Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
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-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 620,373,436 |
Consolidated_Statements_Of_Ear
Consolidated Statements Of Earnings (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenues | $17,506 | $20,696 |
Cost of Revenue | 16,404 | 20,021 |
Gross Profit | 1,102 | 675 |
Selling, general, and administrative expenses | 498 | 393 |
Asset impairment, exit, and restructuring costs | 0 | |
Interest expense | 81 | 93 |
Equity in earnings of unconsolidated affiliates | -139 | -132 |
Interest income | -18 | -22 |
Other (income) expense - net | -10 | -23 |
Earnings Before Income Taxes | 690 | 366 |
Income taxes | 197 | 98 |
Net earnings including noncontrolling interests | 493 | 268 |
Less: Net earnings (losses) attributable to noncontrolling interests | 0 | 1 |
Net Earnings Attributable to Controlling Interests | $493 | $267 |
Average number of shares outstanding - basic | 636 | 660 |
Average number of shares outstanding - diluted | 639 | 663 |
Earnings Per Share, Basic | $0.78 | $0.40 |
Earnings Per Share, Diluted | $0.77 | $0.40 |
Dividends per common share | $0.28 | $0.24 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net earnings including noncontrolling interests | $493 | $268 |
Other Comprehensive Income (Loss), before Tax | ||
Foreign currency translation adjustment, before tax | -702 | -35 |
Pension and other postretirement benefit liabilities adjustment, before tax | 42 | 6 |
Deferred gain (loss) on hedging activities, before tax | -56 | -97 |
Unrealized gain (loss) on investments, before tax | 43 | -10 |
Other Comprehensive Income (Loss), Tax | ||
Foreign currency translation adjustment, tax effect | 32 | 1 |
Pension and other postretirement benefit liabilities adjustment, tax effect | -19 | -2 |
Deferred gain (loss) on hedging activities, tax effect | 21 | 33 |
Unrealized gain (loss) on investments, tax effect | 0 | 3 |
Other Comprehensive Income (Loss), Net of Tax | ||
Foreign currency translation adjustment, net of tax | -670 | -34 |
Pension and other postretirement benefit liabilities adjustment, net of tax | 23 | 4 |
Deferred gain (loss) on hedging activities, net of tax | -35 | -64 |
Unrealized gain (loss) on investments, net of tax | 43 | -7 |
Other comprehensive income (loss) | -639 | -101 |
Comprehensive income (loss) including noncontrolling interests | -146 | 167 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | -1 | 1 |
Comprehensive income (loss) attributable to controlling interests | ($145) | $166 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $890 | $1,099 |
Short-term marketable securities | 406 | 515 |
Segregated cash and investments | 4,725 | 4,877 |
Trade receivables | 2,036 | 2,704 |
Inventories | 8,372 | 9,374 |
Current assets held for sale | 1,318 | 1,403 |
Other current assets | 6,149 | 6,056 |
Total Current Assets | 23,896 | 26,028 |
Investments and Other Assets | ||
Investments in and advances to affiliates | 3,959 | 3,892 |
Long-term marketable securities | 507 | 485 |
Goodwill and other intangible assets | 3,124 | 3,283 |
Other assets | 396 | 379 |
Total Investments and Other Assets | 7,986 | 8,039 |
Property, Plant, and Equipment | ||
Land | 434 | 441 |
Buildings | 4,637 | 4,668 |
Machinery and equipment | 16,833 | 17,044 |
Construction in progress | 886 | 819 |
Gross Property, Plant, and Equipment | 22,790 | 22,972 |
Accumulated depreciation | -12,957 | -13,012 |
Net Property, Plant, and Equipment | 9,833 | 9,960 |
Total Assets | 41,715 | 44,027 |
Current Liabilities | ||
Short-term debt | 848 | 108 |
Trade payables | 3,142 | 4,326 |
Payables to Brokerage Customers | 5,848 | 5,874 |
Accrued expenses and other payables | 4,145 | 5,040 |
Current maturities of long-term debt | 18 | 24 |
Current liabilities held for sale | 234 | 230 |
Total Current Liabilities | 14,235 | 15,602 |
Long-Term Liabilities | ||
Long-term debt | 5,575 | 5,558 |
Deferred income taxes | 1,614 | 1,662 |
Other | 1,534 | 1,575 |
Total Long-Term Liabilities | 8,723 | 8,795 |
Shareholders' Equity | ||
Common stock | 4,584 | 5,115 |
Reinvested earnings | 16,019 | 15,701 |
Accumulated other comprehensive income (loss) | -1,879 | -1,241 |
Noncontrolling interests | 33 | 55 |
Total Shareholders' Equity | 18,757 | 19,630 |
Total Liabilities and Shareholders' Equity | $41,715 | $44,027 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net earnings including noncontrolling interests | $493 | $268 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 216 | 219 |
Deferred income taxes | 4 | -66 |
Equity in earnings of affiliates, net of dividends | -67 | -100 |
Stock compensation expense | 26 | 20 |
Pension and postretirement accruals (contributions), net | -4 | 2 |
Deferred cash flow hedges | -56 | -97 |
Other - net | -35 | -18 |
Changes in operating assets and liabilities, net of businesses acquired | ||
Segregated cash and investments | 131 | -247 |
Trade receivables | 550 | 433 |
Inventories | 739 | 28 |
Other current assets | -184 | 189 |
Trade payables | -1,071 | -851 |
Increase (Decrease) in Payables to Brokerage Customers | 73 | 237 |
Accrued expenses and other payables | -770 | -375 |
Total Operating Activities | 45 | -358 |
Investing Activities | ||
Purchases of property, plant, and equipment | -244 | -188 |
Proceeds from sales of property, plant, and equipment | 6 | 6 |
Purchases of marketable securities | -246 | -362 |
Proceeds from sales of marketable securities | 346 | 321 |
Distributions from affiliates | 1 | 78 |
Other - net | -124 | 0 |
Total Investing Activities | -261 | -145 |
Financing Activities | ||
Long-term debt borrowings | 8 | 1 |
Long-term debt payments | -7 | -1,154 |
Net borrowings (payments) under lines of credit agreements | 742 | -63 |
Purchases of treasury stock | -566 | -175 |
Cash dividends | -177 | -158 |
Other - net | 7 | 14 |
Total Financing Activities | 7 | -1,535 |
Increase (decrease) in cash and cash equivalents | -209 | -2,038 |
Cash and cash equivalents - beginning of period | 1,099 | 3,121 |
Cash and cash equivalents - end of period | $890 | $1,083 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Reinvested Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | |||||
Balance at Dec. 31, 2014 | $19,630 | $5,115 | $15,701 | ($1,241) | $55 |
Balance (shares) at Dec. 31, 2014 | 637 | ||||
Comprehensive income | |||||
Net earnings | 493 | 493 | 0 | ||
Other comprehensive income (loss) | -639 | -638 | -1 | ||
Total comprehensive income | -146 | ||||
Cash dividends paid - $0.28 per share | -177 | -177 | |||
Treasury stock purchases, shares | -12 | ||||
Treasury stock purchases | -566 | -566 | |||
Stock compensation expense | 26 | 26 | |||
Other, shares | 0 | ||||
Other | -10 | 9 | 2 | 0 | -21 |
Balance at Mar. 31, 2015 | $18,757 | $4,584 | $16,019 | ($1,879) | $33 |
Balance (shares) at Mar. 31, 2015 | 625 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividends paid, per share | $0.28 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the quarter ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual report on Form 10-K for the year ended December 31, 2014. | |
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. | |
Reclassifications | |
Effective January 1, 2015, the Company formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors Gmbh (Wild Flavors) and Specialty Commodities, Inc. (SCI), which were acquired during the fourth quarter of fiscal 2014, are reported in this segment in addition to results of certain product lines previously reported in the Oilseeds Processing, Corn Processing, and Agricultural Services business segments. Throughout this quarterly report on Form 10-Q, prior period results of the product lines previously reported in the other reportable business segments have been reclassified to conform to the current period presentation. | |
Last-in, First-out (LIFO) Inventories | |
Interim period LIFO calculations are based on interim period costs and management’s estimates of year-end inventory levels. Because the availability and price of agricultural commodity-based LIFO inventories are unpredictable due to factors such as weather, government farm programs and policies, and changes in global demand, quantities of LIFO-based inventories at interim periods may vary significantly from management’s estimates of year-end inventory levels. |
Pending_Accounting_Standards
Pending Accounting Standards | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Pending Accounting Standards | Pending Accounting Standards |
Effective January 1, 2016, the Company will be required to adopt the amended guidance of Accounting Standards Codification (ASC) Topic 718, Compensation - Stock Compensation , 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, 2016, the Company will be required to adopt the amended guidance of ASC Topic 810, Consolidation (Topic 810), which seeks to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amended guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The changes include, among others, modification of the evaluation whether limited partnerships and similar legal entities are variable interest entities or voting interest entities and elimination of the presumption that a general partner should consolidate a limited partnership. The Company will be required to adopt Topic 810 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. The Company has not yet completed its assessment of the impact of the amended guidance on its consolidated financial statements but does not expect the adoption of this amended guidance to have a significant impact on financial results. | |
Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, which eliminates the concept of extraordinary items from Generally Accepted Accounting Principles in the U.S. The amended guidance aligns more closely with International Accounting Standards 1, Presentation of Financial Statements, which prohibits the presentation and disclosure of extraordinary items. The Company does not expect the adoption of this amended guidance to impact financial results. | |
Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Subtopic 835-30, Interest - Imputation of Interest, which addresses the balance sheet presentation requirements for debt issuance costs and debt discounts and premiums. The amended guidance aligns more closely with International Financial Reporting Standards which require that transaction costs be deducted from the carrying value of the financial liability and not recorded as separate assets. The Company does not expect the adoption of this amended guidance to a have a significant impact on 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. On April 29, 2015, the Financial Accounting Standards Board issued a proposed Accounting Standards Update (FASB) to defer the effective date of Topic 606 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. If the FASB proceeds with the deferral of the effective date as proposed, this will mean the Company will be required to adopt the new guidance of ASC 606 effective January 1, 2018. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014. | ||||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||
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 | $ | — | $ | 3,146 | $ | 1,039 | $ | 4,185 | ||||||||
Unrealized derivative gains: | ||||||||||||||||
Commodity contracts | — | 427 | 178 | 605 | ||||||||||||
Foreign exchange contracts | — | 211 | — | 211 | ||||||||||||
Interest rate contracts | — | 33 | — | 33 | ||||||||||||
Cash equivalents | 178 | — | — | 178 | ||||||||||||
Marketable securities | 779 | 84 | — | 863 | ||||||||||||
Segregated investments | 2,385 | — | — | 2,385 | ||||||||||||
Deferred receivables consideration | — | 614 | — | 614 | ||||||||||||
Total Assets | $ | 3,342 | $ | 4,515 | $ | 1,217 | $ | 9,074 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized derivative losses: | ||||||||||||||||
Commodity contracts | $ | — | $ | 411 | $ | 218 | $ | 629 | ||||||||
Foreign exchange contracts | — | 288 | — | 288 | ||||||||||||
Inventory-related payables | — | 456 | 20 | 476 | ||||||||||||
Total Liabilities | $ | — | $ | 1,155 | $ | 238 | $ | 1,393 | ||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||
Significant | Significant | Total | ||||||||||||||
Quoted Prices in | Other | Unobservable | ||||||||||||||
Active Markets | Observable | Inputs | ||||||||||||||
for Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
(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 receivables 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 | ||||||||
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 as Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold. | ||||||||||||||||
Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in the fair value 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) (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur. | ||||||||||||||||
The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified as Level 1. | ||||||||||||||||
The Company’s marketable securities are comprised of equity investments, U.S. Treasury securities, corporate debt securities, and other debt securities. Publicly traded equity investments, U.S. Treasury securities, and certain other debt securities are valued using quoted market prices and are classified in Level 1. Corporate debt and certain other debt securities are valued using third-party pricing services and substantially all are classified in Level 2. Unrealized changes in the fair value of available-for-sale marketable securities are recognized in the consolidated balance sheets as a component of AOCI unless a decline in value is deemed to be other-than-temporary at which point the decline is recorded in earnings. | ||||||||||||||||
The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1. | ||||||||||||||||
The Company has deferred consideration under its accounts receivable securitization programs (the “Programs”) which represents notes receivable from the purchasers under the Programs (see Note 14). This amount is reflected in other current assets on the consolidated balance sheet (see Note 6). The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received. The fair value is principally based on observable inputs (a Level 2 measurement) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate. Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the Programs which have historically been insignificant. | ||||||||||||||||
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2015. | ||||||||||||||||
Level 3 Fair Value Asset Measurements at | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Inventories | Commodity | |||||||||||||||
Carried at | Derivative | Total | ||||||||||||||
Market | Contracts | Assets | ||||||||||||||
Gains | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2014 | $ | 1,491 | $ | 203 | $ | 1,694 | ||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | (331 | ) | 69 | (262 | ) | |||||||||||
Purchases | 2,817 | — | 2,817 | |||||||||||||
Sales | (2,803 | ) | — | (2,803 | ) | |||||||||||
Settlements | — | (144 | ) | (144 | ) | |||||||||||
Transfers into Level 3 | 103 | 55 | 158 | |||||||||||||
Transfers out of Level 3 | (238 | ) | (5 | ) | (243 | ) | ||||||||||
Ending balance, March 31, 2015 | $ | 1,039 | $ | 178 | $ | 1,217 | ||||||||||
* Includes increase in unrealized gains of $25 million relating to Level 3 assets still held at March 31, 2015. | ||||||||||||||||
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2015. | ||||||||||||||||
Level 3 Fair Value Liability Measurements at | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Inventory- | Commodity | |||||||||||||||
related | Derivative | Total | ||||||||||||||
Payables | Contracts | Liabilities | ||||||||||||||
Losses | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2014 | $ | 40 | $ | 212 | $ | 252 | ||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | (5 | ) | 64 | 59 | ||||||||||||
Purchases | 6 | — | 6 | |||||||||||||
Sales | (22 | ) | — | (22 | ) | |||||||||||
Settlements | — | (135 | ) | (135 | ) | |||||||||||
Transfers into Level 3 | 1 | 82 | 83 | |||||||||||||
Transfers out of Level 3 | — | (5 | ) | (5 | ) | |||||||||||
Ending balance, March 31, 2015 | $ | 20 | $ | 218 | $ | 238 | ||||||||||
* Includes increase in unrealized losses of $55 million relating to Level 3 liabilities still held at March 31, 2015. | ||||||||||||||||
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014. | ||||||||||||||||
Level 3 Fair Value Asset Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Inventories | Commodity | |||||||||||||||
Carried at | Derivative | Total | ||||||||||||||
Market | Contracts | Assets | ||||||||||||||
Gains | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2013 | $ | 1,812 | $ | 279 | $ | 2,091 | ||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | (166 | ) | 98 | (68 | ) | |||||||||||
Purchases | 4,103 | — | 4,103 | |||||||||||||
Sales | (3,894 | ) | — | (3,894 | ) | |||||||||||
Settlements | — | (180 | ) | (180 | ) | |||||||||||
Transfers into Level 3 | 127 | 62 | 189 | |||||||||||||
Transfers out of Level 3 | (111 | ) | (7 | ) | (118 | ) | ||||||||||
Ending balance, March 31, 2014 | $ | 1,871 | $ | 252 | $ | 2,123 | ||||||||||
* Includes increase in unrealized gains of $222 million relating to Level 3 assets still held at March 31, 2014. | ||||||||||||||||
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014. | ||||||||||||||||
Level 3 Fair Value Liability Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Inventory- | Commodity | |||||||||||||||
related | Derivative | Total | ||||||||||||||
Payables | Contracts | Liabilities | ||||||||||||||
Losses | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2013 | $ | 34 | $ | 261 | $ | 295 | ||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | 7 | 225 | 232 | |||||||||||||
Purchases | 4 | — | 4 | |||||||||||||
Sales | (18 | ) | — | (18 | ) | |||||||||||
Settlements | — | (212 | ) | (212 | ) | |||||||||||
Transfers into Level 3 | — | 66 | 66 | |||||||||||||
Transfers out of Level 3 | — | (20 | ) | (20 | ) | |||||||||||
Ending balance, March 31, 2014 | $ | 27 | $ | 320 | $ | 347 | ||||||||||
* Includes increase in unrealized losses of $228 million relating to Level 3 liabilities still held at March 31, 2014. | ||||||||||||||||
For all periods presented, the Company had no transfers between Level 1 and 2. Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2. | ||||||||||||||||
In some cases, the price components that result in differences between the exchange-traded prices and the local prices 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 March 31, 2015 and December 31, 2014. The Company’s Level 3 measurements may include Basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with Basis, the unobservable component as of March 31, 2015 is a weighted average 18.1% of the total price for assets and 40.1% of the total price for liabilities. | ||||||||||||||||
Weighted Average % of Total Price | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Component Type | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Inventories and Related Payables | ||||||||||||||||
Basis | 18.1 | % | 40.1 | % | 23.4 | % | 43.4 | % | ||||||||
Transportation cost | 3 | % | 2.2 | % | 4.9 | % | 15.2 | % | ||||||||
Commodity Derivative Contracts | ||||||||||||||||
Basis | 22.4 | % | 20.8 | % | 13.5 | % | 13.6 | % | ||||||||
Transportation cost | 3.8 | % | 16.4 | % | 10.2 | % | 19.5 | % | ||||||||
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, 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 | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | |||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||
The majority of the Company’s derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies. The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. Derivatives, including exchange-traded contracts and physical purchase or sale contracts, are stated at market value and inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value. Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below. | ||||||||||||||||
The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
FX Contracts | $ | 211 | $ | 288 | $ | 186 | $ | 150 | ||||||||
Commodity Contracts | 605 | 629 | 690 | 776 | ||||||||||||
Total | $ | 816 | $ | 917 | $ | 876 | $ | 926 | ||||||||
The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In millions) | ||||||||||||||||
FX Contracts | ||||||||||||||||
Revenues | $ | 20 | $ | (6 | ) | |||||||||||
Cost of products sold | (69 | ) | 44 | |||||||||||||
Other income (expense) – net | (23 | ) | (9 | ) | ||||||||||||
Commodity Contracts | ||||||||||||||||
Cost of products sold | $ | 238 | $ | (912 | ) | |||||||||||
Total gain (loss) recognized in earnings | $ | 166 | $ | (883 | ) | |||||||||||
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 March 31, 2015 and December 31, 2014, the Company has certain derivatives designated as cash flow and fair value hedges. | ||||||||||||||||
The Company uses interest rate swaps designated as fair value hedges to protect the fair value of fixed-rate debt due to changes in interest rates. The changes in the fair value of the interest rate swaps and the underlying fixed-rate debt are recorded in other (income) expense - net. The terms of the interest rate swaps match the terms of the underlying debt resulting in no ineffectiveness. At March 31, 2015, the Company has $33 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 or cost of products sold, as applicable. As of March 31, 2015, the Company has $6 million of after-tax losses in AOCI related to gains and losses from commodity cash flow hedge transactions. The Company expects to recognize all of these after-tax losses in its consolidated statement of earnings during the next 12 months. | ||||||||||||||||
The Company, from time to time, 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 17% and 71% of its monthly anticipated grind. At March 31, 2015, the Company has designated hedges representing between 1% and 38% 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 24 million and 121 million gallons of ethanol sales per month under these programs. For the next 12 months, the Company has designated hedges representing between 0 million and 31 million gallons of ethanol sales per month. | ||||||||||||||||
The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
Interest Contracts | $ | 33 | $ | — | $ | 21 | $ | — | ||||||||
Total | $ | 33 | $ | — | $ | 21 | $ | — | ||||||||
The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Three months ended | ||||||||||||||||
Consolidated Statement of | March 31, | |||||||||||||||
Earnings Locations | 2015 | 2014 | ||||||||||||||
(In millions) | ||||||||||||||||
Effective amounts recognized in earnings | ||||||||||||||||
FX Contracts | Other income/expense – net | $ | 17 | $ | — | |||||||||||
Commodity Contracts | Cost of products sold | — | (4 | ) | ||||||||||||
Revenues | 47 | (27 | ) | |||||||||||||
Ineffective amount recognized in earnings | ||||||||||||||||
Commodity Contracts | Revenues | 7 | (23 | ) | ||||||||||||
Cost of products sold | (13 | ) | 20 | |||||||||||||
Total amount recognized in earnings | $ | 58 | $ | (34 | ) | |||||||||||
Hedge ineffectiveness for commodity contracts results when the change in the price of the underlying commodity in a specific cash market differs from the change in the price of the derivative financial instrument used to establish the hedging relationship. As an example, if the change in the price of a corn futures contract is strongly correlated to the change in cash price paid for corn, the gain or loss on the derivative instrument is deferred and recognized at the time the corn grind occurs. If the change in price of the derivative does not strongly correlate to the change in the cash price of corn, in the same example, some portion or all of the derivative gains or losses may be required to be recognized in earnings prior to the corn grind occurring. | ||||||||||||||||
The following tables set forth the changes in AOCI related to derivatives gains (losses) for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In millions) | ||||||||||||||||
Balance at December 31, 2014 and 2013 | $ | 47 | $ | 5 | ||||||||||||
Unrealized gains (losses) | 8 | (128 | ) | |||||||||||||
Losses (gains) reclassified to earnings | (64 | ) | 31 | |||||||||||||
Tax effect | 21 | 33 | ||||||||||||||
Balance at March 31, 2015 and 2014 | $ | 12 | $ | (59 | ) | |||||||||||
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||
Gains | Losses | Value | ||||||||||||||
(In millions) | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
United States government obligations | ||||||||||||||||
Maturity less than 1 year | $ | 311 | $ | — | $ | — | $ | 311 | ||||||||
Maturity 1 to 5 years | 95 | — | — | 95 | ||||||||||||
Corporate debt securities | ||||||||||||||||
Maturity 1 to 5 years | 73 | 1 | — | 74 | ||||||||||||
Other debt securities | ||||||||||||||||
Maturity less than 1 year | 95 | — | — | 95 | ||||||||||||
Maturity 1 to 5 years | 3 | — | — | 3 | ||||||||||||
Equity securities | ||||||||||||||||
Available-for-sale | 307 | 32 | (4 | ) | 335 | |||||||||||
$ | 884 | $ | 33 | $ | (4 | ) | $ | 913 | ||||||||
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 | ||||||||
Of the $4 million in unrealized losses at March 31, 2015, $1 million arose within the last 12 months and is related to the Company’s investment in one available-for-sale equity security with a fair value of $4 million. The market value of the Company’s investment that has been in an unrealized loss position for 12 months or longer is $3 million and is related to one available-for-sale equity security. The Company evaluated the near-term prospects of the issuers 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 March 31, 2015. |
Other_Current_Assets
Other Current Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets [Abstract] | ||||||||
Other Current Assets | Other Current Assets | |||||||
The following table sets forth the items in other current assets: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Unrealized gains on derivative contracts | $ | 849 | $ | 897 | ||||
Deferred receivables consideration | 614 | 511 | ||||||
Customer omnibus receivable | 1,630 | 1,532 | ||||||
Financing receivables - net (1) | 457 | 402 | ||||||
Other current assets | 2,599 | 2,714 | ||||||
$ | 6,149 | $ | 6,056 | |||||
(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $11 million at March 31, 2015 and December 31, 2014. Interest earned on financing receivables of $7 million for the three months ended March 31, 2015, and $8 million for the three months ended March 31, 2014, is included in interest income in the consolidated statements of earnings. |
Accrued_Expenses_And_Other_Pay
Accrued Expenses And Other Payables | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Unrealized losses on derivative contracts | $ | 917 | $ | 926 | ||||
Accrued expenses and other payables | 3,228 | 4,114 | ||||||
$ | 4,145 | $ | 5,040 | |||||
Debt_And_Financing_Arrangement
Debt And Financing Arrangements | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt And Financing Arrangements | Debt and Financing Arrangements |
At March 31, 2015, the fair value of the Company’s long-term debt exceeded the carrying value by $1.4 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). | |
At March 31, 2015, the Company had lines of credit totaling $6.3 billion, of which $5.5 billion was unused. Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was $0.7 billion of commercial paper outstanding at March 31, 2015. | |
The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.5 billion in funding resulting from the sale of accounts receivable. As of March 31, 2015, the Company utilized $1.3 billion of its facility under the Programs (see Note 14 for more information on the Programs). |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company’s effective tax rate for the three months ended March 31, 2015 was 28.6% compared to 26.8% for the three months ended March 31, 2014 due primarily to changes in the forecast of the geographic mix of pretax earnings. | |
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 March 31, 2015, these assessments, updated for estimated penalties, interest, and variation in currency exchange rates, totaled approximately $415 million. ADM do Brasil’s tax return for 2005 was also audited and no assessment was received. The statutes of limitation for 2005 and 2008 have 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 $48 million (based on currency exchange rates as of March 31, 2015). | |
ADM do Brasil enters into commodity hedging transactions that can result in gains, which are included in ADM do Brasil’s calculations of taxable income in Brazil, and losses, which ADM do Brasil deducts from its taxable income in Brazil. The Company has evaluated its tax position regarding these hedging transactions and concluded, based upon advice from Brazilian legal counsel, that it was appropriate to recognize both gains and losses resulting from hedging transactions when determining its Brazilian income tax expense. Therefore, the Company has continued to recognize the tax benefit from hedging losses in its financial statements and has not recorded any tax liability for the amounts assessed by the BFRS. | |
ADM do Brasil filed an administrative appeal for each of the assessments. The appeal panel found in favor of the BFRS on these assessments and ADM do Brasil filed a second level administrative appeal. The second administrative appeal panel continues to conduct customary procedural activities, including ongoing dialogue with the BFRS auditor. The Company is anticipating that this process could take up to six months to complete. If ADM do Brasil continues to be unsuccessful in the administrative appellate process, the Company intends to file appeals in the Brazilian federal courts. While the Company believes its consolidated financial statements properly reflect the tax deductibility of these hedging losses, the ultimate resolution of this matter could result in the future recognition of additional payments of, and expense for, income tax and the associated interest and penalties. | |
The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 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 $329 million (as of March 31, 2015 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, 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (AOCI) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (AOCI) | Accumulated Other Comprehensive Income (AOCI) | |||||||||||||||||||
The following tables set forth the changes in AOCI by component for the three months ended March 31, 2015 and the reclassifications out of AOCI for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Hedging Activities | Pension Liability Adjustment | Unrealized Gain (Loss) on Investments | Total | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at December 31, 2014 | $ | (654 | ) | $ | 47 | $ | (630 | ) | $ | (4 | ) | $ | (1,241 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (701 | ) | 8 | 17 | 43 | (633 | ) | |||||||||||||
Amounts reclassified from AOCI | — | (64 | ) | 25 | — | (39 | ) | |||||||||||||
Tax effect | 32 | 21 | (19 | ) | — | 34 | ||||||||||||||
Net current period other comprehensive income | (669 | ) | (35 | ) | 23 | 43 | (638 | ) | ||||||||||||
Balance at March 31, 2015 | $ | (1,323 | ) | $ | 12 | $ | (607 | ) | $ | 39 | $ | (1,879 | ) | |||||||
The current period change in foreign currency translation adjustment is primarily due to U.S. dollar appreciation, mainly impacting the Euro-denominated equity of the Company’s foreign subsidiaries. | ||||||||||||||||||||
Amount reclassified from AOCI | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
Details about AOCI components | March 31, | March 31, | Affected line item in the consolidated statement of earnings | |||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Deferred loss (gain) on hedging activities | ||||||||||||||||||||
$ | — | $ | 4 | Cost of products sold | ||||||||||||||||
(17 | ) | — | Other income/expense | |||||||||||||||||
(47 | ) | 27 | Revenues | |||||||||||||||||
(64 | ) | 31 | Total before tax | |||||||||||||||||
24 | (11 | ) | Tax | |||||||||||||||||
$ | (40 | ) | $ | 20 | Net of tax | |||||||||||||||
Pension liability adjustment | ||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||
Prior service credit | $ | (2 | ) | $ | (4 | ) | ||||||||||||||
Actuarial losses | 27 | 9 | ||||||||||||||||||
25 | 5 | Total before tax | ||||||||||||||||||
(17 | ) | (2 | ) | Tax | ||||||||||||||||
$ | 8 | $ | 3 | Net of tax | ||||||||||||||||
Other_Income_Expense_Net
Other (Income) Expense - Net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Other (Income) Expense - Net | Other (Income) Expense - Net | |||||||
The following tables set forth the items in other (income) expense: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Gains on sales of assets | $ | (3 | ) | $ | (23 | ) | ||
Other – net | (7 | ) | — | |||||
Other (Income) Expense - Net | $ | (10 | ) | $ | (23 | ) | ||
Gains on sales of assets for the quarter ended March 31, 2015 and 2014 include gains on disposals of individually insignificant assets. Other - net for the quarter ended March 31, 2015 includes foreign exchange gains partially offset by amortization of other intangibles. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | Segment Information | |||||||
The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. The Company’s operations are organized, managed and classified into four reportable business segments: Agricultural Services, Corn Processing, Oilseeds Processing, and Wild Flavors and Specialty Ingredients. Each of these segments is organized based upon the nature of products and services offered. The Company’s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified as Other. | ||||||||
Effective January 1, 2015, the Company formed a fourth reportable business segment, Wild Flavors and Specialty Ingredients. Results of Wild Flavors and SCI, which were acquired during the fourth quarter of fiscal 2014, are reported in this segment in addition to results of certain product lines previously reported in the Agricultural Services, Corn Processing, and Oilseeds Processing business segments. Prior period results of the product lines previously reported in the other reportable business segments have been reclassified to conform to the current period presentation. | ||||||||
The Agricultural Services segment utilizes its extensive global grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley, and resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry. Agricultural Services’ grain sourcing, handling, and transportation network provides reliable and efficient services to the Company’s customers and agricultural processing operations. Agricultural Services’ transportation network capabilities include barge, ocean-going vessel, truck, and rail freight services. The Agricultural Services segment also includes the activities related to the processing of wheat into wheat flour. The Agricultural Services segment includes international merchandising and handling activities managed by the Company’s global trade desk in Switzerland. 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. | ||||||||
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, starches, and bioproducts. Its products include ingredients used in the food and beverage industry including sweeteners, starch, syrup, glucose, and dextrose. Dextrose and starch are used by the Corn Processing segment as feedstocks for its bioproducts operations. By fermentation of dextrose, the Corn Processing segment produces alcohol, amino acids, and other food and animal feed ingredients. Ethyl alcohol is produced by the Company for industrial use as ethanol or as beverage grade. Ethanol, in gasoline, increases octane and is used as an extender and oxygenate. Bioproducts also include 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. The Corn Processing segment also includes activities related to the processing and distribution of formula feeds and animal health and nutrition products. Other Corn Processing products include citric and lactic acids, lactates, and glycols, all of which are used in various food and industrial products. The Corn Processing segment also 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 Oilseeds Processing segment includes global activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the Company include ingredients for the food, feed, energy, and industrial products industries. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” or are further processed by refining, blending, bleaching, and deodorizing into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. In Europe and South America, the Oilseeds Processing segment includes origination and merchandising activities as adjuncts to its oilseeds processing assets. These activities include a network of grain elevators, port facilities, and transportation assets used to buy, store, clean, and transport grains and oilseeds. The Oilseeds Processing segment is a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cottonseed flour is produced and sold primarily to the pharmaceutical industry and cotton cellulose pulp is manufactured and sold to the chemical, paper, and filter markets. The Oilseeds Processing segment also includes activities related to the procurement, transportation and processing of cocoa beans into cocoa liquor, cocoa butter, cocoa powder, chocolate, and various compounds in North America, South America, Europe, Asia, and Africa for the food processing industry. The Oilseeds Processing segment also includes the Company’s share of the results of its equity investment in Wilmar International Limited (Wilmar) and its share of results for its Stratas Foods LLC and Edible Oils Limited joint ventures. In March 2015, the Company acquired additional shares in Wilmar increasing its ownership interest from 17.3% to 18.1%. Prior to December 2014, the Oilseeds Processing segment operated fertilizer blending facilities in South America. In December 2014, the Company completed the sale of its fertilizer blending business. | ||||||||
The Company’s Wild Flavors and Specialty Ingredients segment includes the activities of Wild Flavors and SCI which were acquired during the fourth quarter of fiscal 2014. The Wild Flavors and Specialty Ingredients segment engages in the manufacturing, sales, and distribution of specialty products including proteins, emulsifiers, soluble fiber, polyols, hydrocolloids, sorbitol, xanthan gum, natural health and nutrition products, and other specialty food and feed ingredients. The Wild Flavors and Specialty Ingredients segment also includes the activities related to the procurement, processing, and distribution of edible beans. | ||||||||
Other includes the Company’s remaining operations, primarily its financial business units, related to futures commission and insurance activities. | ||||||||
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. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Gross revenues | ||||||||
Agricultural Services | $ | 9,078 | $ | 10,815 | ||||
Corn Processing | 2,488 | 2,996 | ||||||
Oilseeds Processing | 6,896 | 8,252 | ||||||
Wild Flavors and Specialty Ingredients | 607 | 259 | ||||||
Other | 159 | 146 | ||||||
Intersegment elimination | (1,722 | ) | (1,772 | ) | ||||
Total gross revenues | $ | 17,506 | $ | 20,696 | ||||
Intersegment sales | ||||||||
Agricultural Services | $ | 1,033 | $ | 1,104 | ||||
Corn Processing | 22 | 12 | ||||||
Oilseeds Processing | 603 | 597 | ||||||
Wild Flavors and Specialty Ingredients | 1 | 2 | ||||||
Other | 63 | 57 | ||||||
Total intersegment sales | $ | 1,722 | $ | 1,772 | ||||
Revenues from external customers | ||||||||
Agricultural Services | ||||||||
Merchandising and Handling | $ | 7,027 | $ | 8,752 | ||||
Milling and Other | 964 | 914 | ||||||
Transportation | 54 | 45 | ||||||
Total Agricultural Services | 8,045 | 9,711 | ||||||
Corn Processing | ||||||||
Sweeteners and Starches | 875 | 938 | ||||||
Bioproducts | 1,591 | 2,046 | ||||||
Total Corn Processing | 2,466 | 2,984 | ||||||
Oilseeds Processing | ||||||||
Crushing and Origination | 3,775 | 4,546 | ||||||
Refining, Packaging, Biodiesel, and Other | 1,684 | 2,116 | ||||||
Cocoa and Other | 757 | 827 | ||||||
Asia | 77 | 166 | ||||||
Total Oilseeds Processing | 6,293 | 7,655 | ||||||
Wild Flavors and Specialty Ingredients | 606 | 257 | ||||||
Total Wild Flavors and Specialty Ingredients | 606 | 257 | ||||||
Other - Financial | 96 | 89 | ||||||
Total Other | 96 | 89 | ||||||
Total revenues from external customers | $ | 17,506 | $ | 20,696 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Segment operating profit | ||||||||
Agricultural Services | $ | 194 | $ | 142 | ||||
Corn Processing | 113 | 186 | ||||||
Oilseeds Processing | 469 | 297 | ||||||
Wild Flavors and Specialty Ingredients | 68 | 58 | ||||||
Other | 11 | 8 | ||||||
Total segment operating profit | 855 | 691 | ||||||
Corporate | (165 | ) | (325 | ) | ||||
Earnings before income taxes | $ | 690 | $ | 366 | ||||
March 31, | December 31, | |||||||
(In millions) | 2015 | 2014 | ||||||
Identifiable Assets | ||||||||
Agricultural Services | $ | 8,279 | $ | 10,250 | ||||
Corn Processing | 6,188 | 6,384 | ||||||
Oilseeds Processing | 13,033 | 12,712 | ||||||
Wild Flavors and Specialty Ingredients | 3,137 | 3,468 | ||||||
Other | 7,706 | 7,910 | ||||||
Corporate | 3,372 | 3,303 | ||||||
Total identifiable assets | $ | 41,715 | $ | 44,027 | ||||
Assets_and_Liabilities_Held_fo
Assets and Liabilities Held for Sale Assets and Liabilities for Sale | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 March 31, 2015 and December 31, 2014. The global chocolate and cocoa businesses do not comprise a major component of the Company's operations and therefore do not meet the criteria to be classified as discontinued operations at March 31, 2015 and December 31, 2014 under the amended guidance of ASC Topics 205 and 360 which the Company early adopted on October 1, 2014. 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 March 31, 2015 and 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 continuing results of the global chocolate and cocoa businesses, any adjustment to the asset value, and the final gain or loss on disposal will be reported in the Oilseeds Processing segment. | |||||||
The major classes of assets and liabilities held for sale were as follows: | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
(In millions) | |||||||
Trade receivables | $ | 85 | $ | 94 | |||
Inventories | 713 | 742 | |||||
Other current assets | 62 | 83 | |||||
Goodwill | 58 | 63 | |||||
Other intangible assets | 25 | 28 | |||||
Net property, plant, and equipment | 360 | 374 | |||||
Other assets | 15 | 19 | |||||
Current assets held for sale | $ | 1,318 | $ | 1,403 | |||
Trade payables | $ | 131 | $ | 114 | |||
Accrued expenses and other payables | 96 | 110 | |||||
Other liabilities | 7 | 6 | |||||
Current liabilities held for sale | $ | 234 | $ | 230 | |||
Sale_of_Accounts_Receivable
Sale of Accounts Receivable | 3 Months Ended |
Mar. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Sale of Accounts Receivable | Sale of Accounts Receivable |
Since March 2012, the Company has had an accounts receivable securitization program (the “Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Purchasers”). Under the Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables in turn transfers such purchased accounts receivable in their entirety to the Purchasers pursuant to a receivables purchase agreement. In exchange for the transfer of the accounts receivable, ADM Receivables receives a cash payment of up to $1.2 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Program terminates on June 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 $0.3 billion and an additional amount upon the collection of the accounts receivable (deferred consideration). The Second Program terminates on March 18, 2016, 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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, the fair value of trade receivables transferred to the Purchasers and Second Purchasers under the Programs and derecognized from the Company’s consolidated balance sheet was $1.9 billion, and $2.1 billion, respectively. In exchange for the transfer as of March 31, 2015 and December 31, 2014, the Company received cash of $1.3 billion and $1.6 billion, respectively, and recorded a receivable for deferred consideration included in other current assets of $0.6 billion and $0.5 billion, respectively. Cash collections from customers on receivables sold were $11.2 billion and $10.6 billion for the three months ended March 31, 2015 and 2014, respectively. Of this amount, $11.0 billion and $10.6 billion pertain to cash collections on the deferred consideration for the three months ended March 31, 2015 and 2014, respectively. Deferred consideration is paid to the Company in cash on behalf of the Purchasers and Second Purchasers as receivables are collected; however, as these are revolving facilities, cash collected from the Company’s customers is reinvested by the Purchasers and Second Purchasers daily in new receivable purchases under the Programs. | |
The Company’s risk of loss following the transfer of accounts receivable under the Programs is limited to the deferred consideration outstanding. The Company carries the deferred consideration at fair value determined by calculating the expected amount of cash to be received and is principally based on observable inputs (a Level 2 measurement under the applicable accounting standards) consisting mainly of the face amount of the receivables adjusted for anticipated credit losses and discounted at the appropriate market rate. Payment of deferred consideration is not subject to significant risks other than delinquencies and credit losses on accounts receivable transferred under the Programs which have historically been insignificant. | |
Transfers of receivables under the Programs resulted in an expense for the loss on sale of $1 million during the three months ended March 31, 2015 and 2014 classified as selling, general, and administrative expenses in the consolidated statements of earnings. | |
The Company reflects all cash flows related to the Programs as operating activities in its consolidated statement of cash flows for the three months ended March 31, 2015 and 2014 because the cash received from the Purchasers and Second Purchasers upon both the sale and collection of the receivables is not subject to significantly different risks given the short-term nature of the Company’s trade receivables. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
On April 21, 2015, the Company signed an agreement with Tate and Lyle to purchase several assets of Eaststarch C.V. (Eaststarch), a joint venture in which the Company has a 50% interest. Under the terms of the agreement, the Company will take full ownership of corn wet mills in Bulgaria and Turkey, and will own a 50% stake in a wet mill in Hungary. Tate and Lyle will receive a cash consideration of €240 million, subject to customary closing adjustments, including for net cash and working capital, and take full ownership of the Eaststarch facility in Slovakia. The transaction is subject to regulatory approval in some jurisdictions and is expected to close within the year. | |
On May 5, 2015, the Company announced further portfolio actions: the construction of a new feed-premix plant in the city of Zhangzhou, in southern China and a new feed plant in Glencoe, Minnesota; an agreement to purchase the remaining ownership interest in two joint ventures, North Star Shipping and Minmetal, which operate in the Romanian Port of Constanta on the Black Sea; and the sale of the Company's lactic acid business. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements At Reporting Date | 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 March 31, 2015 and December 31, 2014. | |||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||
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 | $ | — | $ | 3,146 | $ | 1,039 | $ | 4,185 | ||||||||
Unrealized derivative gains: | ||||||||||||||||
Commodity contracts | — | 427 | 178 | 605 | ||||||||||||
Foreign exchange contracts | — | 211 | — | 211 | ||||||||||||
Interest rate contracts | — | 33 | — | 33 | ||||||||||||
Cash equivalents | 178 | — | — | 178 | ||||||||||||
Marketable securities | 779 | 84 | — | 863 | ||||||||||||
Segregated investments | 2,385 | — | — | 2,385 | ||||||||||||
Deferred receivables consideration | — | 614 | — | 614 | ||||||||||||
Total Assets | $ | 3,342 | $ | 4,515 | $ | 1,217 | $ | 9,074 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized derivative losses: | ||||||||||||||||
Commodity contracts | $ | — | $ | 411 | $ | 218 | $ | 629 | ||||||||
Foreign exchange contracts | — | 288 | — | 288 | ||||||||||||
Inventory-related payables | — | 456 | 20 | 476 | ||||||||||||
Total Liabilities | $ | — | $ | 1,155 | $ | 238 | $ | 1,393 | ||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||
Significant | Significant | Total | ||||||||||||||
Quoted Prices in | Other | Unobservable | ||||||||||||||
Active Markets | Observable | Inputs | ||||||||||||||
for Identical | Inputs | (Level 3) | ||||||||||||||
Assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
(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 receivables 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, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2015. | |||||||||||||||
Level 3 Fair Value Asset Measurements at | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Inventories | Commodity | |||||||||||||||
Carried at | Derivative | Total | ||||||||||||||
Market | Contracts | Assets | ||||||||||||||
Gains | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2014 | $ | 1,491 | $ | 203 | $ | 1,694 | ||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | (331 | ) | 69 | (262 | ) | |||||||||||
Purchases | 2,817 | — | 2,817 | |||||||||||||
Sales | (2,803 | ) | — | (2,803 | ) | |||||||||||
Settlements | — | (144 | ) | (144 | ) | |||||||||||
Transfers into Level 3 | 103 | 55 | 158 | |||||||||||||
Transfers out of Level 3 | (238 | ) | (5 | ) | (243 | ) | ||||||||||
Ending balance, March 31, 2015 | $ | 1,039 | $ | 178 | $ | 1,217 | ||||||||||
* Includes increase in unrealized gains of $25 million relating to Level 3 assets still held at March 31, 2015. | ||||||||||||||||
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2015. | ||||||||||||||||
Level 3 Fair Value Liability Measurements at | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Inventory- | Commodity | |||||||||||||||
related | Derivative | Total | ||||||||||||||
Payables | Contracts | Liabilities | ||||||||||||||
Losses | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2014 | $ | 40 | $ | 212 | $ | 252 | ||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | (5 | ) | 64 | 59 | ||||||||||||
Purchases | 6 | — | 6 | |||||||||||||
Sales | (22 | ) | — | (22 | ) | |||||||||||
Settlements | — | (135 | ) | (135 | ) | |||||||||||
Transfers into Level 3 | 1 | 82 | 83 | |||||||||||||
Transfers out of Level 3 | — | (5 | ) | (5 | ) | |||||||||||
Ending balance, March 31, 2015 | $ | 20 | $ | 218 | $ | 238 | ||||||||||
* Includes increase in unrealized losses of $55 million relating to Level 3 liabilities still held at March 31, 2015. | ||||||||||||||||
The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014. | ||||||||||||||||
Level 3 Fair Value Asset Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Inventories | Commodity | |||||||||||||||
Carried at | Derivative | Total | ||||||||||||||
Market | Contracts | Assets | ||||||||||||||
Gains | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2013 | $ | 1,812 | $ | 279 | $ | 2,091 | ||||||||||
Total increase (decrease) in unrealized gains included in cost of products sold* | (166 | ) | 98 | (68 | ) | |||||||||||
Purchases | 4,103 | — | 4,103 | |||||||||||||
Sales | (3,894 | ) | — | (3,894 | ) | |||||||||||
Settlements | — | (180 | ) | (180 | ) | |||||||||||
Transfers into Level 3 | 127 | 62 | 189 | |||||||||||||
Transfers out of Level 3 | (111 | ) | (7 | ) | (118 | ) | ||||||||||
Ending balance, March 31, 2014 | $ | 1,871 | $ | 252 | $ | 2,123 | ||||||||||
* Includes increase in unrealized gains of $222 million relating to Level 3 assets still held at March 31, 2014. | ||||||||||||||||
The following table presents a reconciliation of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2014. | ||||||||||||||||
Level 3 Fair Value Liability Measurements at | ||||||||||||||||
31-Mar-14 | ||||||||||||||||
Inventory- | Commodity | |||||||||||||||
related | Derivative | Total | ||||||||||||||
Payables | Contracts | Liabilities | ||||||||||||||
Losses | ||||||||||||||||
(In millions) | ||||||||||||||||
Balance, December 31, 2013 | $ | 34 | $ | 261 | $ | 295 | ||||||||||
Total increase (decrease) in unrealized losses included in cost of products sold* | 7 | 225 | 232 | |||||||||||||
Purchases | 4 | — | 4 | |||||||||||||
Sales | (18 | ) | — | (18 | ) | |||||||||||
Settlements | — | (212 | ) | (212 | ) | |||||||||||
Transfers into Level 3 | — | 66 | 66 | |||||||||||||
Transfers out of Level 3 | — | (20 | ) | (20 | ) | |||||||||||
Ending balance, March 31, 2014 | $ | 27 | $ | 320 | $ | 347 | ||||||||||
* Includes increase in unrealized losses of $228 million relating to Level 3 liabilities still held at March 31, 2014. | ||||||||||||||||
Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of March 31, 2015 and December 31, 2014. The Company’s Level 3 measurements may include Basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with Basis, the unobservable component as of March 31, 2015 is a weighted average 18.1% of the total price for assets and 40.1% of the total price for liabilities. | |||||||||||||||
Weighted Average % of Total Price | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Component Type | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Inventories and Related Payables | ||||||||||||||||
Basis | 18.1 | % | 40.1 | % | 23.4 | % | 43.4 | % | ||||||||
Transportation cost | 3 | % | 2.2 | % | 4.9 | % | 15.2 | % | ||||||||
Commodity Derivative Contracts | ||||||||||||||||
Basis | 22.4 | % | 20.8 | % | 13.5 | % | 13.6 | % | ||||||||
Transportation cost | 3.8 | % | 16.4 | % | 10.2 | % | 19.5 | % |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2015 and December 31, 2014. | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
FX Contracts | $ | 211 | $ | 288 | $ | 186 | $ | 150 | ||||||||
Commodity Contracts | 605 | 629 | 690 | 776 | ||||||||||||
Total | $ | 816 | $ | 917 | $ | 876 | $ | 926 | ||||||||
The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In millions) | ||||||||||||||||
FX Contracts | ||||||||||||||||
Revenues | $ | 20 | $ | (6 | ) | |||||||||||
Cost of products sold | (69 | ) | 44 | |||||||||||||
Other income (expense) – net | (23 | ) | (9 | ) | ||||||||||||
Commodity Contracts | ||||||||||||||||
Cost of products sold | $ | 238 | $ | (912 | ) | |||||||||||
Total gain (loss) recognized in earnings | $ | 166 | $ | (883 | ) | |||||||||||
The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
Interest Contracts | $ | 33 | $ | — | $ | 21 | $ | — | ||||||||
Total | $ | 33 | $ | — | $ | 21 | $ | — | ||||||||
The following tables set forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2015 and 2014. | ||||||||||||||||
Three months ended | ||||||||||||||||
Consolidated Statement of | March 31, | |||||||||||||||
Earnings Locations | 2015 | 2014 | ||||||||||||||
(In millions) | ||||||||||||||||
Effective amounts recognized in earnings | ||||||||||||||||
FX Contracts | Other income/expense – net | $ | 17 | $ | — | |||||||||||
Commodity Contracts | Cost of products sold | — | (4 | ) | ||||||||||||
Revenues | 47 | (27 | ) | |||||||||||||
Ineffective amount recognized in earnings | ||||||||||||||||
Commodity Contracts | Revenues | 7 | (23 | ) | ||||||||||||
Cost of products sold | (13 | ) | 20 | |||||||||||||
Total amount recognized in earnings | $ | 58 | $ | (34 | ) | |||||||||||
Schedule Of Changes In Accumulated Other Comprehensive Income Related To Derivative Gains (Losses) | The following tables set forth the changes in AOCI related to derivatives gains (losses) for the three months ended March 31, 2015 and 2014. | |||||||||||||||
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In millions) | ||||||||||||||||
Balance at December 31, 2014 and 2013 | $ | 47 | $ | 5 | ||||||||||||
Unrealized gains (losses) | 8 | (128 | ) | |||||||||||||
Losses (gains) reclassified to earnings | (64 | ) | 31 | |||||||||||||
Tax effect | 21 | 33 | ||||||||||||||
Balance at March 31, 2015 and 2014 | $ | 12 | $ | (59 | ) | |||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Marketable Securities [Table Text Block] | ||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||
Gains | Losses | Value | ||||||||||||||
(In millions) | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
United States government obligations | ||||||||||||||||
Maturity less than 1 year | $ | 311 | $ | — | $ | — | $ | 311 | ||||||||
Maturity 1 to 5 years | 95 | — | — | 95 | ||||||||||||
Corporate debt securities | ||||||||||||||||
Maturity 1 to 5 years | 73 | 1 | — | 74 | ||||||||||||
Other debt securities | ||||||||||||||||
Maturity less than 1 year | 95 | — | — | 95 | ||||||||||||
Maturity 1 to 5 years | 3 | — | — | 3 | ||||||||||||
Equity securities | ||||||||||||||||
Available-for-sale | 307 | 32 | (4 | ) | 335 | |||||||||||
$ | 884 | $ | 33 | $ | (4 | ) | $ | 913 | ||||||||
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 | ||||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Assets [Abstract] | ||||||||
Other Current Assets | The following table sets forth the items in other current assets: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Unrealized gains on derivative contracts | $ | 849 | $ | 897 | ||||
Deferred receivables consideration | 614 | 511 | ||||||
Customer omnibus receivable | 1,630 | 1,532 | ||||||
Financing receivables - net (1) | 457 | 402 | ||||||
Other current assets | 2,599 | 2,714 | ||||||
$ | 6,149 | $ | 6,056 | |||||
Accrued_Expenses_And_Other_Pay1
Accrued Expenses And Other Payables (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Expenses And Other Payables | The following table sets forth the items in accrued expenses and other payables: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Unrealized losses on derivative contracts | $ | 917 | $ | 926 | ||||
Accrued expenses and other payables | 3,228 | 4,114 | ||||||
$ | 4,145 | $ | 5,040 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (AOCI) (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||||||||||||||
Details about AOCI Components | The following tables set forth the changes in AOCI by component for the three months ended March 31, 2015 and the reclassifications out of AOCI for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
Foreign Currency Translation Adjustment | Deferred Gain (Loss) on Hedging Activities | Pension Liability Adjustment | Unrealized Gain (Loss) on Investments | Total | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at December 31, 2014 | $ | (654 | ) | $ | 47 | $ | (630 | ) | $ | (4 | ) | $ | (1,241 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (701 | ) | 8 | 17 | 43 | (633 | ) | |||||||||||||
Amounts reclassified from AOCI | — | (64 | ) | 25 | — | (39 | ) | |||||||||||||
Tax effect | 32 | 21 | (19 | ) | — | 34 | ||||||||||||||
Net current period other comprehensive income | (669 | ) | (35 | ) | 23 | 43 | (638 | ) | ||||||||||||
Balance at March 31, 2015 | $ | (1,323 | ) | $ | 12 | $ | (607 | ) | $ | 39 | $ | (1,879 | ) | |||||||
The current period change in foreign currency translation adjustment is primarily due to U.S. dollar appreciation, mainly impacting the Euro-denominated equity of the Company’s foreign subsidiaries | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ||||||||||||||||||||
Amount reclassified from AOCI | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
Details about AOCI components | March 31, | March 31, | Affected line item in the consolidated statement of earnings | |||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Deferred loss (gain) on hedging activities | ||||||||||||||||||||
$ | — | $ | 4 | Cost of products sold | ||||||||||||||||
(17 | ) | — | Other income/expense | |||||||||||||||||
(47 | ) | 27 | Revenues | |||||||||||||||||
(64 | ) | 31 | Total before tax | |||||||||||||||||
24 | (11 | ) | Tax | |||||||||||||||||
$ | (40 | ) | $ | 20 | Net of tax | |||||||||||||||
Pension liability adjustment | ||||||||||||||||||||
Amortization of defined benefit pension items: | ||||||||||||||||||||
Prior service credit | $ | (2 | ) | $ | (4 | ) | ||||||||||||||
Actuarial losses | 27 | 9 | ||||||||||||||||||
25 | 5 | Total before tax | ||||||||||||||||||
(17 | ) | (2 | ) | Tax | ||||||||||||||||
$ | 8 | $ | 3 | Net of tax | ||||||||||||||||
Other_Income_Expense_Net_Table
Other (Income) Expense - Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Other (Income) Expense - Net | The following tables set forth the items in other (income) expense: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Gains on sales of assets | $ | (3 | ) | $ | (23 | ) | ||
Other – net | (7 | ) | — | |||||
Other (Income) Expense - Net | $ | (10 | ) | $ | (23 | ) | ||
Gains on sales of assets for the quarter ended March 31, 2015 and 2014 include gains on disposals of individually insignificant assets. Other - net for the quarter ended March 31, 2015 includes foreign exchange gains partially offset by amortization of other intangibles. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Information | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Gross revenues | ||||||||
Agricultural Services | $ | 9,078 | $ | 10,815 | ||||
Corn Processing | 2,488 | 2,996 | ||||||
Oilseeds Processing | 6,896 | 8,252 | ||||||
Wild Flavors and Specialty Ingredients | 607 | 259 | ||||||
Other | 159 | 146 | ||||||
Intersegment elimination | (1,722 | ) | (1,772 | ) | ||||
Total gross revenues | $ | 17,506 | $ | 20,696 | ||||
Intersegment sales | ||||||||
Agricultural Services | $ | 1,033 | $ | 1,104 | ||||
Corn Processing | 22 | 12 | ||||||
Oilseeds Processing | 603 | 597 | ||||||
Wild Flavors and Specialty Ingredients | 1 | 2 | ||||||
Other | 63 | 57 | ||||||
Total intersegment sales | $ | 1,722 | $ | 1,772 | ||||
Revenues from external customers | ||||||||
Agricultural Services | ||||||||
Merchandising and Handling | $ | 7,027 | $ | 8,752 | ||||
Milling and Other | 964 | 914 | ||||||
Transportation | 54 | 45 | ||||||
Total Agricultural Services | 8,045 | 9,711 | ||||||
Corn Processing | ||||||||
Sweeteners and Starches | 875 | 938 | ||||||
Bioproducts | 1,591 | 2,046 | ||||||
Total Corn Processing | 2,466 | 2,984 | ||||||
Oilseeds Processing | ||||||||
Crushing and Origination | 3,775 | 4,546 | ||||||
Refining, Packaging, Biodiesel, and Other | 1,684 | 2,116 | ||||||
Cocoa and Other | 757 | 827 | ||||||
Asia | 77 | 166 | ||||||
Total Oilseeds Processing | 6,293 | 7,655 | ||||||
Wild Flavors and Specialty Ingredients | 606 | 257 | ||||||
Total Wild Flavors and Specialty Ingredients | 606 | 257 | ||||||
Other - Financial | 96 | 89 | ||||||
Total Other | 96 | 89 | ||||||
Total revenues from external customers | $ | 17,506 | $ | 20,696 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In millions) | 2015 | 2014 | ||||||
Segment operating profit | ||||||||
Agricultural Services | $ | 194 | $ | 142 | ||||
Corn Processing | 113 | 186 | ||||||
Oilseeds Processing | 469 | 297 | ||||||
Wild Flavors and Specialty Ingredients | 68 | 58 | ||||||
Other | 11 | 8 | ||||||
Total segment operating profit | 855 | 691 | ||||||
Corporate | (165 | ) | (325 | ) | ||||
Earnings before income taxes | $ | 690 | $ | 366 | ||||
March 31, | December 31, | |||||||
(In millions) | 2015 | 2014 | ||||||
Identifiable Assets | ||||||||
Agricultural Services | $ | 8,279 | $ | 10,250 | ||||
Corn Processing | 6,188 | 6,384 | ||||||
Oilseeds Processing | 13,033 | 12,712 | ||||||
Wild Flavors and Specialty Ingredients | 3,137 | 3,468 | ||||||
Other | 7,706 | 7,910 | ||||||
Corporate | 3,372 | 3,303 | ||||||
Total identifiable assets | $ | 41,715 | $ | 44,027 | ||||
Assets_and_Liabilities_Held_fo1
Assets and Liabilities Held for Sale Assets and Liabilities for Sale (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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: | ||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
(In millions) | |||||||
Trade receivables | $ | 85 | $ | 94 | |||
Inventories | 713 | 742 | |||||
Other current assets | 62 | 83 | |||||
Goodwill | 58 | 63 | |||||
Other intangible assets | 25 | 28 | |||||
Net property, plant, and equipment | 360 | 374 | |||||
Other assets | 15 | 19 | |||||
Current assets held for sale | $ | 1,318 | $ | 1,403 | |||
Trade payables | $ | 131 | $ | 114 | |||
Accrued expenses and other payables | 96 | 110 | |||||
Other liabilities | 7 | 6 | |||||
Current liabilities held for sale | $ | 234 | $ | 230 | |||
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (Weighted Average [Member], Fair Value, Measurements, Recurring [Member], Significant Unobservable Inputs (Level 3) [Member]) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory Related Payables [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 40.10% | 43.40% |
Inventories Carried At Market [Member] | ||
Fair Value Measurements [Line Items] | ||
Basis | 18.10% | 23.40% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets: | ||
Available-for-sale Securities, Fair Value Disclosure | $913 | $1,000 |
Deferred receivables consideration | 614 | 511 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Inventories carried at market | 4,185 | 4,699 |
Cash Equivalents, at Carrying Value | 178 | 491 |
Available-for-sale Securities, Fair Value Disclosure | 863 | 940 |
Restricted Investments, at Fair Value | 2,385 | 2,158 |
Deferred receivables consideration | 614 | 511 |
Total Assets | 9,074 | 9,696 |
Liabilities: | ||
Inventory-related payables | 476 | 652 |
Total Liabilities | 1,393 | 1,578 |
Fair Value, Measurements, Recurring [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 605 | 690 |
Derivative Liability | 629 | 776 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 211 | 186 |
Derivative Liability | 288 | 150 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 33 | 21 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets: | ||
Inventories carried at market | 0 | 0 |
Cash Equivalents, at Carrying Value | 178 | 491 |
Available-for-sale Securities, Fair Value Disclosure | 779 | 860 |
Restricted Investments, at Fair Value | 2,385 | 2,158 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 3,342 | 3,509 |
Liabilities: | ||
Inventory-related payables | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 3,146 | 3,208 |
Available-for-sale Securities, Fair Value Disclosure | 84 | 80 |
Deferred receivables consideration | 614 | 511 |
Total Assets | 4,515 | 4,493 |
Liabilities: | ||
Inventory-related payables | 456 | 612 |
Total Liabilities | 1,155 | 1,326 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 427 | 487 |
Derivative Liability | 411 | 564 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 211 | 186 |
Derivative Liability | 288 | 150 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | 33 | 21 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Inventories carried at market | 1,039 | 1,491 |
Available-for-sale Securities, Fair Value Disclosure | 0 | 0 |
Deferred receivables consideration | 0 | 0 |
Total Assets | 1,217 | 1,694 |
Liabilities: | ||
Inventory-related payables | 20 | 40 |
Total Liabilities | 238 | 252 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member] | ||
Assets: | ||
Derivative Asset | 178 | 203 |
Derivative Liability | 218 | 212 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member] | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member] | ||
Assets: | ||
Derivative Asset | $0 | $0 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $25 | $222 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,694 | 2,091 | ||
Total increase (decrease) in unrealized gains included in cost of products sold | -262 | [1] | -68 | [2] |
Purchases | 2,817 | 4,103 | ||
Sales | -2,803 | -3,894 | ||
Settlements | -144 | -180 | ||
Transfers into Level 3 | 158 | 189 | ||
Transfers out of Level 3 | -243 | -118 | ||
Balance at end of period | 1,217 | 2,123 | ||
Significant Unobservable Inputs (Level 3) [Member] | Inventories Carried At Market [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 1,491 | 1,812 | ||
Total increase (decrease) in unrealized gains included in cost of products sold | -331 | [1] | -166 | [2] |
Purchases | 2,817 | 4,103 | ||
Sales | -2,803 | -3,894 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 103 | 127 | ||
Transfers out of Level 3 | -238 | -111 | ||
Balance at end of period | 1,039 | 1,871 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Gains [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 203 | 279 | ||
Total increase (decrease) in unrealized gains included in cost of products sold | 69 | [1] | 98 | [2] |
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | -144 | -180 | ||
Transfers into Level 3 | 55 | 62 | ||
Transfers out of Level 3 | -5 | -7 | ||
Balance at end of period | $178 | $252 | ||
[1] | Includes increase in unrealized gains of $25 million relating to Level 3 assets still held at MarchB 31, 2015. | |||
[2] | * Includes increase in unrealized gains of $222 million relating to Level 3 assets still held at MarchB 31, 2014. |
Fair_Value_Measurements_Reconc1
Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $55 | $228 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 252 | 295 | ||
Total increase (decrease) in unrealized losses included in cost of products sold | 59 | [1] | 232 | [2] |
Purchases | 6 | 4 | ||
Sales | -22 | -18 | ||
Settlements | -135 | -212 | ||
Transfers into Level 3 | 83 | 66 | ||
Transfers out of Level 3 | -5 | -20 | ||
Balance at end of period | 238 | 347 | ||
Significant Unobservable Inputs (Level 3) [Member] | Inventory Related Payables [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 40 | 34 | ||
Total increase (decrease) in unrealized losses included in cost of products sold | -5 | [1] | 7 | [2] |
Purchases | 6 | 4 | ||
Sales | -22 | -18 | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 1 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Balance at end of period | 20 | 27 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commodity Derivative Contracts Losses [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | 212 | 261 | ||
Total increase (decrease) in unrealized losses included in cost of products sold | 64 | [1] | 225 | [2] |
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | -135 | -212 | ||
Transfers into Level 3 | 82 | 66 | ||
Transfers out of Level 3 | -5 | -20 | ||
Balance at end of period | $218 | $320 | ||
[1] | Includes increase in unrealized losses of $55 million relating to Level 3 liabilities still held at MarchB 31, 2015. | |||
[2] | * Includes increase in unrealized losses of $228 million relating to Level 3 liabilities still held at MarchB 31, 2014. |
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]) | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory Related Payables [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 40.10% | 43.40% |
Transportation cost | 2.20% | 15.20% |
Commodity Derivative Contracts Losses [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 20.80% | 13.60% |
Transportation cost | 16.40% | 19.50% |
Inventories Carried At Market [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 18.10% | 23.40% |
Transportation cost | 3.00% | 4.90% |
Commodity Derivative Contracts Gains [Member] | ||
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Basis | 22.40% | 13.50% |
Transportation cost | 3.80% | 10.20% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
bu | ||
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $33 | |
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Number of months price risk cash flow hedges gain loss will be recognized in earnings | 12 months | |
Corn processed per month (in bushels) | 76,000,000 | |
Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 33 | 21 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
After-tax losses in AOCI from commodity cash flow hedge transactions | ($6) | |
Corn [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Historical time period of hedge percentages | 12 months | |
Percentage of anticipated commodity purchases or production hedged during historical hedging period, low end of range (as a percent) | 17.00% | |
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 purchases or production hedged over future hedging period, low end of range (as a percent) | 1.00% | |
Percentage of anticipated commodity purchases or production hedged over future hedging period, high end of range (as a percent) | 38.00% | |
Derivative Hedged Item Time Period | 12 months | |
Ethanol [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative Hedged Item Past Period of Time Hedged Volumes | 12 months | |
Commodity sales volume hedged during historical hedging period, low end of range (in gallons) | 24,000,000 | |
Commodity sales volume hedged during historical hedging period, high end of range (in gallons) | 121,000,000 | |
Derivative Hedged Item Time Period | 12 months | |
Contracted commodity sales volume hedged over future hedging period, low end of range (in gallons) | 0 | |
Contracted commodity sales volume hedged over future hedging period, high end of range (in gallons) | 31,000,000 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) (Not Designated As Hedging Instrument [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Not Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
FX Contracts Assets | $211 | $186 |
Commodity Contracts Assets | 605 | 690 |
Total fair value of derivative assets not designated as hedging instruments | 816 | 876 |
FX Contracts Liabilities | 288 | 150 |
Commodity Contracts Liabilities | 629 | 776 |
Total fair value of derivative liabilities not designated as hedging instruments. | $917 | $926 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Total gain (loss) recognized in earnings | $166 | ($883) |
Other Income (Expense) - Net [Member] | ||
Derivative [Line Items] | ||
FX Contracts | -23 | -9 |
Revenues [Member] | ||
Derivative [Line Items] | ||
FX Contracts | 20 | -6 |
Cost Of Products Sold [Member] | ||
Derivative [Line Items] | ||
FX Contracts | -69 | 44 |
Commodity Contracts | $238 | ($912) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | $33 | |
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 33 | 21 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | |
Derivative Instruments in Hedges, Assets, at Fair Value | 33 | 21 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $0 | $0 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) (Designated As Hedging Instrument [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gains (Loss) [Line Items] | ||
Total amount recognized in earnings | $58 | ($34) |
Cost Of Products Sold [Member] | ||
Derivative Instruments, Gains (Loss) [Line Items] | ||
Commodity Contracts effective amount recognized in earnings | 0 | -4 |
Commodity contracts ineffective amount recognized in earnings | -13 | 20 |
Revenues [Member] | ||
Derivative Instruments, Gains (Loss) [Line Items] | ||
Commodity Contracts effective amount recognized in earnings | 47 | -27 |
Commodity contracts ineffective amount recognized in earnings | 7 | -23 |
Other Income (Expense) - Net [Member] | ||
Derivative Instruments, Gains (Loss) [Line Items] | ||
FX Contracts effective amount recognized in earnings | $17 | $0 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities (Changes in AOCI Related to Derivative Gains (Losses)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | ($1,241) | |
Unrealized gains (losses) | -633 | |
Losses (gains) reclassified to earnings | -39 | |
Other comprehensive income (loss), tax, portion attributable to parent | 34 | |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -1,879 | |
Deferred Gain (Loss) On Hedging Activities [Member] | ||
Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | 47 | 5 |
Unrealized gains (losses) | 8 | -128 |
Losses (gains) reclassified to earnings | -64 | 31 |
Other comprehensive income (loss), tax, portion attributable to parent | 21 | 33 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | $12 | ($59) |
Marketable_Securities_Narrativ
Marketable Securities (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | security | |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | $4 | $12 |
Unrealized losses that arose within the last 12 months | 1 | |
Number of available-for-sale equity securities with unrealized losses (in securities) | 1 | |
Market value of the investments that have been in an unrealized loss position for less than 12 months | 4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $3 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | $33 | $1 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | -4 | -12 |
Available-for-sale Securities, Amortized Cost Basis | 884 | 1,011 |
Available-for-sale Securities | 913 | 1,000 |
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 | 311 | 385 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | 311 | 385 |
United States Government Obligations [Member] | Maturity 1 To 5 Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 95 | 93 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | 95 | 93 |
Corporate Debt Securities [Member] | Maturity 1 To 5 Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 73 | 72 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 1 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | 74 | 72 |
Other Debt Securities [Member] | Maturity Less Than 1 Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 95 | 130 |
Available-for-sale Securities, Gross Unrealized Gain, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 0 | 0 |
Available-for-sale Securities, Debt Securities | 95 | 130 |
Other Debt Securities [Member] | Maturity 1 To 5 Years [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 Investments | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | 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, Gross Unrealized Gain, Accumulated in Investments | 32 | 1 |
Available-for-sale Securities, Gross Unrealized Loss, Accumulated in Investments | -4 | -12 |
Available-for-sale Equity Securities, Amortized Cost Basis | 307 | 328 |
Available-for-sale Securities, Equity Securities | $335 | $317 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Other Assets [Abstract] | |||
Unrealized gains on derivative contracts | $849 | $897 | |
Deferred receivables consideration | 614 | 511 | |
Receivables from Customers | 1,630 | 1,532 | |
Financing Receivable, Net | 457 | 402 | |
Other current assets | 2,599 | 2,714 | |
Total other current assets | 6,149 | 6,056 | |
Financing Receivable, Allowance for Credit Losses | 11 | 11 | |
Interest on financing receivables | $7 | $8 |
Accrued_Expenses_And_Other_Pay2
Accrued Expenses And Other Payables (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Unrealized losses on derivative contracts | $917 | $926 |
Accrued expenses and other payables | 3,228 | 4,114 |
Total accrued expenses and other payables | $4,145 | $5,040 |
Debt_And_Financing_Arrangement1
Debt And Financing Arrangements (Narrative) (Details) (USD $) | Mar. 31, 2015 |
In Billions, unless otherwise specified | |
Debt And Financing Arrangements [Line Items] | |
Excess of fair value over carrying value of long-term debt | $1.40 |
Line of Credit [Member] | |
Debt And Financing Arrangements [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 6.3 |
Unused lines of credit | 5.5 |
Commercial Paper [Member] | |
Debt And Financing Arrangements [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 4 |
Unused lines of credit | 0.7 |
Accounts Receivable Securitization Facility [Member] | |
Debt And Financing Arrangements [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 1.5 |
Used lines of credit | $1.30 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Taxes [Line Items] | ||
Effective income tax rate | 28.60% | 26.80% |
Brazilian Federal Revenue Service [Member] | ||
Income Taxes [Line Items] | ||
Number of separate tax assessments | 3 | |
Estimated Tax Assessment Including Penalties and Interest | 415 | |
Estimated Additional Tax Assessment | 48 | |
Argentine Tax Authorities [Member] | ||
Income Taxes [Line Items] | ||
Estimated Additional Tax Assessment | 329 | |
Estimated Tax Assessment Including Interest | 93 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (AOCI) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | ($1,241) | |
Other comprehensive income (loss) before reclassifications | -633 | |
Amounts reclassified from AOCI | -39 | |
Other comprehensive income (loss), tax, portion attributable to parent | 34 | |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -1,879 | |
Other Comprehensive Income (Loss), Net of Tax | -638 | |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | -654 | |
Other comprehensive income (loss) before reclassifications | -701 | |
Amounts reclassified from AOCI | 0 | |
Other comprehensive income (loss), tax, portion attributable to parent | 32 | |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -1,323 | |
Other Comprehensive Income (Loss), Net of Tax | -669 | |
Deferred Gain (Loss) On Hedging Activities [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | 47 | 5 |
Other comprehensive income (loss) before reclassifications | 8 | -128 |
Amounts reclassified from AOCI | -64 | 31 |
Other comprehensive income (loss), tax, portion attributable to parent | 21 | 33 |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | 12 | -59 |
Other Comprehensive Income (Loss), Net of Tax | -35 | |
Pension Liability Adjustment [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | -630 | |
Other comprehensive income (loss) before reclassifications | 17 | |
Amounts reclassified from AOCI | 25 | |
Other comprehensive income (loss), tax, portion attributable to parent | -19 | |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | -607 | |
Other Comprehensive Income (Loss), Net of Tax | 23 | |
Unrealized Gain (Loss) On Investments [Member] | ||
Accumulated other comprehensive income (loss) | ||
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period | -4 | |
Other comprehensive income (loss) before reclassifications | 43 | |
Amounts reclassified from AOCI | 0 | |
Other comprehensive income (loss), tax, portion attributable to parent | 0 | |
Balance of Accumulated Other Comprehensive Income (Loss) at End of period | 39 | |
Other Comprehensive Income (Loss), Net of Tax | $43 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (AOCI) Components (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated other comprehensive income (loss) | ||
Cost of Revenue | $16,404 | $20,021 |
Other (income) expense - net | -10 | -23 |
Revenues | -17,506 | -20,696 |
Earnings Before Income Taxes | -690 | -366 |
Tax | 197 | 98 |
Net Earnings Including Noncontrolling Interests | -493 | -268 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member] | ||
Accumulated other comprehensive income (loss) | ||
Cost of Revenue | 0 | 4 |
Other (income) expense - net | -17 | 0 |
Revenues | -47 | 27 |
Earnings Before Income Taxes | -64 | 31 |
Tax | 24 | -11 |
Net Earnings Including Noncontrolling Interests | -40 | 20 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member] | ||
Accumulated other comprehensive income (loss) | ||
Prior service cost (credit) | -2 | -4 |
Actuarial (gains ) losses | 27 | 9 |
Earnings Before Income Taxes | 25 | 5 |
Tax | -17 | -2 |
Net Earnings Including Noncontrolling Interests | $8 | $3 |
Other_Income_Expense_Details
Other (Income) Expense (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Income and Expenses [Abstract] | ||
Gains on sales of assets | ($3) | ($23) |
Other - net | -7 | 0 |
Other (Income) Expense - Net | ($10) | ($23) |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
segment | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 4 | |
Wilmar International Limited [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity Method Investment, Ownership Percentage | 18.10% | 17.30% |
GrainCorp [Member] | ||
Segment Reporting Information [Line Items] | ||
Investment, Ownership Percentage | 19.80% | |
Pacificor [Member] | ||
Segment Reporting Information [Line Items] | ||
Equity Method Investment, Ownership Percentage | 32.20% |
Segment_Information_Segment_In
Segment Information (Segment Information) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Information | |||
Revenues | $17,506 | $20,696 | |
Earnings Before Income Taxes | 690 | 366 | |
Assets | 41,715 | 44,027 | |
Segment Total [Member] | |||
Segment Information | |||
Earnings Before Income Taxes | 855 | 691 | |
Agricultural Services [Member] | |||
Segment Information | |||
Revenues | 8,045 | 9,711 | |
Earnings Before Income Taxes | 194 | 142 | |
Assets | 8,279 | 10,250 | |
Merchandising and handling [Member] | |||
Segment Information | |||
Revenues | 7,027 | 8,752 | |
Transportation [Member] | |||
Segment Information | |||
Revenues | 54 | 45 | |
Milling and other [Member] | |||
Segment Information | |||
Revenues | 964 | 914 | |
Corn Processing [Member] | |||
Segment Information | |||
Revenues | 2,466 | 2,984 | |
Earnings Before Income Taxes | 113 | 186 | |
Assets | 6,188 | 6,384 | |
Sweeteners and starches [Member] | |||
Segment Information | |||
Revenues | 875 | 938 | |
Bioproducts [Member] | |||
Segment Information | |||
Revenues | 1,591 | 2,046 | |
Oilseeds Processing [Member] | |||
Segment Information | |||
Revenues | 6,293 | 7,655 | |
Earnings Before Income Taxes | 469 | 297 | |
Assets | 13,033 | 12,712 | |
Crushing and origination [Member] | |||
Segment Information | |||
Revenues | 3,775 | 4,546 | |
Refining, packaging, biodiesel, and other [Member] | |||
Segment Information | |||
Revenues | 1,684 | 2,116 | |
Cocoa and other [Member] | |||
Segment Information | |||
Revenues | 757 | 827 | |
Asia [Member] | |||
Segment Information | |||
Revenues | 77 | 166 | |
Wild Flavors and Specialty Ingredients [Member] | |||
Segment Information | |||
Revenues | 606 | 257 | |
Earnings Before Income Taxes | 68 | 58 | |
Assets | 3,137 | 3,468 | |
Other [Member] | |||
Segment Information | |||
Revenues | 96 | 89 | |
Earnings Before Income Taxes | 11 | 8 | |
Assets | 7,706 | 7,910 | |
Financial [Member] | |||
Segment Information | |||
Revenues | 96 | 89 | |
Corporate Segment [Member] | |||
Segment Information | |||
Earnings Before Income Taxes | -165 | -325 | |
Assets | 3,372 | 3,303 | |
Gross Revenues [Member] | Agricultural Services [Member] | |||
Segment Information | |||
Revenues | 9,078 | 10,815 | |
Gross Revenues [Member] | Corn Processing [Member] | |||
Segment Information | |||
Revenues | 2,488 | 2,996 | |
Gross Revenues [Member] | Oilseeds Processing [Member] | |||
Segment Information | |||
Revenues | 6,896 | 8,252 | |
Gross Revenues [Member] | Wild Flavors and Specialty Ingredients [Member] | |||
Segment Information | |||
Revenues | 607 | 259 | |
Gross Revenues [Member] | Other [Member] | |||
Segment Information | |||
Revenues | 159 | 146 | |
Intersegment Elimination [Member] | |||
Segment Information | |||
Revenues | 1,722 | 1,772 | |
Intersegment Elimination [Member] | Agricultural Services [Member] | |||
Segment Information | |||
Revenues | 1,033 | 1,104 | |
Intersegment Elimination [Member] | Corn Processing [Member] | |||
Segment Information | |||
Revenues | 22 | 12 | |
Intersegment Elimination [Member] | Oilseeds Processing [Member] | |||
Segment Information | |||
Revenues | 603 | 597 | |
Intersegment Elimination [Member] | Wild Flavors and Specialty Ingredients [Member] | |||
Segment Information | |||
Revenues | 1 | 2 | |
Intersegment Elimination [Member] | Other [Member] | |||
Segment Information | |||
Revenues | $63 | $57 |
Assets_and_Liabilities_Held_fo2
Assets and Liabilities Held for Sale Assets and Liabilities for Sale (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade Receivables Held-for-sale, Net | $85 | $94 |
Inventories, Property Held-for-sale, Current | 713 | 742 |
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets, Current | 62 | 83 |
Disposal Group, Including Discontinued Operation, Goodwill, Current | 58 | 63 |
Disposal Group, Including Discontinued Operation, Intangible Assets, Current | 25 | 28 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 360 | 374 |
Disposal Group, Including Discontinued Operation, Other Current Assets | 15 | 19 |
Current assets held for sale | 1,318 | 1,403 |
Disposal Group, Including Discontinued Operation, Accounts Payable, Current | 131 | 114 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current | 96 | 110 |
Disposal Group, Including Discontinued Operation, Other Current Liabilities | 7 | 6 |
Current liabilities held for sale | 234 | 230 |
Chocolate [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Expected proceeds from a business divestiture | 440 | |
Cocoa [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Expected proceeds from a business divestiture | $1,300 |
Sale_of_Accounts_Receivable_Na
Sale of Accounts Receivable (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Accounts Receivable Securitization Programs [Line Items] | |||
Proceeds from Sale and Collection of Receivables | $11,200,000,000 | $10,600,000,000 | |
Collections applied to deferred consideration | 11,000,000,000 | 10,600,000,000 | |
Cash payments received in exchange for the transfer of accounts receivable | 1,900,000,000 | 2,100,000,000 | |
Proceeds from transfer of receivables | 1,300,000,000 | 1,600,000,000 | |
Deferred receivables consideration | 614,000,000 | 511,000,000 | |
Loss on transfer of accounts receivables to purchasers | 1,000,000 | 1,000,000 | |
Accounts Receivable Securitization Facility [Member] | |||
Accounts Receivable Securitization Programs [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500,000,000 | ||
Accounts Receivable Securitization Facility [Member] | Program [Member] | |||
Accounts Receivable Securitization Programs [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000,000 | ||
Accounts Receivable Securitization Facility [Member] | Second Program [Member] | |||
Accounts Receivable Securitization Programs [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $300,000,000 |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (EUR €) | Apr. 21, 2015 | 5-May-15 |
In Millions, unless otherwise specified | entity | |
Eaststarch C.V. [Member] | ||
Subsequent Event [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Transaction value of pending acquisition | € 240 | |
North Star Shipping/Minmetal [Member] [Member] | ||
Subsequent Event [Line Items] | ||
Number of joint ventures that will be acquired | 2 |