Settlement charges | 95 | — | — | — | ||||||||||||||||||||||||||||
Amortization of actuarial loss | 36 | 74 | 2 | 5 | ||||||||||||||||||||||||||||
Other amortization expense | 3 | 3 | (18 | ) | (18 | ) | ||||||||||||||||||||||||||
Net periodic defined benefit plan expense | 176 | 131 | (4 | ) | (1 | ) | ||||||||||||||||||||||||||
Defined contribution plans | 50 | 44 | — | — | ||||||||||||||||||||||||||||
Total retirement plan expense | $ | 226 | $ | 175 | $ | (4 | ) | $ | (1 | ) | ||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||
(In millions) | Six Months Ended December 31 | Six Months Ended December 31 | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||
Retirement plan expense | ||||||||||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||||||||
Service cost (benefits earned during the period) | $ | 44 | $ | 36 | $ | 4 | $ | 3 | ||||||||||||||||||||||||
Interest cost | 61 | 65 | 6 | 6 | ||||||||||||||||||||||||||||
Expected return on plan assets | (75 | ) | (70 | ) | — | — | ||||||||||||||||||||||||||
Settlement charges | 68 | — | — | — | ||||||||||||||||||||||||||||
Amortization of actuarial loss | 42 | 24 | — | — | ||||||||||||||||||||||||||||
Other amortization | 2 | 2 | — | — | ||||||||||||||||||||||||||||
Net periodic defined benefit plan expense | 142 | 57 | 10 | 9 | ||||||||||||||||||||||||||||
Defined contribution plans | 23 | 23 | — | — | ||||||||||||||||||||||||||||
Total retirement plan expense | $ | 165 | $ | 80 | $ | 10 | $ | 9 | ||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||
(In millions) | Year Ended June 30 | Year Ended June 30 | ||||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||
Retirement plan expense | ||||||||||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||||||||
Service cost (benefits earned during the period) | $ | 71 | $ | 7 | ||||||||||||||||||||||||||||
Interest cost | 130 | 12 | ||||||||||||||||||||||||||||||
Expected return on plan assets | (141 | ) | — | |||||||||||||||||||||||||||||
Remeasurement charge(1) | 30 | 4 | ||||||||||||||||||||||||||||||
Amortization of actuarial loss | 52 | — | ||||||||||||||||||||||||||||||
Other amortization | 5 | (2 | ) | |||||||||||||||||||||||||||||
Net periodic defined benefit plan expense | 147 | 21 | ||||||||||||||||||||||||||||||
Defined contribution plans | 45 | — | ||||||||||||||||||||||||||||||
Total retirement plan expense | $ | 192 | $ | 21 | ||||||||||||||||||||||||||||
(1) See Note 19 | ||||||||||||||||||||||||||||||||
Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets | ||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Benefit obligation, beginning | $ | 2,814 | $ | 2,954 | $ | 174 | $ | 208 | ||||||||||||||||||||||||
Service cost | 71 | 84 | 4 | 5 | ||||||||||||||||||||||||||||
Interest cost | 126 | 114 | 8 | 7 | ||||||||||||||||||||||||||||
Actuarial loss (gain) | 688 | (236 | ) | 54 | (34 | ) | ||||||||||||||||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||||||||||||||||||
Curtailments | (5 | ) | — | — | — | |||||||||||||||||||||||||||
Settlements | (304 | ) | — | — | — | |||||||||||||||||||||||||||
Business combinations | 136 | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (109 | ) | (119 | ) | (12 | ) | (12 | ) | ||||||||||||||||||||||||
Plan amendments | (4 | ) | (1 | ) | 3 | — | ||||||||||||||||||||||||||
Actual expenses | (2 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||
Foreign currency effects | (108 | ) | 18 | — | — | |||||||||||||||||||||||||||
Benefit obligation, ending | $ | 3,305 | $ | 2,814 | $ | 231 | $ | 174 | ||||||||||||||||||||||||
Fair value of plan assets, beginning | $ | 2,341 | $ | 2,174 | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 292 | 222 | — | — | ||||||||||||||||||||||||||||
Employer contributions | 42 | 50 | 12 | 12 | ||||||||||||||||||||||||||||
Employee contributions | 2 | 2 | — | — | ||||||||||||||||||||||||||||
Settlements | (304 | ) | — | — | — | |||||||||||||||||||||||||||
Business combinations | 10 | — | — | — | ||||||||||||||||||||||||||||
Benefits paid | (109 | ) | (119 | ) | (12 | ) | (12 | ) | ||||||||||||||||||||||||
Actual expenses | (2 | ) | (2 | ) | — | — | ||||||||||||||||||||||||||
Foreign currency effects | (78 | ) | 14 | — | — | |||||||||||||||||||||||||||
Fair value of plan assets, ending | $ | 2,194 | $ | 2,341 | $ | — | $ | — | ||||||||||||||||||||||||
Funded status | $ | (1,111 | ) | $ | (473 | ) | $ | (231 | ) | $ | (174 | ) | ||||||||||||||||||||
Prepaid benefit cost | $ | 27 | $ | 63 | $ | — | $ | — | ||||||||||||||||||||||||
Accrued benefit liability – current | (17 | ) | (15 | ) | (12 | ) | (11 | ) | ||||||||||||||||||||||||
Accrued benefit liability – long-term | (1,121 | ) | (521 | ) | (219 | ) | (163 | ) | ||||||||||||||||||||||||
Net amount recognized in the balance sheet | $ | (1,111 | ) | $ | (473 | ) | $ | (231 | ) | $ | (174 | ) | ||||||||||||||||||||
Principal Assumptions In Developing Net Periodic Pension Cost | ||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 4.60% | 3.90% | 4.40% | 3.60% | ||||||||||||||||||||||||||||
Expected return on plan assets | 7.00% | 7.00% | N/A | N/A | ||||||||||||||||||||||||||||
Rate of compensation increase | 3.90% | 3.90% | N/A | N/A | ||||||||||||||||||||||||||||
Principal Assumptions In Developing Year-End Actuarial Present Value Of The Projected Benefit Obligation | ||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||
December 31 | December 31 | December 31 | December 31 | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 3.5 | % | 4.6 | % | 3.80% | 4.40% | ||||||||||||||||||||||||||
Rate of compensation increase | 3.8 | % | 3.9 | % | N/A | N/A | ||||||||||||||||||||||||||
Impact Of 1% Change In Assumed Health Care Cost Trend Rates | ||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Effect on combined service and interest cost components | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligations | $ | 8 | $ | (7 | ) | |||||||||||||||||||||||||||
Schedule Of Fair Value Of Plan Assets | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||||||
Active Markets | Other | Unobservable | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||
for Identical | Observable | Inputs | for Identical | Observable | Inputs | |||||||||||||||||||||||||||
Assets | Inputs | (Level 3) | Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||
Common stock | Common stock | |||||||||||||||||||||||||||||||
U.S. companies | $ | 180 | $ | — | $ | — | $ | 180 | U.S. companies | $ | 221 | $ | — | $ | — | $ | 221 | |||||||||||||||
International companies | 6 | — | — | 6 | International companies | 2 | — | — | 2 | |||||||||||||||||||||||
Equity mutual funds | Equity mutual funds | |||||||||||||||||||||||||||||||
Emerging markets | 62 | — | — | 62 | Emerging markets | 75 | — | — | 75 | |||||||||||||||||||||||
International | 91 | — | — | 91 | International | 111 | — | — | 111 | |||||||||||||||||||||||
Large cap U.S. | 362 | — | — | 362 | Large cap U.S. | 419 | — | — | 419 | |||||||||||||||||||||||
Common collective trust funds | Common collective trust funds | |||||||||||||||||||||||||||||||
International equity | — | 370 | — | 370 | International equity | — | 373 | — | 373 | |||||||||||||||||||||||
Large cap U.S. equity | — | 33 | — | 33 | Large cap U.S. equity | — | 51 | — | 51 | |||||||||||||||||||||||
Fixed income | — | 500 | — | 500 | Fixed income | — | 437 | — | 437 | |||||||||||||||||||||||
Other | — | 35 | — | 35 | Other | — | 62 | — | 62 | |||||||||||||||||||||||
Debt instruments | Debt instruments | |||||||||||||||||||||||||||||||
Corporate bonds | — | 422 | — | 422 | Corporate bonds | — | 422 | — | 422 | |||||||||||||||||||||||
U.S. Treasury instruments | 95 | — | — | 95 | U.S. Treasury instruments | 134 | — | — | 134 | |||||||||||||||||||||||
U.S. government agency, state and local government bonds | — | 37 | — | 37 | U.S. government agency, state and local government bonds | — | 32 | — | 32 | |||||||||||||||||||||||
Other | — | 1 | — | 1 | Other | — | 2 | — | 2 | |||||||||||||||||||||||
Total assets at fair value | $ | 796 | $ | 1,398 | $ | — | $ | 2,194 | Total assets at fair value | $ | 962 | $ | 1,379 | $ | — | $ | 2,341 | |||||||||||||||
Actual Asset Allocation For Global Pension Plan Assets | ||||||||||||||||||||||||||||||||
December 31 2014(1)(2) | 31-Dec | |||||||||||||||||||||||||||||||
2013(2) | ||||||||||||||||||||||||||||||||
Equity securities | 51% | 54% | ||||||||||||||||||||||||||||||
Debt securities | 48% | 45% | ||||||||||||||||||||||||||||||
Other | 1% | 1% | ||||||||||||||||||||||||||||||
Total | 100% | 100% | ||||||||||||||||||||||||||||||
-1 | The Company’s U.S. pension plans contain approximately 62% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt securities. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 38% equity securities, 60% debt securities, and 2% in other investments. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation. | |||||||||||||||||||||||||||||||
-2 | The Company’s pension plans did not hold any shares of Company common stock as of the December 31, 2014 and 2013 measurement dates. | |||||||||||||||||||||||||||||||
Expected Future Benefit Payments To Be Paid | ||||||||||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 97 | $ | 12 | ||||||||||||||||||||||||||||
2016 | 103 | 13 | ||||||||||||||||||||||||||||||
2017 | 108 | 13 | ||||||||||||||||||||||||||||||
2018 | 115 | 13 | ||||||||||||||||||||||||||||||
2019 | 122 | 14 | ||||||||||||||||||||||||||||||
2020 – 2024 | 721 | 75 | ||||||||||||||||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Pension and | ||||||||||||||||||||
Foreign | Deferred | Other | Unrealized | Accumulated | ||||||||||||||||
Currency | Gain (Loss) | Postretirement | Gain (Loss) | Other | ||||||||||||||||
Translation | on Hedging | Benefit | on | Comprehensive | ||||||||||||||||
Adjustment | Activities | Liabilities | Investments | Income (Loss) | ||||||||||||||||
Adjustment | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 136 | $ | 4 | $ | (590 | ) | $ | — | $ | (450 | ) | ||||||||
Other comprehensive income before reclassifications | 131 | (35 | ) | 354 | (157 | ) | 293 | |||||||||||||
Amounts reclassified from AOCI | — | 37 | 60 | 157 | 254 | |||||||||||||||
Tax effect | 2 | (1 | ) | (154 | ) | (1 | ) | (154 | ) | |||||||||||
Net of tax amount | 133 | 1 | 260 | (1 | ) | 393 | ||||||||||||||
Balance at December 31, 2013 | $ | 269 | $ | 5 | $ | (330 | ) | $ | (1 | ) | $ | (57 | ) | |||||||
Other comprehensive income before reclassifications | (953 | ) | (119 | ) | (485 | ) | (11 | ) | (1,568 | ) | ||||||||||
Amounts reclassified from AOCI | — | 187 | 21 | 6 | 214 | |||||||||||||||
Tax effect | 30 | (26 | ) | 164 | 2 | 170 | ||||||||||||||
Net of tax amount | (923 | ) | 42 | (300 | ) | (3 | ) | (1,184 | ) | |||||||||||
Balance at December 31, 2014 | $ | (654 | ) | $ | 47 | $ | (630 | ) | $ | (4 | ) | $ | (1,241 | ) | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Table Text Block] | ||||||||||||||||||||
Amount reclassified from AOCI | ||||||||||||||||||||
Year Ended December 31 | Affected line item in the consolidated | |||||||||||||||||||
Details about AOCI components | 2014 | 2013 | statement of earnings | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Deferred loss (gain) on hedging activities | ||||||||||||||||||||
$ | 124 | $ | 41 | Cost of products sold | ||||||||||||||||
(5 | ) | (1 | ) | Other income/expense | ||||||||||||||||
(1 | ) | 1 | Interest expense | |||||||||||||||||
69 | (4 | ) | Revenues | |||||||||||||||||
187 | 37 | Total before tax | ||||||||||||||||||
(70 | ) | (14 | ) | Tax on reclassifications | ||||||||||||||||
$ | 117 | $ | 23 | Net of tax | ||||||||||||||||
Pension liability adjustment | ||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||
Prior service credit | $ | (15 | ) | $ | (15 | ) | ||||||||||||||
Actuarial losses | 36 | 75 | ||||||||||||||||||
21 | 60 | Total before tax | ||||||||||||||||||
(7 | ) | (23 | ) | Tax on reclassifications | ||||||||||||||||
$ | 14 | $ | 37 | Net of tax | ||||||||||||||||
Unrealized loss on investments | ||||||||||||||||||||
$ | 6 | $ | 157 | Asset impairment, exit, and restructuring costs | ||||||||||||||||
(2 | ) | (3 | ) | Tax on reclassifications | ||||||||||||||||
$ | 4 | $ | 154 | Net of tax | ||||||||||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Gross revenues | ||||||||||||||||||||
Oilseeds Processing | $ | 34,196 | $ | 38,490 | $ | 19,465 | $ | 18,073 | $ | 36,990 | ||||||||||
Corn Processing | 11,814 | 13,299 | 6,223 | 6,564 | 12,287 | |||||||||||||||
Agricultural Services | 41,150 | 46,950 | 25,487 | 24,115 | 47,691 | |||||||||||||||
Other | 885 | 515 | 151 | 136 | 288 | |||||||||||||||
Intersegment elimination | (6,844 | ) | (9,450 | ) | (4,597 | ) | (3,680 | ) | (8,218 | ) | ||||||||||
Total | $ | 81,201 | $ | 89,804 | $ | 46,729 | $ | 45,208 | $ | 89,038 | ||||||||||
Intersegment revenues | ||||||||||||||||||||
Oilseeds Processing | $ | 2,650 | $ | 3,607 | $ | 1,413 | $ | 736 | $ | 2,275 | ||||||||||
Corn Processing | 128 | 160 | 56 | 113 | 173 | |||||||||||||||
Agricultural Services | 3,823 | 5,470 | 3,046 | 2,751 | 5,609 | |||||||||||||||
Other | 243 | 213 | 82 | 80 | 161 | |||||||||||||||
Total | $ | 6,844 | $ | 9,450 | $ | 4,597 | $ | 3,680 | $ | 8,218 | ||||||||||
Revenues from external customers | ||||||||||||||||||||
Oilseeds Processing | ||||||||||||||||||||
Crushing and Origination | $ | 18,542 | $ | 20,522 | $ | 10,784 | $ | 8,927 | $ | 18,794 | ||||||||||
Refining, Packaging, Biodiesel, and Other | 9,111 | 10,375 | 5,256 | 6,218 | 11,628 | |||||||||||||||
Cocoa and Other | 3,439 | 3,281 | 1,746 | 1,952 | 3,715 | |||||||||||||||
Asia | 454 | 705 | 266 | 240 | 578 | |||||||||||||||
Total Oilseeds Processing | 31,546 | 34,883 | 18,052 | 17,337 | 34,715 | |||||||||||||||
Corn Processing | ||||||||||||||||||||
Sweeteners and Starches | 3,749 | 4,717 | 2,405 | 2,316 | 4,793 | |||||||||||||||
Bioproducts | 7,937 | 8,422 | 3,762 | 4,135 | 7,321 | |||||||||||||||
Total Corn Processing | 11,686 | 13,139 | 6,167 | 6,451 | 12,114 | |||||||||||||||
Agricultural Services | ||||||||||||||||||||
Merchandising and Handling | 33,061 | 36,968 | 20,159 | 19,061 | 37,631 | |||||||||||||||
Transportation | 265 | 228 | 128 | 149 | 269 | |||||||||||||||
Milling and Other | 4,001 | 4,284 | 2,154 | 2,154 | 4,182 | |||||||||||||||
Total Agricultural Services | 37,327 | 41,480 | 22,441 | 21,364 | 42,082 | |||||||||||||||
Other | ||||||||||||||||||||
Processing | 312 | — | — | — | — | |||||||||||||||
Financial | 330 | 302 | 69 | 56 | 127 | |||||||||||||||
Total Other | 642 | 302 | 69 | 56 | 127 | |||||||||||||||
Total | $ | 81,201 | $ | 89,804 | $ | 46,729 | $ | 45,208 | $ | 89,038 | ||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Oilseeds Processing | $ | 244 | $ | 237 | $ | 113 | $ | 108 | $ | 228 | ||||||||||
Corn Processing | 323 | 325 | 165 | 178 | 345 | |||||||||||||||
Agricultural Services | 214 | 220 | 99 | 90 | 188 | |||||||||||||||
Other | 15 | 5 | 2 | 2 | 4 | |||||||||||||||
Corporate | 54 | 40 | 17 | 13 | 28 | |||||||||||||||
Total | $ | 850 | $ | 827 | $ | 396 | $ | 391 | $ | 793 | ||||||||||
Long-lived asset abandonments and write-downs(1) | ||||||||||||||||||||
Oilseeds Processing | $ | 3 | $ | 4 | $ | — | $ | — | $ | 1 | ||||||||||
Corn Processing | 15 | 62 | — | 337 | 360 | |||||||||||||||
Agricultural Services | 17 | 3 | — | — | 2 | |||||||||||||||
Corporate | — | 15 | — | — | 4 | |||||||||||||||
Total | $ | 35 | $ | 84 | $ | — | $ | 337 | $ | 367 | ||||||||||
Interest income | ||||||||||||||||||||
Oilseeds Processing | $ | 30 | $ | 36 | $ | 18 | $ | 16 | $ | 35 | ||||||||||
Corn Processing | 10 | 3 | 1 | — | 1 | |||||||||||||||
Agricultural Services | 31 | 47 | 18 | 10 | 22 | |||||||||||||||
Other | 14 | 12 | 11 | 14 | 21 | |||||||||||||||
Corporate | 7 | 4 | 11 | 22 | 33 | |||||||||||||||
Total | $ | 92 | $ | 102 | $ | 59 | $ | 62 | $ | 112 | ||||||||||
Equity in earnings of affiliates | ||||||||||||||||||||
Oilseeds Processing | $ | 236 | $ | 261 | $ | 96 | $ | 129 | $ | 226 | ||||||||||
Corn Processing | 113 | 98 | 49 | 53 | 107 | |||||||||||||||
Agricultural Services | 41 | 64 | 49 | 55 | 110 | |||||||||||||||
Other | 10 | 1 | — | — | — | |||||||||||||||
Corporate | (28 | ) | (13 | ) | 61 | 14 | 29 | |||||||||||||
Total | $ | 372 | $ | 411 | $ | 255 | $ | 251 | $ | 472 | ||||||||||
Operating Profit | ||||||||||||||||||||
Oilseeds Processing | $ | 1,605 | $ | 1,473 | $ | 747 | $ | 429 | $ | 1,302 | ||||||||||
Corn Processing | 1,188 | 814 | 71 | 54 | 261 | |||||||||||||||
Agricultural Services | 1,089 | 380 | 395 | 563 | 947 | |||||||||||||||
Other | 33 | 41 | 93 | 17 | 15 | |||||||||||||||
Total operating profit | 3,915 | 2,708 | 1,306 | 1,063 | 2,525 | |||||||||||||||
Corporate | (785 | ) | (684 | ) | (309 | ) | (282 | ) | (760 | ) | ||||||||||
Earnings before income taxes | $ | 3,130 | $ | 2,024 | $ | 997 | $ | 781 | $ | 1,765 | ||||||||||
(1) See Note 19 for total asset impairment, exit, and restructuring costs. | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Investments in and advances to affiliates | ||||||||||||||||||||
Oilseeds Processing | $ | 2,596 | $ | 2,304 | ||||||||||||||||
Corn Processing | 426 | 438 | ||||||||||||||||||
Agricultural Services | 460 | 309 | ||||||||||||||||||
Other | 33 | 24 | ||||||||||||||||||
Corporate | 377 | 463 | ||||||||||||||||||
Total | $ | 3,892 | $ | 3,538 | ||||||||||||||||
Identifiable assets | ||||||||||||||||||||
Oilseeds Processing | $ | 12,979 | $ | 15,408 | ||||||||||||||||
Corn Processing | 6,196 | 6,558 | ||||||||||||||||||
Agricultural Services | 10,716 | 12,358 | ||||||||||||||||||
Other | 10,833 | 6,408 | ||||||||||||||||||
Corporate | 3,303 | 3,020 | ||||||||||||||||||
Total | $ | 44,027 | $ | 43,752 | ||||||||||||||||
Year Ended | ||||||||||||||||||||
31-Dec | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Gross additions to property, plant, and equipment | ||||||||||||||||||||
Oilseeds Processing | $ | 335 | $ | 302 | ||||||||||||||||
Corn Processing | 334 | 317 | ||||||||||||||||||
Agricultural Services | 186 | 239 | ||||||||||||||||||
Other | 434 | 1 | ||||||||||||||||||
Corporate | 68 | 88 | ||||||||||||||||||
Total | $ | 1,357 | $ | 947 | ||||||||||||||||
Geographic Information | ||||||||||||||||||||
Year Ended | Six Months Ended | Year Ended | ||||||||||||||||||
(In millions) | 31-Dec | 31-Dec | 30-Jun | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
United States | $ | 39,609 | $ | 41,427 | $ | 25,033 | $ | 24,490 | $ | 46,593 | ||||||||||
Switzerland | 10,118 | 10,467 | 4,991 | 5,237 | 9,698 | |||||||||||||||
Germany | 7,174 | 10,029 | 4,450 | 4,521 | 9,656 | |||||||||||||||
Other Foreign | 24,300 | 27,881 | 12,255 | 10,960 | 23,091 | |||||||||||||||
$ | 81,201 | $ | 89,804 | $ | 46,729 | $ | 45,208 | $ | 89,038 | |||||||||||
(In millions) | 31-Dec | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Long-lived assets | ||||||||||||||||||||
United States | $ | 6,693 | $ | 7,192 | ||||||||||||||||
Foreign | 3,267 | 2,945 | ||||||||||||||||||
$ | 9,960 | $ | 10,137 | |||||||||||||||||
Assets_and_Liabilities_Held_fo1
Assets and Liabilities Held for Sale(Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The major classes of assets and liabilities held for sale were as follows: | |||
31-Dec-14 | ||||
(In millions) | ||||
Trade receivables | $ | 94 | ||
Inventories | 742 | |||
Other current assets | 83 | |||
Goodwill | 63 | |||
Other intangible assets | 28 | |||
Net property, plant, and equipment | 374 | |||
Other assets | 19 | |||
Current assets held for sale | $ | 1,403 | ||
Trade payables | $ | 114 | ||
Accrued expenses and other payables | 110 | |||
Other liabilities | 6 | |||
Current liabilities held for sale | $ | 230 | ||
Recovered_Sheet1
Asset Impairment, Exit, And Restructuring Costs (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Restructuring, Settlement and Impairment Provisions [Abstract] | ||||||||||||||||||||
Asset Impairment, Exit, and Restructuring Costs | ||||||||||||||||||||
(In millions) | Year Ended December 31 | Six Months Ended December 31 | Year Ended June 30 | |||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2012 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Relocation and restructuring costs (1) | $ | 64 | $ | — | $ | — | $ | — | $ | 71 | ||||||||||
Asset impairment charge - equity method investment (2) | — | — | 146 | — | — | |||||||||||||||
Asset impairment charge - equity securities(3) | 6 | 166 | — | 13 | 25 | |||||||||||||||
Asset impairment charge - goodwill (4) | — | 9 | — | — | — | |||||||||||||||
Asset impairments (5) | 35 | 84 | — | 339 | 353 | |||||||||||||||
Total asset impairment, exit, and restructuring costs | $ | 105 | $ | 259 | $ | 146 | $ | 352 | $ | 449 | ||||||||||
-1 | Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program. | |||||||||||||||||||
-2 | As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Gruma”). As a result, the Company’s equity method investments in Gruma were evaluated for impairment. In the quarter ended September 30, 2012, the Company recorded a $146 million pre-tax asset impairment charge ($0.16 per share after tax) on its investments in Gruma by comparing the carrying value, including $123 million of cumulative unrealized foreign currency translation losses, to estimated fair value. Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012. The Company sold its interest in Gruma in December 2012. | |||||||||||||||||||
-3 | Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate. | |||||||||||||||||||
-4 | The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013. | |||||||||||||||||||
-5 | Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate. |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Quarterly Financial Data | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Year | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
Fiscal Year Ended December 31, 2014 | ||||||||||||||||||||
Revenues | $ | 20,696 | $ | 21,494 | $ | 18,117 | $ | 20,894 | $ | 81,201 | ||||||||||
Gross Profit | 675 | 1,172 | 1,470 | 1,451 | 4,768 | |||||||||||||||
Net Earnings Attributable to Controlling Interests | 267 | 533 | 747 | 701 | 2,248 | |||||||||||||||
Basic Earnings Per Common Share | 0.4 | 0.81 | 1.15 | 1.09 | 3.44 | |||||||||||||||
Diluted Earnings Per Common Share | 0.4 | 0.81 | 1.14 | 1.08 | 3.43 | |||||||||||||||
Quarter | ||||||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | Year | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | ||||||||||||||||||||
Revenues | $ | 21,727 | $ | 22,541 | $ | 21,393 | $ | 24,143 | $ | 89,804 | ||||||||||
Gross Profit | 756 | 807 | 1,156 | 1,170 | 3,889 | |||||||||||||||
Net Earnings Attributable to Controlling Interests | 269 | 223 | 476 | 374 | 1,342 | |||||||||||||||
Basic Earnings Per Common Share | 0.41 | 0.34 | 0.72 | 0.57 | 2.03 | |||||||||||||||
Diluted Earnings Per Common Share | 0.41 | 0.34 | 0.72 | 0.56 | 2.02 | |||||||||||||||
Recovered_Sheet2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 06, 2014 | Jun. 05, 2014 | ||
Principles of Consolidation | |||||||||
Difference in financial statement date of certain subsidiaries and affiliates included in Company's results (in days) | 93 days | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||||||||
Noncontrolling interests previously associated with mandatorily redeemable instruments | $184,000,000 | ||||||||
Noncontrolling Interests Subject to Mandatorily Redeemable Instruments | 180,000,000 | ||||||||
Noncontrolling interest Acquired, Ownership Percentage | 20.00% | ||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 157,000,000 | ||||||||
Loss on purchase of noncontrolling interest | 12,000,000 | ||||||||
Reclassifications | |||||||||
Affiliates' goodwill | 198,000,000 | ||||||||
Receivables | |||||||||
Allowance for Doubtful Accounts Receivable | 81,000,000 | 81,000,000 | |||||||
Trade accounts receivable due from unconsolidated affiliates | 15,000,000 | 73,000,000 | |||||||
Property, Plant, and Equipment | |||||||||
Capitalized interest on major construction projects | 12,000,000 | 9,000,000 | 18,000,000 | 16,000,000 | 21,000,000 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill, Impairment Loss | 0 | 0 | 0 | 9,000,000 | [1] | 0 | |||
Asset Abandonments and Write-Downs | |||||||||
Impairment of long lived assets | 0 | 337,000,000 | 35,000,000 | 84,000,000 | 367,000,000 | ||||
Revenues | |||||||||
Revenues from unconsolidated affiliates | 4,000,000,000 | 4,500,000,000 | 5,800,000,000 | 6,900,000,000 | 7,700,000,000 | ||||
Research and Development | |||||||||
Research and development expenses, net of expenditures subsequently reimbursed by government grants | 28,000,000 | 29,000,000 | 79,000,000 | 59,000,000 | 56,000,000 | ||||
Minimum [Member] | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||||
Minimum [Member] | Building [Member] | |||||||||
Property, Plant, and Equipment | |||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||
Minimum [Member] | Machinery And Equipment [Member] | |||||||||
Property, Plant, and Equipment | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Maximum [Member] | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | ||||||||
Maximum [Member] | Building [Member] | |||||||||
Property, Plant, and Equipment | |||||||||
Property, Plant and Equipment, Useful Life | 40 years | ||||||||
Maximum [Member] | Machinery And Equipment [Member] | |||||||||
Property, Plant, and Equipment | |||||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||||
Noncontrolling Interest [Member] | |||||||||
Principles of Consolidation | |||||||||
Noncontrolling interests previously associated with mandatorily redeemable instruments | 174,000,000 | 174,000,000 | |||||||
Noncontrolling Interests Subject to Mandatorily Redeemable Instruments | $180,000,000 | ||||||||
[1] | The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Schedule Of Inventories) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
LIFO inventories | ||
FIFO value | $1,199 | $1,408 |
LIFO valuation reserve | -53 | -297 |
LIFO inventories carrying value | 1,146 | 1,111 |
FIFO inventories | 3,058 | 3,741 |
Market inventories | 4,699 | 6,059 |
Supplies and other inventories | 471 | 530 |
Total inventories | $9,374 | $11,441 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
entity | entity | entity | entity | ||
Business Acquisition [Line Items] | |||||
Number of Businesses Acquired | 8 | 6 | 4 | 9 | |
Total acquisition cost in cash | $26 | $3,000 | $44 | $241 | |
Purchase price, net of cash acquired | 26 | 206 | 2,758 | 44 | 241 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 280 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 232 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 383 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 66 | ||||
Purchase price allocated to property, plant and equipment | 463 | ||||
Purchase price allocated to goodwill | 1,772 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,184 | ||||
Purchase price allocated to other non-current assets | 74 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -154 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -241 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -394 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -173 | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 15 | ||||
Wild Flavors [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, net of cash acquired | 2,472 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 176 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 286 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 64 | ||||
Purchase price allocated to property, plant and equipment | 423 | ||||
Purchase price allocated to goodwill | 1,698 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,103 | ||||
Purchase price allocated to other non-current assets | 68 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -128 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -238 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -378 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | -173 | ||||
SCI [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, net of cash acquired | 188 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 48 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 72 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 2 | ||||
Purchase price allocated to property, plant and equipment | 10 | ||||
Purchase price allocated to goodwill | 59 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 46 | ||||
Purchase price allocated to other non-current assets | 6 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -25 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -16 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | ||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, net of cash acquired | 26 | 98 | 44 | 241 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 8 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 25 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0 | ||||
Purchase price allocated to working capital | 4 | 6 | -12 | ||
Purchase price allocated to property, plant and equipment | 24 | 30 | 29 | 199 | |
Purchase price allocated to goodwill | 2 | 15 | 2 | 51 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 35 | ||||
Purchase price allocated to other non-current assets | -4 | 0 | 7 | 6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | -1 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -3 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 0 | ||||
Purchase price allocated to long-term liabilities | 3 | ||||
Short-term Debt [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -216 | ||||
Short-term Debt [Member] | Wild Flavors [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -215 | ||||
Short-term Debt [Member] | SCI [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 0 | ||||
Short-term Debt [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | -1 | ||||
Accounts Payable and Accrued Liabilities [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | -238 | ||||
Accounts Payable and Accrued Liabilities [Member] | Wild Flavors [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | -214 | ||||
Accounts Payable and Accrued Liabilities [Member] | SCI [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | -14 | ||||
Accounts Payable and Accrued Liabilities [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ($10) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements [Line Items] | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $602 | $700 |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $558 | $380 |
Assets [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Inventories Component [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 23.40% | 21.90% |
Liabilities [Member] | Weighted Average [Member] | Fair Value, Measurements, Recurring [Member] | Inventories Component [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 43.40% | 13.20% |
Acquisitions_Acquisitions_Othe
Acquisitions Acquisitions (Other Intangible Assets) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $1,184 |
Trademarks and Brands [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 250 |
Recipes and Other [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 322 |
Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 609 |
Patents [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3 |
Series of Individually Immaterial Business Acquisitions [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 35 |
Series of Individually Immaterial Business Acquisitions [Member] | Trademarks and Brands [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12 |
Series of Individually Immaterial Business Acquisitions [Member] | Recipes and Other [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2 |
Series of Individually Immaterial Business Acquisitions [Member] | Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 21 |
Series of Individually Immaterial Business Acquisitions [Member] | Patents [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 |
SCI [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 46 |
SCI [Member] | Trademarks and Brands [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0 |
SCI [Member] | Recipes and Other [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7 |
SCI [Member] | Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 36 |
SCI [Member] | Patents [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3 |
Wild Flavors [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,103 |
Wild Flavors [Member] | Trademarks and Brands [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 238 |
Wild Flavors [Member] | Recipes and Other [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 313 |
Wild Flavors [Member] | Customer Lists [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 552 |
Wild Flavors [Member] | Patents [Member] | |
Schedule of Other Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Marketable securities | $1,000 | $941 |
Deferred receivables consideration | 511 | 757 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Inventories carried at market | 4,699 | 6,059 |
Cash Equivalents | 491 | 2,518 |
Marketable securities | 940 | 907 |
Segregated investments | 2,158 | 1,707 |
Deferred receivables consideration | 757 | |
Total Assets | 9,696 | 12,917 |
Liabilities: | ||
Inventory-related payables | 652 | 742 |
Total Liabilities | 1,578 | 1,566 |
Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 690 | 850 |
Liabilities: | ||
Derivative Liability | 776 | 649 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 186 | 118 |
Liabilities: | ||
Derivative Liability | 150 | 166 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 21 | 1 |
Liabilities: | ||
Derivative Liability | 9 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets: | ||
Inventories carried at market | 0 | 0 |
Cash Equivalents | 491 | 2,518 |
Marketable securities | 860 | 881 |
Segregated investments | 2,158 | 1,707 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 3,509 | 5,167 |
Liabilities: | ||
Inventory-related payables | 0 | 0 |
Total Liabilities | 0 | 45 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 31 |
Liabilities: | ||
Derivative Liability | 0 | 45 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 30 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | |
Liabilities: | ||
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 3,208 | 4,247 |
Marketable securities | 80 | 26 |
Deferred receivables consideration | 511 | 757 |
Total Assets | 4,493 | 5,659 |
Liabilities: | ||
Inventory-related payables | 612 | 708 |
Total Liabilities | 1,326 | 1,226 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 487 | 540 |
Liabilities: | ||
Derivative Liability | 564 | 343 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 186 | 88 |
Liabilities: | ||
Derivative Liability | 150 | 166 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 21 | 1 |
Liabilities: | ||
Derivative Liability | 9 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Inventories carried at market | 1,491 | 1,812 |
Marketable securities | 0 | 0 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 1,694 | 2,091 |
Liabilities: | ||
Inventory-related payables | 40 | 34 |
Total Liabilities | 252 | 295 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 203 | 279 |
Liabilities: | ||
Derivative Liability | 212 | 261 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | |
Liabilities: | ||
Derivative Liability | $0 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | $2,091 | $1,888 |
Total increase (decrease) in unrealized gains included in cost of products sold | 559 | -171 |
Purchases | 16,114 | 14,638 |
Sales | -16,384 | -14,107 |
Settlements | -948 | -567 |
Transfers into Level 3 | 439 | 554 |
Transfers out of Level 3 | -177 | -144 |
Balance at end of period | 1,694 | 2,091 |
Inventories Carried At Market [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | 1,812 | 1,745 |
Total increase (decrease) in unrealized gains included in cost of products sold | 15 | -645 |
Purchases | 16,114 | 14,638 |
Sales | -16,384 | -14,107 |
Transfers into Level 3 | 44 | 231 |
Transfers out of Level 3 | -110 | -50 |
Balance at end of period | 1,491 | 1,812 |
Commodity Derivative Contracts Gains [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | 279 | 143 |
Total increase (decrease) in unrealized gains included in cost of products sold | 544 | 474 |
Settlements | -948 | -567 |
Transfers into Level 3 | 395 | 323 |
Transfers out of Level 3 | -67 | -94 |
Balance at end of period | $203 | $279 |
Fair_Value_Measurements_Reconc1
Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | $295 | $171 |
Total increase (decrease) in unrealized gains included in cost of products sold | 556 | 333 |
Purchases | 29 | 219 |
Sales | -45 | -26 |
Settlements | -785 | -550 |
Transfers into Level 3 | 256 | 197 |
Transfers out of Level 3 | -54 | -49 |
Balance at end of period | 252 | 295 |
Commodity Derivative Contracts Losses [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | 261 | 138 |
Total increase (decrease) in unrealized gains included in cost of products sold | 534 | 524 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | -785 | -550 |
Transfers into Level 3 | 256 | 197 |
Transfers out of Level 3 | -54 | -48 |
Balance at end of period | 212 | 261 |
Inventory Related Payables [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | 34 | 33 |
Total increase (decrease) in unrealized gains included in cost of products sold | 22 | -191 |
Purchases | 29 | 219 |
Sales | -45 | -26 |
Settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | -1 |
Balance at end of period | $40 | $34 |
Fair_Value_Measurements_Unobse
Fair Value Measurements (Unobservable Inputs In Level 3 Valuations Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Weighted Average [Member], Significant Unobservable Inputs (Level 3) [Member], Fair Value, Measurements, Recurring [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets [Member] | Inventories Component [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 23.40% | 21.90% |
Transportation cost | 4.90% | 12.30% |
Assets [Member] | Commodity Derivative Contracts [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 13.50% | 22.80% |
Transportation cost | 10.20% | 32.50% |
Liabilities [Member] | Inventories Component [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 43.40% | 13.20% |
Transportation cost | 15.20% | 0.00% |
Liabilities [Member] | Commodity Derivative Contracts [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 13.60% | 17.60% |
Transportation cost | 19.50% | 12.30% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Derivative [Line Items] | |||||
Gain (Loss) on Sale of Derivatives | $62 | $0 | ($102) | ($40) | $0 |
Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Interest Rate Derivative Assets, at Fair Value | 21 | 0 | |||
After-tax losses in AOCI from commodity cash flow hedge transactions | -30 | ||||
After-tax losses in AOCI from commodity cash flow hedge transactions expected to be recognized in earnings. | ($30) | ||||
Corn [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Corn processed per month (in bushels) | 76,000,000 | ||||
Historical time period of hedge percentages | 12 months | ||||
Percentage of Anticipated Commodity Hedged During Historical Hedging Period, Low End | 24.00% | ||||
Percentage of anticipated commodity purchases or production hedged during historical hedging period, high end of range (as a percent) | 71.00% | ||||
Percentage of Anticipated Commodity Hedged over Future Hedging Period, Low End | 0.30% | ||||
Percentage of Anticipated Commodity Hedged over Future Hedging Period, High End | 23.00% | ||||
Derivative Hedged Item Time Period | 12 months | ||||
Ethanol [Member] | Designated As Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Historical time period of hedge percentages | 12 months | ||||
Derivative Hedged Item Time Period | 6 months | ||||
Commodity sales volume hedged during historical hedging period, low end of range (in gallons) | 9,000,000 | ||||
Commodity sales volume hedged during historical hedging period, high end of range (in gallons) | 121,000,000 | ||||
Contracted commodity sales volume hedged over future hedging period, low end of range (in gallons) | 1,000,000 | ||||
Contracted commodity sales volume hedged over future hedging period, high end of range (in gallons) | 30,000,000 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Derivative [Line Items] | |||||
Total gain (loss) recognized in earnings | $368 | ($156) | ($304) | $314 | ($687) |
Cost Of Products Sold [Member] | |||||
Derivative [Line Items] | |||||
FX Contracts | -49 | -116 | 131 | -157 | -255 |
Commodity Contracts | 136 | -4 | -263 | 301 | -527 |
Other Income (Expense) - Net [Member] | |||||
Derivative [Line Items] | |||||
Interest Contracts | 0 | 1 | |||
FX Contracts | 94 | -69 | -171 | 61 | -21 |
Other Contracts | 58 | 0 | 0 | 0 | -1 |
Sales [Member] | |||||
Derivative [Line Items] | |||||
FX Contracts | $129 | $33 | ($1) | $108 | $117 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) (Not Designated As Hedging Instrument [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Not Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
FX Contracts Assets | $186 | $118 |
Interest Contracts Assets | 0 | 1 |
Commodity Contracts Assets | 690 | 850 |
Total fair value of derivative assets not designated as hedging instruments | 876 | 969 |
FX Contracts Liabilities | 150 | 166 |
Commodity Contracts Liabilities | 776 | 649 |
Total fair value of derivative liabilities not designated as hedging instruments. | $926 | $815 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) (Designated As Hedging Instrument [Member], USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Derivative [Line Items] | |||||
Total amount recognized in earnings | $129 | $57 | ($225) | ($157) | $57 |
Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Interest contracts effective amount recognized in earnings | 0 | 0 | 1 | 1 | 1 |
Cost Of Products Sold [Member] | |||||
Derivative [Line Items] | |||||
Commodity Contracts effective amount recognized in earnings | 158 | 11 | -124 | -41 | 5 |
Commodity contracts ineffective amount recognized in earnings | -30 | 39 | -4 | -120 | 49 |
Sales [Member] | |||||
Derivative [Line Items] | |||||
Commodity Contracts effective amount recognized in earnings | 2 | 8 | -69 | 4 | 3 |
Commodity contracts ineffective amount recognized in earnings | -34 | ||||
Other Income (Expense) - Net [Member] | |||||
Derivative [Line Items] | |||||
FX Contracts effective amount recognized in earnings | ($1) | ($1) | $5 | ($1) | ($1) |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) (Designated As Hedging Instrument [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $21 | $0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 9 |
Derivative Instruments in Hedges, Assets, at Fair Value | 21 | 0 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $0 | $9 |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Unrealized losses that arose within the last 12 months | $12 |
Equity Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of available-for-sale equity securities with unrealized losses (in securities) | 2 |
Market value of the investments that have been in an unrealized loss position for less than 12 months | $310 |
Marketable_Securities_Investme
Marketable Securities (Investments In Debt And Equity Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $1,011 | $942 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 1 | 1 |
Available-for-sale securities, gross unrealized loss accumulated in investment | -12 | -2 |
Fair Value | 1,000 | 941 |
United States Government Obligations [Member] | Maturity Less Than 1 Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 385 | 395 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 0 | 0 |
Available-for-sale securities, gross unrealized loss accumulated in investment | 0 | 0 |
Available-for-sale Securities, Debt Securities | 385 | 395 |
United States Government Obligations [Member] | Maturity Period After Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 93 | 124 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 0 | 0 |
Available-for-sale securities, gross unrealized loss accumulated in investment | 0 | 0 |
Available-for-sale Securities, Debt Securities | 93 | 124 |
Government-Sponsored Enterprise Obligations [Member] | Maturity Period After Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 4 | |
Available-for-sale securities, gross unrealized gain accumulated in investment | 0 | |
Available-for-sale securities, gross unrealized loss accumulated in investment | 0 | |
Available-for-sale Securities, Debt Securities | 4 | |
Corporate Debt Securities [Member] | Maturity Period After Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 72 | 16 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 0 | 0 |
Available-for-sale securities, gross unrealized loss accumulated in investment | 0 | 0 |
Available-for-sale Securities, Debt Securities | 72 | 16 |
Other Debt Instruments [Member] | Maturity Less Than 1 Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 130 | 38 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 0 | 0 |
Available-for-sale securities, gross unrealized loss accumulated in investment | 0 | 0 |
Available-for-sale Securities, Debt Securities | 130 | 38 |
Other Debt Instruments [Member] | Maturity Period After Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 3 | 3 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 0 | 0 |
Available-for-sale securities, gross unrealized loss accumulated in investment | 0 | 0 |
Available-for-sale Securities, Debt Securities | 3 | 3 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Equity Securities | 317 | 361 |
Available-for-sale securities, gross unrealized gain accumulated in investment | 1 | 1 |
Available-for-sale securities, gross unrealized loss accumulated in investment | -12 | -2 |
Available-for-sale Equity Securities, Amortized Cost Basis | $328 | $362 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Other Assets [Abstract] | |||||
Financing Receivable, Allowance for Credit Losses | $11 | $15 | |||
Unrealized gains on derivative contracts | 897 | 969 | |||
Deferred receivables consideration | 511 | 757 | |||
Customer Omnibus Receivable | 1,532 | 1,298 | |||
Financing Receivable, Net | 402 | 576 | |||
Other current assets | 2,714 | 2,750 | |||
Total other current assets | 6,056 | 6,350 | |||
Provision for Other Credit Losses | 4 | ||||
Allowance for credit losses adjustment | 8 | ||||
Interest on financing receivables | $15 | $12 | $23 | $26 | $26 |
Accrued_Expenses_And_Other_Pay2
Accrued Expenses And Other Payables (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Unrealized losses on derivative contracts | $926 | $824 |
Other accruals and payables | 4,114 | 3,966 |
Total accrued expenses and other payables | $5,040 | $4,790 |
Investments_In_And_Advances_To2
Investments In And Advances To Affiliates (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
facility | entity | |
Schedule Of Equity Method Investments [Line Items] | ||
Amount of credit facility provided to unconsolidated affiliates | $168,000,000 | |
Number of unconsolidated affiliates provided with credit facilities by the entity | 5 | |
Number of credit facilities with no outstanding balance | 4 | |
Investments In Affiliates [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Number of unconsolidated affiliates | 60 | 60 |
Undistributed earnings of unconsolidated affiliates | 2,100,000,000 | |
Wilmar International Limited (WIL) [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Percent ownership in equity investment in Wilmar | 17.30% | 16.40% |
Foreign Affiliate Traded on an Active Market [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Carrying value of direct investments | 2,400,000,000 | |
Market value of direct investments | 2,700,000,000 | |
Gleadell [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Number of credit facilities with outstanding balance | 1 | |
Credit facility, floating interest rate | one month LIBOR | |
Credit facility, basis spread on floating interest rate | 1.50% | |
Outstanding balance of credit facilities | $17,000,000 |
Investments_In_And_Advances_To3
Investments In And Advances To Affiliates (Combined Balance Sheets And Statements Of Earnings Of The Company's Unconsolidated Affiliates) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Combined balance sheets and statements of earnings of the Company's unconsolidated affiliates: | |||||
Current assets | $27,307 | $30,966 | |||
Non-current assets | 21,624 | 20,846 | |||
Current liabilities | -19,370 | -27,423 | |||
Non-current liabilities | -9,882 | -5,515 | |||
Noncontrolling interests | -897 | -890 | |||
Net assets | 18,782 | 17,984 | |||
Net sales | 28,314 | 29,767 | 50,591 | 51,967 | 58,068 |
Gross profit | 2,847 | 3,291 | 4,558 | 4,373 | 6,458 |
Net income | $855 | $1,022 | $1,561 | $1,762 | $1,940 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) (Consolidated Businesses [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill | ||
Goodwill | $2,010 | $364 |
Oilseeds Processing | ||
Goodwill | ||
Goodwill | 130 | 192 |
Corn Processing [Member] | ||
Goodwill | ||
Goodwill | 81 | 81 |
Agricultural Services [Member] | ||
Goodwill | ||
Goodwill | 79 | 81 |
Other Segments [Member] | ||
Goodwill | ||
Goodwill | $1,720 | $10 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization of intangible assets | $10 | $14 | $27 | $22 | $28 |
Amortization expense of intangible assets next 12 months | 81 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 78 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 74 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 72 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $72 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 1,372 | $297 |
Finite-Lived Intangible Assets, Accumulated Amortization | -99 | -100 |
Intangible Assets, Net (Excluding Goodwill) | 1,273 | 197 |
Trademarks and Brands [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 267 | 5 |
Intangible Assets, Net (Excluding Goodwill) | 267 | 5 |
Recipes and Other [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 1 | 2 |
Intangible Assets, Net (Excluding Goodwill) | 1 | 2 |
Trademarks and Brands [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 25 | 44 |
Finite-Lived Intangible Assets, Accumulated Amortization | -5 | -11 |
Intangible Assets, Net (Excluding Goodwill) | 20 | 33 |
Patents [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 44 | 43 |
Finite-Lived Intangible Assets, Accumulated Amortization | -29 | -27 |
Intangible Assets, Net (Excluding Goodwill) | 15 | 16 |
Customer Lists [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 663 | 130 |
Finite-Lived Intangible Assets, Accumulated Amortization | -32 | -34 |
Intangible Assets, Net (Excluding Goodwill) | 631 | 96 |
Recipes and Other [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | 372 | 73 |
Finite-Lived Intangible Assets, Accumulated Amortization | -33 | -28 |
Intangible Assets, Net (Excluding Goodwill) | 339 | $45 |
Minimum [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum [Member] | Trademarks and Brands [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years | |
Minimum [Member] | Patents [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Minimum [Member] | Customer Lists [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 9 years | |
Minimum [Member] | Recipes and Other [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Maximum [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 25 years | |
Maximum [Member] | Trademarks and Brands [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 25 years | |
Maximum [Member] | Patents [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Maximum [Member] | Customer Lists [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Maximum [Member] | Recipes and Other [Member] | ||
Schedule of Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 25 years |
Debt_Financing_Arrangements_Na
Debt Financing Arrangements (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2007 | |
Debt And Financing Arrangements [Line Items] | ||||||
Proceeds from long-term debt borrowings | $106,000,000 | $91,000,000 | $1,000,000 | $23,000,000 | $97,000,000 | |
Charges from early extinguishment of debt | 5,000,000 | 12,000,000 | 0 | 0 | 12,000,000 | |
Discount amortization expense included in interest expense related to the notes | 23,000,000 | 26,000,000 | 11,000,000 | 54,000,000 | 49,000,000 | |
Excess of fair value over carrying value of long-term debt | 1,300,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 24,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 14,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 307,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 711,000,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 10,000,000 | |||||
Outstanding standby letters of credit and surety bonds | 980,000,000 | 795,000,000 | ||||
Debentures four point four seven nine percent due in two thousand twenty one [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 4.48% | |||||
Debt instrument, maturity year | 2021 | |||||
Debentures five point four five percent due in two thousand eighteen [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 5.45% | |||||
Debt instrument, maturity year | 2018 | |||||
Debentures five point seven six five percent due in two thousand forty one [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 5.77% | |||||
Debt instrument, maturity year | 2041 | |||||
Debentures five point three seven five percent due in two thousand thirty five [Member} | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 5.38% | |||||
Debt instrument, maturity year | 2035 | |||||
Debentures five point nine three five percent due in two thousand thirty two [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 5.94% | |||||
Debt instrument, maturity year | 2032 | |||||
Debentures four point zero one six percent due in two thousand forty three [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 4.02% | |||||
Debt instrument, maturity year | 2043 | |||||
Convertible senior notes point eight seven five percent due two thousand fourteen [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 0.88% | 0.88% | ||||
Debt instrument, maturity year | 2014 | |||||
Proceeds from long-term debt borrowings | 1,150,000,000 | |||||
Proceeds from notes recorded as long-term debt | 853,000,000 | |||||
Proceeds from notes recorded as equity | 297,000,000 | |||||
Discount amortization expense included in interest expense related to the notes | 24,000,000 | 22,000,000 | 6,000,000 | 49,000,000 | 45,000,000 | |
Debentures eight point three seven five percent due in two thousand seventeen [ Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 8.38% | |||||
Debt instrument, maturity year | 2017 | |||||
Debentures seven point five percent due in two thousand twenty seven [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 7.50% | |||||
Debt instrument, maturity year | 2027 | |||||
Debentures four point five three five percent due in two thousand forty two [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 4.54% | |||||
Debt instrument, maturity year | 2042 | |||||
Debentures seven percent due in two thousand thirty one [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 7.00% | |||||
Debt instrument, maturity year | 2031 | |||||
Debentures six point six two five percent due in two thousand twenty nine [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 6.63% | |||||
Debt instrument, maturity year | 2029 | |||||
Debentures six point nine five due in two thousand ninety seven [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 6.95% | |||||
Debt instrument, maturity year | 2097 | |||||
Debentures six point four five percent due in two thousand thirty eight [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 6.45% | |||||
Debt instrument, maturity year | 2038 | |||||
Debentures six point seven five percent due in two thousand twenty seven [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Interest rate stated percentage | 6.75% | |||||
Debt instrument, maturity year | 2027 | |||||
Lines of credit [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Lines of credit | 6,600,000,000 | |||||
Unused lines of credit | 6,600,000,000 | |||||
Weighted average interest rate on short term borrowings (as a percent) | 3.76% | 4.24% | ||||
Commercial Paper [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Lines of credit | 4,000,000,000 | |||||
Accounts Receivable Securitization Facility [Member] | ||||||
Debt And Financing Arrangements [Line Items] | ||||||
Lines of credit | 1,600,000,000 | |||||
Amount utilized from the securitization facility | $1,600,000,000 |
Debt_Financing_Arrangements_Lo
Debt Financing Arrangements (Long-Term Debt) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2007 |
Debt Instruments [Line Items] | |||
Long-term Debt | $6,512 | $5,582 | |
Current maturities | -1,165 | -24 | |
Total long-term debt | 5,347 | 5,558 | |
Convertible senior notes point eight seven five percent due two thousand fourteen [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 1,144 | 0 | |
Debt Instrument, Face Amount | 1,150 | ||
Interest rate stated percentage | 0.88% | 0.88% | |
Debt instrument, maturity year | 2014 | ||
Debentures four point four seven nine percent due in two thousand twenty one [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 746 | 773 | |
Debt Instrument, Face Amount | 750 | ||
Interest rate stated percentage | 4.48% | ||
Debt instrument, maturity year | 2021 | ||
Debentures five point four five percent due in two thousand eighteen [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 699 | 701 | |
Debt Instrument, Face Amount | 700 | ||
Interest rate stated percentage | 5.45% | ||
Debt instrument, maturity year | 2018 | ||
Debentures five point seven six five percent due in two thousand forty one [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 600 | 600 | |
Debt Instrument, Face Amount | 596 | ||
Interest rate stated percentage | 5.77% | ||
Debt instrument, maturity year | 2041 | ||
Debentures five point three seven five percent due in two thousand thirty five [Member} | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 588 | 589 | |
Debt Instrument, Face Amount | 600 | ||
Interest rate stated percentage | 5.38% | ||
Debt instrument, maturity year | 2035 | ||
Debentures five point nine three five percent due in two thousand thirty two [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 416 | 417 | |
Debt Instrument, Face Amount | 420 | ||
Interest rate stated percentage | 5.94% | ||
Debt instrument, maturity year | 2032 | ||
Debentures four point zero one six percent due in two thousand forty three [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 376 | 378 | |
Debt Instrument, Face Amount | 570 | ||
Interest rate stated percentage | 4.02% | ||
Debt instrument, maturity year | 2043 | ||
Debentures four point five three five percent due in two thousand forty two [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 373 | 375 | |
Debt Instrument, Face Amount | 528 | ||
Interest rate stated percentage | 4.54% | ||
Debt instrument, maturity year | 2042 | ||
Debentures eight point three seven five percent due in two thousand seventeen [ Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 294 | 294 | |
Debt Instrument, Face Amount | 295 | ||
Interest rate stated percentage | 8.38% | ||
Debt instrument, maturity year | 2017 | ||
Debentures seven point five percent due in two thousand twenty seven [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 186 | 186 | |
Debt Instrument, Face Amount | 187 | ||
Interest rate stated percentage | 7.50% | ||
Debt instrument, maturity year | 2027 | ||
Debentures seven percent due in two thousand thirty one [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 184 | 184 | |
Debt Instrument, Face Amount | 185 | ||
Interest rate stated percentage | 7.00% | ||
Debt instrument, maturity year | 2031 | ||
Debentures six point six two five percent due in two thousand twenty nine [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 182 | 182 | |
Debt Instrument, Face Amount | 182 | ||
Interest rate stated percentage | 6.63% | ||
Debt instrument, maturity year | 2029 | ||
Debentures six point four five percent due in two thousand thirty eight [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 153 | 153 | |
Debt Instrument, Face Amount | 154 | ||
Interest rate stated percentage | 6.45% | ||
Debt instrument, maturity year | 2038 | ||
Debentures six point nine five due in two thousand ninety seven [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 170 | 170 | |
Debt Instrument, Face Amount | 172 | ||
Interest rate stated percentage | 6.95% | ||
Debt instrument, maturity year | 2097 | ||
Debentures six point seven five percent due in two thousand twenty seven [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | 122 | 122 | |
Debt Instrument, Face Amount | 124 | ||
Interest rate stated percentage | 6.75% | ||
Debt instrument, maturity year | 2027 | ||
Other [Member] | |||
Debt Instruments [Line Items] | |||
Long-term Debt | $279 | $458 |
Stock_Compensation_Narrative_D
Stock Compensation (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation expense for option grants, Restricted Stock Awards and PSU's | $31 | $34 | $55 | $43 | $48 |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration, number of years after grant date | 10 years | ||||
The weighted-average remaining contractual term of options outstanding | 6 years | ||||
The weighted-average remaining contractual term of options exercisable | 5 years | ||||
The aggregate intrinsic value of options outstanding (in dollars) | 248 | ||||
The aggregate intrinsic value of options exercisable (in dollars) | 158 | ||||
The weighted-average grant-date fair values of options granted (in dollars per share) | $5.89 | $12.80 | $10.02 | $6.98 | |
The total intrinsic values of options exercised (in dollars) | 1 | 66 | 29 | 5 | |
Cash proceeds received from options exercised (in dollars) | 2 | 93 | 73 | 7 | |
Total unrecognized compensation expense | 21 | ||||
Period during which unrecognized compensation expense is expected to be recognized | 4 years | ||||
Amounts to be recognized as compensation expense during the next fiscal year | 10 | ||||
Amounts to be recognized as compensation expense during the year following the next fiscal year | 6 | ||||
Amounts to be recognized as compensation expense during the second year following the next fiscal year | 3 | ||||
Amounts to be recognized as compensation expense during the third year following the next fiscal year | 2 | ||||
Restricted Stock Awards And PSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares or units granted as Restricted Stock Awards and PSUs (in shares) | 1,300,000 | 1,396,000 | 900,000 | 1,200,000 | |
Total unrecognized compensation expense | 44 | ||||
Period during which unrecognized compensation expense is expected to be recognized | 3 years | ||||
Amounts to be recognized as compensation expense during the next fiscal year | 27 | ||||
Amounts to be recognized as compensation expense during the year following the next fiscal year | 15 | ||||
Amounts to be recognized as compensation expense during the second year following the next fiscal year | 2 | ||||
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Granted (in dollars per share) | $26.34 | $40.78 | $32.96 | $26.75 | |
Restricted Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Total fair value of Restricted Stock Awards vested during the period | $35 | ||||
Performance Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
2009 Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grants (in shares) | 17,300,000 | ||||
Minimum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Maximum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 5 years |
Stock_Compensation_Assumptions
Stock Compensation (Assumptions Used To Value Share-Based Compensation) (Details) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | |
Equity [Abstract] | ||||
Dividend yield (as a percent) | 3.00% | 2.00% | 2.00% | 2.00% |
Risk-free interest rate (as a percent) | 1.00% | 2.00% | 1.00% | 2.00% |
Stock volatility (as a percent) | 30.00% | 37.00% | 38.00% | 32.00% |
Average expected life (in years) | 7 years | 6 years | 6 years | 8 years |
Stock_Compensation_Summary_Of_
Stock Compensation (Summary Of Option Activity During The Period) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Equity [Abstract] | |
Shares under option at beginning of period | 13,304 |
Shares under option, Granted | 1,253 |
Shares under option, Exercised | -3,376 |
Shares under option, Forfeited or expired | -68 |
Shares under option at end of period | 11,113 |
Shares under option, Exercisable | 6,835 |
Weighted-average exercise price of Shares under option at beginning of period (in dollars per share) | $28.31 |
Weighted-average exercise price of Shares under option, Granted (in dollars per share) | $40.65 |
Weighted-average exercise price of Shares under option, Exercised (in dollars per share) | $27.63 |
Weighted-average exercise price of Shares under option, Forfeited or expired (in dollars per share) | $27.50 |
Weighted-average exercise price of Shares under option at end of period (in dollars per share) | $29.91 |
Weighted-average exercise price of Shares under option, Exercisable (in dollars per share) | $29.01 |
Stock_Compensation_Summary_Of_1
Stock Compensation (Summary Of Restricted Stock Awards And PSUs Activity During The Period) (Details) (Restricted Stock Awards And PSUs [Member], USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Restricted Stock Awards And PSUs [Member] | ||||
Restricted Stock Awards and PSU's, Non-vested at beginning of period | 3,557 | |||
Restricted Stock Awards and PSU's, Granted | 1,300 | 1,396 | 900 | 1,200 |
Restricted Stock Awards, Vested | -1,250 | |||
Restricted Stock Awards and PSU's, Forfeited | -147 | |||
Restricted Stock Awards and PSU's, Non-vested at end of period | 3,556 | 3,557 | ||
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Non-vested at beginning of period (in dollars per share) | $28.86 | |||
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Granted (in dollars per share) | $26.34 | $40.78 | $32.96 | $26.75 |
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Vested (in dollars per share) | $27.86 | |||
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Forfeited (in dollars per share) | $33.68 | |||
Weighted average grant-date fair value of Restricted Stock Awards and PSU's, Non-vested at end of period (in dollars per share) | $34.17 | $28.86 |
Other_Income_Expense_Net_Narra
Other (Income) Expense - Net (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | ||||
Other Income and Expenses [Line Items] | |||||||||
(Gain) loss on sale of assets and equity dilution | ($51) | ($17) | ($351) | ($41) | ($30) | ||||
Realized gains on sales of available-for-sale marketable securities | 8 | 17 | 8 | 38 | |||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | 13 | [1] | 6 | [1] | 166 | [1] | 25 | [1] |
JV Conversion [Member] | |||||||||
Other Income and Expenses [Line Items] | |||||||||
(Gain) loss on sale of assets and equity dilution | -156 | ||||||||
Sale of Business [Member] | |||||||||
Other Income and Expenses [Line Items] | |||||||||
(Gain) loss on sale of assets and equity dilution | -126 | ||||||||
Exchange Membership [Member] | |||||||||
Other Income and Expenses [Line Items] | |||||||||
(Gain) loss on sale of assets and equity dilution | ($39) | ||||||||
[1] | Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate. |
Other_Income_Expense_Net_Detai
Other (Income) Expense - Net (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Other Income and Expenses [Abstract] | |||||
(Gain) Loss on derivatives | ($62) | $0 | $102 | $40 | $0 |
(Gain) loss on sale of assets and equity dilution | -51 | -17 | -351 | -41 | -30 |
Charges from early extinguishment of debt | 5 | 12 | 0 | 0 | 12 |
Net (gain) loss on marketable securities transactions | -6 | -16 | 0 | -8 | -37 |
Other - net | 5 | 9 | 2 | -44 | 26 |
Total other (income) expense - net | ($109) | ($12) | ($247) | ($53) | ($29) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries | $329,000,000 | $329,000,000 | $305,000,000 |
Deferred Tax Assets, Valuation Allowance | 329,000,000 | 329,000,000 | 347,000,000 |
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings | 82,000,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 107,000,000 | ||
Prior Period Income Tax Benefit Recognized in the Current Period | 84,000,000 | 55,000,000 | |
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings, Per Share | $0.12 | ||
Tax assets related to net operating loss carry-forwards related to capital losses | 24,000,000 | 24,000,000 | 21,000,000 |
Tax assets related to excess foreign tax credits | 26,000,000 | 26,000,000 | 76,000,000 |
State tax attributes | 74,000,000 | 74,000,000 | 70,000,000 |
Approximate undistributed earnings of foreign subsidiaries and affiliated corporate joint venture companies accounted for on the equity method | 8,600,000,000 | ||
Accrued interest and penalties on unrecognized tax benefits | 18,000,000 | 18,000,000 | 21,000,000 |
Positive impact on the tax expense if the total amount of unrecognized tax benefits were recognized by the Company at one time | 62,000,000 | ||
Capital Loss Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 21,000,000 | ||
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 41,000,000 | 41,000,000 | |
State Income Tax Attributes Net of Federal Tax Benefit [Member] | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 53,000,000 | 53,000,000 | 51,000,000 |
Brazilian Federal Revenue Service [Member] | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | 17,000,000 | 17,000,000 | |
Number of separate tax assessments | 3 | ||
Tax assessment including penalty and interest | 493,000,000 | ||
Estimated additional tax assessment | 57,000,000 | ||
Argentine Tax Authorities [Member] | |||
Income Taxes [Line Items] | |||
Estimated additional tax assessment | 325,000,000 | ||
Tax assessment including interest | 93,000,000 | ||
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries with no expiration date | 274,000,000 | ||
Tax assets related to net operating loss carry-forwards related to certain international subsidiaries with expiration date | 31,000,000 | ||
Valuation allowance recorded against tax assets related to net operating loss carry-forwards related to certain international subsidiaries | 196,000,000 | 196,000,000 | 218,000,000 |
German Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $103,000,000 | $103,000,000 |
Income_Taxes_Earnings_Before_I
Income Taxes (Earnings Before Income Taxes) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | |||||
United States | $611 | $592 | $2,224 | $1,509 | $1,035 |
Foreign | 386 | 189 | 906 | 515 | 730 |
Earnings Before Income Taxes | $997 | $781 | $3,130 | $2,024 | $1,765 |
Income_Taxes_Significant_Compo
Income Taxes (Significant Components Of Income Taxes) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Current | |||||
Federal | $92 | $179 | $641 | $348 | $300 |
State | 9 | 19 | 57 | 14 | 21 |
Foreign | 83 | 7 | 235 | 146 | 118 |
Deferred | |||||
Federal | 92 | 14 | -29 | 112 | 66 |
State | 20 | 3 | 28 | -5 | 9 |
Foreign | 7 | 15 | -55 | 55 | 9 |
Total Income Taxes | $303 | $237 | $877 | $670 | $523 |
Income_Taxes_Significant_Compo1
Income Taxes (Significant Components Of Deferred Tax Liabilities And Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities | ||
Property, plant, and equipment | $1,631 | $1,286 |
Equity in earnings of affiliates | 394 | 323 |
Debt exchange | 135 | 123 |
Inventories | 57 | 132 |
Other | 192 | 119 |
Deferred Tax Liabilities, Gross | 2,409 | 1,983 |
Deferred tax assets | ||
Pension and postretirement benefits | 460 | 267 |
Stock compensation | 55 | 60 |
Foreign tax credit carryforwards | 76 | 26 |
Foreign tax loss carryforwards | 305 | 329 |
Capital loss carryforwards | 21 | 24 |
State tax attributes | 70 | 74 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | 43 | |
Other | 271 | 205 |
Gross deferred tax assets | 1,301 | 985 |
Valuation allowances | -347 | -329 |
Net deferred tax assets | 954 | 656 |
Deferred Tax Liabilities, Net, Classification [Abstract] | ||
Noncurrent Liabilities | -1,662 | -1,448 |
Net deferred tax liabilities | -1,455 | -1,327 |
Domestic Tax Authority [Member] | ||
Deferred tax assets | ||
Valuation allowances | -41 | |
Deferred Tax Liabilities, Net, Classification [Abstract] | ||
Current assets | 17 | 0 |
Current liabilities | 0 | -8 |
Noncurrent Liabilities | -1,316 | -1,404 |
Foreign [Member] | ||
Deferred Tax Liabilities, Net, Classification [Abstract] | ||
Current assets | 137 | 17 |
Noncurrent assets | 86 | 134 |
Current liabilities | -33 | -22 |
Noncurrent Liabilities | ($346) | ($44) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings) (Details) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | |||||
Statutory rate (as a percent) | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit (as a percent) | 2.40% | 2.40% | 2.10% | 0.20% | 1.40% |
Foreign earnings taxed at rates other than the U.S. statutory rate (as a percent) | -7.60% | -7.20% | -4.80% | -3.70% | -4.80% |
Foreign currency remeasurement (as a percent) | 2.60% | -0.30% | 0.10% | -0.90% | -3.30% |
Income tax adjustments to filed returns (as a percent) | -1.50% | -0.70% | -2.50% | 0.50% | 0.90% |
Biodiesel credit (as a percent) | -1.10% | -5.10% | |||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | -1.80% | -1.40% | |||
Valuation allowance (as a percent) | 0.00% | 8.00% | |||
Other (as a percent) | -0.50% | 1.10% | 1.00% | 0.50% | 0.40% |
Effective income tax rate | 30.40% | 30.30% | 28.00% | 33.10% | 29.60% |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $66 | $77 |
Additions related to current years' tax positions | 5 | 0 |
Additions related to prior years' tax positions | 7 | 7 |
Reductions related to prior years' tax positions | -3 | 0 |
Reductions due to lapse of statue of limitations | 0 | -6 |
Settlements with tax authorities | -3 | -12 |
Ending balance | $72 | $66 |
Leases_Narrative_Details
Leases (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Leases [Abstract] | |||||
Rent expense | $106 | $103 | $224 | $199 | $209 |
Time charters | $62 | $76 | $136 | $147 | $164 |
Leases_Details
Leases (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $226 |
Operating Leases, Future Minimum Payments, Due in Two Years | 198 |
Operating Leases, Future Minimum Payments, Due in Three Years | 158 |
Operating Leases, Future Minimum Payments, Due in Four Years | 106 |
Operating Leases, Future Minimum Payments, Due in Five Years | 59 |
Thereafter | 240 |
Total minimum lease payments | $987 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension plan voluntary lump-sum payments | $296,000,000 | ||||
Reduction in pension benefit obligation as a result of voluntary lump-sum payments | 336,000,000 | 336,000,000 | |||
Change In Pension Funding Status Resulting From Pension Plan Voluntary Lump Sum Payments | 40,000,000 | 40,000,000 | |||
Non-cash charge resulting from expensing unrealized actuarial losses in AOCI that relate to liabilities that will be settled as a result of pension plan voluntary lump-sum payments, pre-tax | 98,000,000 | ||||
Percentage of non-matching employer's contribution to eligible participants (as a percent) | 1.00% | 1.00% | |||
Employer's Common stock held under 401 (k) plan (in shares) | 11 | 11 | |||
Market value of employer's Common stock held under 401 (k) plan | 596,000,000 | 596,000,000 | |||
Cash dividend received on employer's Common stock held under 401 (k) plan | 12,000,000 | ||||
Estimated increase in projected benefit obligation | 200,000,000 | 200,000,000 | |||
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Non-cash charge resulting from expensing unrealized actuarial losses in AOCI that relate to liabilities that will be settled as a result of pension plan voluntary lump-sum payments, pre-tax | 95,000,000 | 68,000,000 | 0 | 0 | |
Accumulated other comprehensive income, unrecognized actuarial losses | 983,000,000 | 983,000,000 | |||
Prior service cost (credit), expected to be recognized in net periodic benefit cost (credit) in next fiscal year | 2,000,000 | ||||
Actuarial loss, expected to be recognized in net periodic benefit cost in next fiscal year | 68,000,000 | ||||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit obligation | 2,900,000,000 | 2,900,000,000 | 2,200,000,000 | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 2,600,000,000 | 2,600,000,000 | 2,000,000,000 | ||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 1,700,000,000 | 1,700,000,000 | 1,600,000,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 2,800,000,000 | 2,800,000,000 | 2,100,000,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 2,500,000,000 | 2,500,000,000 | 1,900,000,000 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 1,700,000,000 | 1,700,000,000 | 1,600,000,000 | ||
Accumulated benefit obligation | 3,000,000,000 | 3,000,000,000 | 2,600,000,000 | ||
Contributions and expected future benefit payments | 38,000,000 | ||||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated other comprehensive income, unrecognized prior service cost (credit) | -85,000,000 | -85,000,000 | |||
Accumulated other comprehensive income, unrecognized actuarial losses | 80,000,000 | 80,000,000 | |||
Prior service cost (credit), expected to be recognized in net periodic benefit cost (credit) in next fiscal year | -18,000,000 | ||||
Actuarial loss, expected to be recognized in net periodic benefit cost in next fiscal year | 7,000,000 | ||||
Annual rate of increase in per capita cost of covered health care benefits assumed for transition period (as a percent) | 7.25% | ||||
Annual rate for per capita cost of covered health care benefits assumed for 2022 and thereafter (as a percent) | 5.00% | ||||
Year ultimate rate assumed for per capita cost of health care benefits is to be reached | 2024 | 2024 | |||
Contributions and expected future benefit payments | $12,000,000 | ||||
Maximum [Member] | Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Annual index on credits used to fund Health Care Reimbursement accounts | 3.00% | 3.00% |
Employee_Benefit_Plans_Retirem
Employee Benefit Plans (Retirement Plan Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement charges | $98 | |||||
Defined contribution plans | 23 | 23 | 50 | 44 | 45 | |
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost (benefits earned during the period) | 44 | 36 | 71 | 84 | 71 | |
Interest cost | 61 | 65 | 126 | 114 | 130 | |
Expected return on plan assets | -75 | -70 | -155 | -144 | -141 | |
Settlement charges | 68 | 0 | 95 | 0 | ||
Remeasurement charge | 30 | |||||
Amortization of actuarial loss | 42 | 24 | 36 | 74 | 52 | |
Defined Benefit Plan, Other Costs | 2 | 2 | 3 | 3 | 5 | |
Net periodic defined benefit plan expense | 142 | 57 | 176 | 131 | 147 | |
Pension Expense | 165 | 80 | 226 | 175 | 192 | |
Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost (benefits earned during the period) | 4 | 3 | 4 | 5 | 7 | |
Interest cost | 6 | 6 | 8 | 7 | 12 | |
Remeasurement charge | 4 | |||||
Amortization of actuarial loss | 2 | 5 | ||||
Defined Benefit Plan, Other Costs | -18 | -18 | -2 | |||
Net periodic defined benefit plan expense | 10 | 9 | -4 | -1 | 21 | |
Pension Expense | $10 | $9 | ($4) | ($1) | $21 |
Employee_Benefit_Plans_Changes
Employee Benefit Plans (Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets, ending | $2,194 | $2,194 | $2,341 | |||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefit obligation, beginning | 2,814 | 2,954 | ||||
Service cost | 44 | 36 | 71 | 84 | 71 | |
Interest cost | 61 | 65 | 126 | 114 | 130 | |
Actuarial loss (gain) | 688 | -236 | ||||
Employee contributions | 2 | 2 | ||||
Curtailments | -5 | 0 | ||||
Settlements | -304 | 0 | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 136 | 0 | ||||
Remeasurement charge | 30 | |||||
Benefits paid | -109 | -119 | ||||
Plan Amendments | -4 | -1 | ||||
Actual expenses | -2 | -2 | ||||
Foreign currency effects | -108 | 18 | ||||
Benefit obligation, ending | 3,305 | 2,954 | 3,305 | 2,814 | ||
Fair value of plan assets, beginning | 2,341 | 2,174 | ||||
Actual return on plan assets | 292 | 222 | ||||
Employer contributions | 42 | 50 | ||||
Settlements | -304 | 0 | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 10 | 0 | ||||
Foreign currency effects | -78 | 14 | ||||
Fair value of plan assets, ending | 2,194 | 2,174 | 2,194 | 2,341 | ||
Funded status | -1,111 | -1,111 | -473 | |||
Prepaid benefit cost | 27 | 27 | 63 | |||
Accrued benefit liability - current | -17 | -17 | -15 | |||
Accrued benefit liability - long-term | -1,121 | -1,121 | -521 | |||
Net amount recognized in the balance sheet | -1,111 | -1,111 | -473 | |||
Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefit obligation, beginning | 174 | 208 | ||||
Service cost | 4 | 3 | 4 | 5 | 7 | |
Interest cost | 6 | 6 | 8 | 7 | 12 | |
Actuarial loss (gain) | 54 | -34 | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 0 | 0 | ||||
Remeasurement charge | 4 | |||||
Benefits paid | -12 | -12 | ||||
Plan Amendments | 3 | 0 | ||||
Benefit obligation, ending | 231 | 208 | 231 | 174 | ||
Employer contributions | 12 | 12 | ||||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | ||||
Funded status | -231 | -231 | -174 | |||
Accrued benefit liability - current | -12 | -12 | -11 | |||
Accrued benefit liability - long-term | -219 | -219 | -163 | |||
Net amount recognized in the balance sheet | ($231) | ($231) | ($174) |
Employee_Benefit_Plans_Princip
Employee Benefit Plans (Principal Assumptions In Developing Net Periodic Pension Cost) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 4.60% | 3.90% |
Expected return on plan assets (as a percent) | 7.00% | 7.00% |
Rate of compensation increase (as a percent) | 3.90% | 3.90% |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 4.40% | 3.60% |
Employee_Benefit_Plans_Princip1
Employee Benefit Plans (Principal Assumptions In Developing Year-End Actuarial Present Value Of The Projected Benefit Obligation) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 3.50% | 4.60% |
Rate of compensation increase (as a percent) | 3.80% | 3.90% |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 3.80% | 4.40% |
Employee_Benefit_Plans_Impact_
Employee Benefit Plans (Impact Of 1% Change In Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Effect on combined service and interest cost components, increase | $1 |
Effect on combined service and interest cost components, decrease | -1 |
Effect on accumulated postretirement benefit obligations, increase | 8 |
Effect on accumulated postretirement benefit obligations, decrease | ($7) |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Fair Value Of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | $2,194 | $2,341 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 796 | 962 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 1,398 | 1,379 |
Common stock - U.S. companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 180 | 221 |
Common stock - U.S. companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 180 | 221 |
Common stock - International companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 6 | 2 |
Common stock - International companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 6 | 2 |
Equity mutual funds - Emerging markets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 62 | 75 |
Equity mutual funds - Emerging markets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 62 | 75 |
Equity mutual funds - International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 91 | 111 |
Equity mutual funds - International [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 91 | 111 |
Equity mutual funds - Large cap U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 362 | 419 |
Equity mutual funds - Large cap U.S. [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 362 | 419 |
Common collective trust funds - International equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 370 | 373 |
Common collective trust funds - International equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 370 | 373 |
Common collective trust funds - Large cap U.S. equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 33 | 51 |
Common collective trust funds - Large cap U.S. equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 33 | 51 |
Common collective trust funds - Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 500 | 437 |
Common collective trust funds - Fixed income [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 500 | 437 |
Common collective trust funds - Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 35 | 62 |
Common collective trust funds - Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 35 | 62 |
Debt instruments - Corporate bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 422 | 422 |
Debt instruments - Corporate bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 422 | 422 |
Debt instruments - U.S. Treasury instruments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 95 | 134 |
Debt instruments - U.S. Treasury instruments [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 95 | 134 |
Debt instruments - U.S. government agency, state and local government bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 37 | 32 |
Debt instruments - U.S. government agency, state and local government bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 37 | 32 |
Other Debt Instruments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | 1 | 2 |
Other Debt Instruments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets at fair value | $1 | $2 |
Employee_Benefit_Plans_Actual_
Employee Benefit Plans (Actual Asset Allocation For Global Pension Plan Assets) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 100.00% | 100.00% |
Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 51.00% | 54.00% |
Pension Benefits [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 48.00% | 45.00% |
Pension Benefits [Member] | Other Pension Plan Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 1.00% | 1.00% |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of U.S. pension plan to global pension plan assets (as a percent) | 62.00% | |
U.S. Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 60.00% | |
U.S. Pension Plans [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 40.00% | |
Foreign Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 38.00% | |
Foreign Pension Plans [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 60.00% | |
Foreign Pension Plans [Member] | Other Pension Plan Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 2.00% |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Future Benefit Payments To Be Paid) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $97 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 103 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 108 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 115 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 122 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 721 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 12 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 13 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 13 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 13 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 14 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $75 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | ($1,241) | ($57) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -953 | 131 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period | 269 | 136 |
Net realized gains (losses) | 0 | 0 |
Other Comprehensive Income (Loss), Tax | 30 | 2 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -923 | 133 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -654 | 269 |
Deferred Gain (Loss) On Hedging Activities [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -119 | -35 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period | 5 | 4 |
Net realized gains (losses) | 187 | 37 |
Other Comprehensive Income (Loss), Tax | -26 | -1 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 42 | 1 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | 47 | 5 |
Pension Liability Adjustment [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -485 | 354 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period | -330 | -590 |
Net realized gains (losses) | 21 | 60 |
Other Comprehensive Income (Loss), Tax | 164 | -154 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -300 | 260 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -630 | -330 |
Unrealized Gain (Loss) On Investments [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -11 | -157 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period | -1 | 0 |
Net realized gains (losses) | 6 | 157 |
Other Comprehensive Income (Loss), Tax | 2 | -1 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -3 | -1 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -4 | -1 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -1,568 | 293 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at beginning of period | -57 | -450 |
Net realized gains (losses) | 214 | 254 |
Other Comprehensive Income (Loss), Tax | 170 | -154 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -1,184 | 393 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | ($1,241) | ($57) |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders' Equity Narrative (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Shareholders' Equity [Abstract] | ||
Preferred Stock, No Par Value | $0 | |
Common Stock, Shares Authorized | 1,000,000,000 | |
Preferred Stock, Shares Authorized | 500,000 | |
Common Stock, No Par Value | $0 | |
Treasury Stock, Shares | 79,400,000 | 57,500,000 |
Treasury Stock, Value | $2,700,000,000 | $1,600,000,000 |
Gain (Loss) on Derivative Used in Net Investment Hedge, Net of Tax | ($43,000,000) |
Shareholders_Equity_Shareholde1
Shareholders' Equity Shareholders' Equity Reclassification Components (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Cost of products sold | $44,927 | $43,361 | $76,433 | $85,915 | $85,370 | ||||||||
Other (income) expense - net | -109 | -12 | -247 | -53 | -29 | ||||||||
Interest expense | 213 | 209 | 337 | 413 | 441 | ||||||||
Revenues | -20,894 | -18,117 | -21,494 | -20,696 | -24,143 | -21,393 | -22,541 | -21,727 | -46,729 | -45,208 | -81,201 | -89,804 | -89,038 |
Restructuring, Settlement and Impairment Provisions | 146 | 352 | 105 | 259 | 449 | ||||||||
Loss (Earnings) before Income Taxes | -997 | -781 | -3,130 | -2,024 | -1,765 | ||||||||
Income Tax Expense (Benefit) | 303 | 237 | 877 | 670 | 523 | ||||||||
Net Loss (Earnings) Including Noncontrolling Interests | -694 | -544 | -2,253 | -1,354 | -1,242 | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||||
Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Restructuring, Settlement and Impairment Provisions | 6 | 157 | |||||||||||
Income Tax Expense (Benefit) | -2 | -3 | |||||||||||
Net Loss (Earnings) Including Noncontrolling Interests | 4 | 154 | |||||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||||
Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -15 | -15 | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (loss), before Tax | 36 | 75 | |||||||||||
Loss (Earnings) before Income Taxes | 21 | 60 | |||||||||||
Income Tax Expense (Benefit) | -7 | -23 | |||||||||||
Net Loss (Earnings) Including Noncontrolling Interests | 14 | 37 | |||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||||
Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Cost of products sold | 124 | 41 | |||||||||||
Other (income) expense - net | -5 | -1 | |||||||||||
Interest expense | -1 | 1 | |||||||||||
Revenues | 69 | -4 | |||||||||||
Loss (Earnings) before Income Taxes | 187 | 37 | |||||||||||
Income Tax Expense (Benefit) | -70 | -14 | |||||||||||
Net Loss (Earnings) Including Noncontrolling Interests | $117 | $23 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 06, 2014 | Dec. 31, 2012 | |
segment | |||
Segment Information | |||
Number of Reportable Segments | 3 | ||
Noncontrolling interest Acquired, Ownership Percentage | 20.00% | ||
Pacificor [Member] | |||
Segment Information | |||
Ownership percentage (as a percent) | 32.20% | ||
GrainCorp [Member] [Member] | |||
Segment Information | |||
Ownership percentage (as a percent) | 19.80% | ||
Gruma S.A.B. de C.V. [Member] | |||
Segment Information | |||
Ownership percentage (as a percent) | 23.20% |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Segment Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Segment Information | |||||||||||||
Revenues | $20,894 | $18,117 | $21,494 | $20,696 | $24,143 | $21,393 | $22,541 | $21,727 | $46,729 | $45,208 | $81,201 | $89,804 | $89,038 |
Depreciation | 396 | 391 | 850 | 827 | 793 | ||||||||
Asset abandonments and write-downs | 0 | 337 | 35 | 84 | 367 | ||||||||
Interest income | 59 | 62 | 92 | 102 | 112 | ||||||||
Equity in earnings of affiliates | 255 | 251 | 372 | 411 | 472 | ||||||||
Operating profit | 997 | 781 | 3,130 | 2,024 | 1,765 | ||||||||
Investments in and advances to affiliates | 3,892 | 3,538 | 3,892 | 3,538 | |||||||||
Identifiable assets | 44,027 | 43,752 | 44,027 | 43,752 | |||||||||
Gross additions to property, plant, and equipment | 1,357 | 947 | |||||||||||
Reportable segment totals [Member] | |||||||||||||
Segment Information | |||||||||||||
Operating profit | 1,306 | 1,063 | 3,915 | 2,708 | 2,525 | ||||||||
Oilseeds Processing | |||||||||||||
Segment Information | |||||||||||||
Revenues | 18,052 | 17,337 | 31,546 | 34,883 | 34,715 | ||||||||
Depreciation | 113 | 108 | 244 | 237 | 228 | ||||||||
Asset abandonments and write-downs | 0 | 0 | 3 | 4 | 1 | ||||||||
Interest income | 18 | 16 | 30 | 36 | 35 | ||||||||
Equity in earnings of affiliates | 96 | 129 | 236 | 261 | 226 | ||||||||
Operating profit | 747 | 429 | 1,605 | 1,473 | 1,302 | ||||||||
Investments in and advances to affiliates | 2,596 | 2,304 | 2,596 | 2,304 | |||||||||
Identifiable assets | 12,979 | 15,408 | 12,979 | 15,408 | |||||||||
Gross additions to property, plant, and equipment | 335 | 302 | |||||||||||
Crushing and origination [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 10,784 | 8,927 | 18,542 | 20,522 | 18,794 | ||||||||
Refining, packaging, biodiesel, and other [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 5,256 | 6,218 | 9,111 | 10,375 | 11,628 | ||||||||
Cocoa and other [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 1,746 | 1,952 | 3,439 | 3,281 | 3,715 | ||||||||
Asia [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 266 | 240 | 454 | 705 | 578 | ||||||||
Corn Processing [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 6,167 | 6,451 | 11,686 | 13,139 | 12,114 | ||||||||
Depreciation | 165 | 178 | 323 | 325 | 345 | ||||||||
Asset abandonments and write-downs | 0 | 337 | 15 | 62 | 360 | ||||||||
Interest income | 1 | 0 | 10 | 3 | 1 | ||||||||
Equity in earnings of affiliates | 49 | 53 | 113 | 98 | 107 | ||||||||
Operating profit | 71 | 54 | 1,188 | 814 | 261 | ||||||||
Investments in and advances to affiliates | 426 | 438 | 426 | 438 | |||||||||
Identifiable assets | 6,196 | 6,558 | 6,196 | 6,558 | |||||||||
Gross additions to property, plant, and equipment | 334 | 317 | |||||||||||
Sweeteners and starches [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 2,405 | 2,316 | 3,749 | 4,717 | 4,793 | ||||||||
Bioproducts [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 3,762 | 4,135 | 7,937 | 8,422 | 7,321 | ||||||||
Agricultural Services [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 22,441 | 21,364 | 37,327 | 41,480 | 42,082 | ||||||||
Depreciation | 99 | 90 | 214 | 220 | 188 | ||||||||
Asset abandonments and write-downs | 0 | 0 | 17 | 3 | 2 | ||||||||
Interest income | 18 | 10 | 31 | 47 | 22 | ||||||||
Equity in earnings of affiliates | 49 | 55 | 41 | 64 | 110 | ||||||||
Operating profit | 395 | 563 | 1,089 | 380 | 947 | ||||||||
Investments in and advances to affiliates | 460 | 309 | 460 | 309 | |||||||||
Identifiable assets | 10,716 | 12,358 | 10,716 | 12,358 | |||||||||
Gross additions to property, plant, and equipment | 186 | 239 | |||||||||||
Merchandising and handling [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 20,159 | 19,061 | 33,061 | 36,968 | 37,631 | ||||||||
Transportation [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 128 | 149 | 265 | 228 | 269 | ||||||||
Milling and other [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 2,154 | 2,154 | 4,001 | 4,284 | 4,182 | ||||||||
Other Segments [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 69 | 56 | 642 | 302 | 127 | ||||||||
Depreciation | 2 | 2 | 15 | 5 | 4 | ||||||||
Interest income | 11 | 14 | 14 | 12 | 21 | ||||||||
Equity in earnings of affiliates | 0 | 0 | 10 | 1 | 0 | ||||||||
Operating profit | 93 | 17 | 33 | 41 | 15 | ||||||||
Investments in and advances to affiliates | 33 | 24 | 33 | 24 | |||||||||
Identifiable assets | 10,833 | 6,408 | 10,833 | 6,408 | |||||||||
Gross additions to property, plant, and equipment | 434 | 1 | |||||||||||
Other Processing [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 0 | 0 | 312 | 0 | 0 | ||||||||
Financial [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 69 | 56 | 330 | 302 | 127 | ||||||||
Corporate [Member] | |||||||||||||
Segment Information | |||||||||||||
Depreciation | 17 | 13 | 54 | 40 | 28 | ||||||||
Asset abandonments and write-downs | 0 | 0 | 0 | 15 | 4 | ||||||||
Interest income | 11 | 22 | 7 | 4 | 33 | ||||||||
Equity in earnings of affiliates | 61 | 14 | -28 | -13 | 29 | ||||||||
Operating profit | -309 | -282 | -785 | -684 | -760 | ||||||||
Investments in and advances to affiliates | 377 | 463 | 377 | 463 | |||||||||
Identifiable assets | 3,303 | 3,020 | 3,303 | 3,020 | |||||||||
Gross additions to property, plant, and equipment | 68 | 88 | |||||||||||
Gross Revenues [Member] | Oilseeds Processing | |||||||||||||
Segment Information | |||||||||||||
Revenues | 19,465 | 18,073 | 34,196 | 38,490 | 36,990 | ||||||||
Gross Revenues [Member] | Corn Processing [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 6,223 | 6,564 | 11,814 | 13,299 | 12,287 | ||||||||
Gross Revenues [Member] | Agricultural Services [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 25,487 | 24,115 | 41,150 | 46,950 | 47,691 | ||||||||
Gross Revenues [Member] | Other Segments [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | 151 | 136 | 885 | 515 | 288 | ||||||||
Intersegment Eliminations [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | -4,597 | -3,680 | -6,844 | -9,450 | -8,218 | ||||||||
Intersegment Eliminations [Member] | Oilseeds Processing | |||||||||||||
Segment Information | |||||||||||||
Revenues | -1,413 | -736 | -2,650 | -3,607 | -2,275 | ||||||||
Intersegment Eliminations [Member] | Corn Processing [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | -56 | -113 | -128 | -160 | -173 | ||||||||
Intersegment Eliminations [Member] | Agricultural Services [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | -3,046 | -2,751 | -3,823 | -5,470 | -5,609 | ||||||||
Intersegment Eliminations [Member] | Other Segments [Member] | |||||||||||||
Segment Information | |||||||||||||
Revenues | ($82) | ($80) | ($243) | ($213) | ($161) |
Recovered_Sheet3
Segment And Geographic Information (Geographic Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | $20,894 | $18,117 | $21,494 | $20,696 | $24,143 | $21,393 | $22,541 | $21,727 | $46,729 | $45,208 | $81,201 | $89,804 | $89,038 |
Long-Lived Assets | 9,960 | 10,137 | 9,960 | 10,137 | |||||||||
UNITED STATES | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 25,033 | 24,490 | 39,609 | 41,427 | 46,593 | ||||||||
Long-Lived Assets | 6,693 | 7,192 | 6,693 | 7,192 | |||||||||
Switzerland [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 4,991 | 5,237 | 10,118 | 10,467 | 9,698 | ||||||||
GERMANY | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 4,450 | 4,521 | 7,174 | 10,029 | 9,656 | ||||||||
Other Foreign [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 12,255 | 10,960 | 24,300 | 27,881 | 23,091 | ||||||||
Long-Lived Assets | $3,267 | $2,945 | $3,267 | $2,945 |
Assets_and_Liabilities_Held_fo2
Assets and Liabilities Held for Sale Assets and Liabilities Held for Sale (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade Receivables Held-for-sale, Net | $94 | |
Inventories Held-for-sale | 742 | |
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 83 | |
Other Assets Held-for-sale, Current | 19 | |
Disposal Group, Including Discontinued Operation, Goodwill, Current | 63 | |
Disposal Group, Including Discontinued Operation, Intangible Assets, Current | 28 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 374 | |
Current assets held for sale | 1,403 | 0 |
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 114 | |
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 110 | |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 6 | |
Current liabilities held for sale | 230 | 0 |
Chocolate [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from Divestiture of Businesses | 440 | |
Transportation [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from Divestiture of Businesses | $1,300 |
Asset_Impairment_Exit_and_Rest1
Asset Impairment, Exit, and Restructuring Costs (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | Sep. 30, 2012 | |||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Relocation and restructuring costs | $0 | $0 | $64 | [1] | $0 | $71 | [1] | ||||
Restructuring, Settlement and Impairment Provisions | 146 | 352 | 105 | 259 | 449 | ||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 13 | [2] | 6 | [2] | 166 | [2] | 25 | [2] | ||
Other Asset Impairment Charges | 0 | 339 | [3] | 35 | [3] | 84 | [3] | 353 | [3] | ||
Equity Method Investment, Other than Temporary Impairment | 146 | [4] | 0 | 0 | 0 | 0 | |||||
Gruma S.A.B. de C.V. [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Equity Method Investment, Other than Temporary Impairment | 146 | ||||||||||
Restructuring settlement and impairment provisions per share | $0.16 | ||||||||||
Cumulative translation losses | 123 | ||||||||||
Corporate [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 11 | ||||||||||
Other Asset Impairment Charges | 15 | 4 | |||||||||
Agricultural Services [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 155 | ||||||||||
Other Asset Impairment Charges | 17 | 3 | |||||||||
Corn Processing [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Other Asset Impairment Charges | 15 | 62 | 349 | ||||||||
Oilseeds Processing | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Other Asset Impairment Charges | 3 | 4 | |||||||||
Relocation costs [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Relocation and restructuring costs | 16 | ||||||||||
Restructuring Charges [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Relocation and restructuring costs | 48 | ||||||||||
One-time Termination Benefits [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Relocation and restructuring costs | 37 | ||||||||||
Remeasurement charges [Member] | |||||||||||
Asset Impairment Charges And Exit Costs [Line Items] | |||||||||||
Relocation and restructuring costs | $34 | ||||||||||
[1] | Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program. | ||||||||||
[2] | Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate. | ||||||||||
[3] | Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate. | ||||||||||
[4] | As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Grumaâ€). As a result, the Company’s equity method investments in Gruma were evaluated for impairment. In the quarter ended September 30, 2012, the Company recorded a $146 million pre-tax asset impairment charge ($0.16 per share after tax) on its investments in Gruma by comparing the carrying value, including $123 million of cumulative unrealized foreign currency translation losses, to estimated fair value. Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012. The Company sold its interest in Gruma in December 2012. |
Asset_Impairment_Exit_and_Rest2
Asset Impairment, Exit, and Restructuring Costs (Asset Impairment Charges And Exit Costs) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | |||||
Restructuring, Settlement and Impairment Provisions [Abstract] | ||||||||||
Relocation and restructuring costs | $0 | $0 | $64 | [1] | $0 | $71 | [1] | |||
Equity Method Investment, Other than Temporary Impairment | 146 | [2] | 0 | 0 | 0 | 0 | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 13 | [3] | 6 | [3] | 166 | [3] | 25 | [3] | |
Goodwill, Impairment Loss | 0 | 0 | 0 | 9 | [4] | 0 | ||||
Other Asset Impairment Charges | 0 | 339 | [5] | 35 | [5] | 84 | [5] | 353 | [5] | |
Restructuring, Settlement and Impairment Provisions | $146 | $352 | $105 | $259 | $449 | |||||
[1] | Relocation and restructuring costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of $16 million and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of $48 million. In the year ended June 30, 2012, these costs primarily consisted of $37 million of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program. | |||||||||
[2] | As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Grumaâ€). As a result, the Company’s equity method investments in Gruma were evaluated for impairment. In the quarter ended September 30, 2012, the Company recorded a $146 million pre-tax asset impairment charge ($0.16 per share after tax) on its investments in Gruma by comparing the carrying value, including $123 million of cumulative unrealized foreign currency translation losses, to estimated fair value. Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012. The Company sold its interest in Gruma in December 2012. | |||||||||
[3] | Asset impairment charge - equity securities for the fiscal year ended December 31, 2014, the six months ended December 31, 2011 and the year ended June 30, 2012 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted of other-than-temporary impairment charges of $155 million on the Company's GrainCorp investment in the Agricultural Services segment and $11 million on one other available for sale security in Corporate. | |||||||||
[4] | The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013. | |||||||||
[5] | Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of $3 million in the Oilseeds Processing segment, $15 million in the Corn Processing segment, and $17 million in the Agricultural Services segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of $4 million in the Oilseeds Processing segment, $62 million in the Corn Processing segment, $3 million in the Agricultural Services segment, and $15 million in Corporate. Asset impairments for the six months ended December 31, 2011 consisted of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consisted of asset impairment charges and other costs of $349 million related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of $4 million in Corporate. |
Sale_of_Accounts_Receivable_Na
Sale of Accounts Receivable (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 | |
Accounts Receivable Securitization Programs [Line Items] | ||||
Proceeds from transfer of receivables | $1,600,000,000 | $1,100,000,000 | ||
Deferred receivables consideration | 511,000,000 | 757,000,000 | ||
Proceeds from the collection of receivables sold | 21,900,000,000 | 36,400,000,000 | 39,800,000,000 | 8,900,000,000 |
Collections applied to deferred consideration | 21,900,000,000 | 35,100,000,000 | 39,800,000,000 | 8,900,000,000 |
Receivables sold under securitization facility derecognized during the period | 2,100,000,000 | 1,900,000,000 | ||
Loss on transfer of accounts receivables to purchasers | 4,000,000 | 5,000,000 | 4,000,000 | 4,000,000 |
Accounts Receivable Securitization Facility [Member] | ||||
Accounts Receivable Securitization Programs [Line Items] | ||||
Maximum amount provided under accounts receivable securitization facility excluded in lines of credit | 1,600,000,000 | |||
Program [Member] | Accounts Receivable Securitization Facility [Member] | ||||
Accounts Receivable Securitization Programs [Line Items] | ||||
Maximum amount provided under accounts receivable securitization facility excluded in lines of credit | 1,200,000,000 | |||
Second Program [Member] | Accounts Receivable Securitization Facility [Member] | ||||
Accounts Receivable Securitization Programs [Line Items] | ||||
Maximum amount provided under accounts receivable securitization facility excluded in lines of credit | $400,000,000 |
Legal_Proceedings_Guarantees_a1
Legal Proceedings, Guarantees, and Commitments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Guarantees [Abstract] | |
Contingent obligations, for debt guarantee agreements related to equity-method investees | $27 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenues | $20,894 | $18,117 | $21,494 | $20,696 | $24,143 | $21,393 | $22,541 | $21,727 | $46,729 | $45,208 | $81,201 | $89,804 | $89,038 |
Gross Profit | 1,451 | 1,470 | 1,172 | 675 | 1,170 | 1,156 | 807 | 756 | 1,802 | 1,847 | 4,768 | 3,889 | 3,668 |
Net Earnings Attributable to Controlling Interests | $701 | $747 | $533 | $267 | $374 | $476 | $223 | $269 | $692 | $540 | $2,248 | $1,342 | $1,223 |
Basic earnings per common share (dollars per share) | $1.09 | $1.15 | $0.81 | $0.40 | $0.57 | $0.72 | $0.34 | $0.41 | $1.05 | $0.81 | $3.44 | $2.03 | $1.84 |
Diluted earnings per common share (dollars per share) | $1.08 | $1.14 | $0.81 | $0.40 | $0.56 | $0.72 | $0.34 | $0.41 | $1.05 | $0.81 | $3.43 | $2.02 | $1.84 |
Quarterly_Financial_Data_Narra
Quarterly Financial Data (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Restructuring and relocation cost, after tax | $21 | $20 | ||||||
Restructuring and relocation cost, after tax, per share | $0.03 | $0.03 | ||||||
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes | 89 | |||||||
Gain on sale of assets, after tax, per share | $0.14 | |||||||
Gain on equity dilution, after tax | 97 | |||||||
Gain on equity dilution, after tax, per share | $0.15 | |||||||
Loss on foreign exchange hedges, after tax | 63 | 9 | 16 | 32 | ||||
Loss on foreign exchange hedges, after tax, per share | $0.10 | $0.01 | $0.02 | $0.05 | ||||
Effective Tax Rate Adjustment | 21 | |||||||
Effective Tax Rate Adjustment, Per Share | $0.03 | |||||||
Legal settlement, after tax | 20 | 17 | ||||||
Legal settlement, after tax, per share | $0.03 | $0.03 | ||||||
Asset abandonments and impairments, after tax | 26 | 61 | 8 | |||||
Impairment Effect on Earnings Per Share, after Tax | $0.04 | $0.09 | $0.01 | |||||
Goodwill, Impairment Loss | 9 | |||||||
Goodwill Impairment Charge, After Tax, Per Share | $0.02 | |||||||
Other Than Temporary Writedown of an Available for Sale Security, After Tax | 155 | 7 | ||||||
Other Than Temporary Impairment Losses, Per Share | $0.23 | $0.01 | ||||||
Other Charges Related to an Investment, After Tax | 3 | |||||||
Other Charges Related to an Investment, Per Share | $0.01 | |||||||
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings | 82 | |||||||
Valuation Allowance on Deferred Tax Assets, Recognized in Earnings, Per Share | $0.12 | |||||||
Prior Period Income Tax Benefit Recognized in the Current Period | 84 | 55 | ||||||
Prior Period Income Tax Benefit Recognized in the Current Period, Per Share | $0.13 | |||||||
Other Charges, After Tax | 3 | |||||||
Other Charges, After Tax, Per Share | $0.01 | |||||||
After-tax pension settlement charges | 61 | |||||||
After-tax pension settlement charges (per share) | $0.09 | |||||||
Prior period income recognized in the current period | $61 | |||||||
Prior Period Income Recognized in the Current Period, Per Share | $0.09 |
Subsequent_Event_Subsequent_Ev1
Subsequent Event Subsequent Event (Details) (Glencore transaction [Member]) | Feb. 03, 2015 |
Glencore transaction [Member] | |
Subsequent Event [Line Items] | |
Percentage of ownership to be sold | 50.00% |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts And Reserves (Schedule Of Valuation And Qualifying Accounts) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2012 |
Valuation and Qualifying Accounts [Abstract] | ||||
Balance at Beginning of Year | $92 | $81 | $87 | $100 |
Additions | 8 | 37 | 35 | 13 |
Deductions | -8 | -32 | -39 | -13 |
Other | -5 | -5 | -2 | -8 |
Balance at End of Year | $87 | $81 | $81 | $92 |