Archer Daniels Midland 2012 Annual Report Download

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2012
Chairman’s Letter
Proxy Statement
Form 10-K
Archer Daniels Midland Company

Table of contents

  • Page 1
    Chairman's Letter Proxy Statement Form 10-K Archer Daniels Midland Company 2012

  • Page 2
    ... are expanding our crop sourcing, processing and export capacity in key supply regions-including South America, Eastern Europe and the United States-as we build our destination business in Asia and the Middle East. In the largely mature North American and Western European markets, we are optimizing...

  • Page 3
    ..., we can purchase grain from a farmer in the U.S., Paraguay or Poland and either store it at one of our more than 400 worldwide sourcing facilities for sale at a later date; transport it to one of more than 260 processing plants; or quickly resell it to a commercial buyer in Mexico, Egypt or China...

  • Page 4
    Proxy Statement Archer Daniels Midland Company 2012

  • Page 5
    ...-DANIELS-MIDLAND COMPANY 4666 Faries Parkway, Decatur, Illinois 62526-5666 NOTICE OF ANNUAL MEETING To All Stockholders: NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Archer-Daniels-Midland Company, a Delaware corporation, will be held at the JAMES R. RANDALL RESEARCH CENTER...

  • Page 6
    ..., addressed to our office at Archer-Daniels-Midland Company, Secretary, 4666 Faries Parkway, Decatur, Illinois 62526-5666 and received by us by October 18, 2012. We will also have personnel in the lobby of the James R. Randall Research Center beginning at 9:30 A.M. on the day of the meeting to...

  • Page 7
    ...than 5% of our outstanding common stock shares: Name and Address of Beneficial Owner Amount Percent of Class State Farm Mutual Automobile Insurance Company ...and related entities One State Farm Plaza Bloomington, IL 61710 BlackRock, Inc...40 East 52nd Street New York, NY 10022 56,568,042(1) 8.59...

  • Page 8
    ... re-election at our 2008 annual meeting of stockholders due to the corporate governance guidelines of his then employer, which limited the number of outside corporate boards on which he could serve. The nominees would hold office until the next annual stockholders' meeting and until their successors...

  • Page 9
    ... Limited (a private equity partnership) since February, 2012; Chairman of Expro International (an international oil field services company) since June, 2012; Chairman of 3M Company (a diversified technology company) from February, 2012 - June, 2012; Chairman, President and Chief Executive Officer...

  • Page 10
    ... and manages financial services companies) since November, 2010; Principal, Sandler O'Neill & Partners, L.P. from 1988 - November, 2010; Director of The Nasdaq OMX Group, Inc. and Misonix, Inc. Daniel Shih, 61 ...Deputy Chairman, Executive Director and Chief Strategy Officer of Stella International...

  • Page 11
    ... his service as Chairman of the Board, President and Chief Executive Officer of 3M Company, his leadership roles at the Brunswick Corporation, Emerson Electric Co. and British Railways, his skills in business and financial matters and his experience as a director of the public companies listed above...

  • Page 12
    ... in mergers and acquisitions, environmental matters, corporate governance, strategic planning, engineering, finance, human resources, compliance, risk management, international business and public affairs. Mr. Felsinger possesses in-depth knowledge of executive compensation and benefits practices...

  • Page 13
    ... amount of leadership, strategy development, risk management, mergers and acquisitions, international business, marketing, finance and technology experience. Board Leadership Structure Our company's board of directors does not have a current requirement that the roles of Chief Executive Officer and...

  • Page 14
    ... exposures, and guidelines and policies to govern our company's risk assessment and risk management processes. The Audit Committee periodically reports to our board of directors regarding significant matters identified with respect to the foregoing. The Nominating/Corporate Governance Committee has...

  • Page 15
    ... company. The stock ownership guidelines applicable to the named executive officers (as defined herein) are set forth below. Ownership Guideline as a Multiple of Salary Executive P. A. Woertz ...J. R. Luciano ...R. G. Young ...D. J. Smith ...J. D. Rice(1) ...S. R. Mills(2) ...(1) Mr. Rice retired...

  • Page 16
    ... as an executive officer of a company where one of our executive officers at the same time serves or served on the compensation committee; or (5) the director is a current employee of, or a member of the director's immediate family is an executive officer of, a company that makes payments to, or...

  • Page 17
    ... of business, 3M Company, of which Dr. Buckley was Chairman, President and Chief Executive Officer during a portion of the fiscal year ended June 30, 2012, purchased approximately $321,000 of certain commodity products from our company, and sold approximately $273,000 of supplies to our company, on...

  • Page 18
    ... internet site, www.adm.com, and are available free of charge on written request to Secretary, Archer-Daniels-Midland Company, 4666 Faries Parkway, Decatur, Illinois 62526-5666. Executive Sessions In accordance with our corporate governance guidelines, the non-management directors meet in executive...

  • Page 19
    ...Chief Executive Officer's compensation, the committee considers the evaluation prepared by the non-management directors. In accordance with the General Corporation Law of Delaware, the committee may delegate to one or more officers the authority to grant stock options to other officers and employees...

  • Page 20
    ... send communications to individual directors or the non-employee directors as a group. You should send any such communications in writing addressed to the applicable director or directors in care of the Secretary, Archer-Daniels-Midland Company, 4666 Faries Parkway, Decatur, Illinois 62526-5666. All...

  • Page 21
    accounting officer. The Code of Conduct is available at our internet site, www.adm.com, and is available free of charge on written request to Secretary, Archer-Daniels-Midland Company, 4666 Faries Parkway, Decatur, Illinois 62526-5666. Any amendments to certain provisions of the Code of Conduct or ...

  • Page 22
    ...-year relative total shareholder return (TSR) at below the median of the S&P 100 Industrials. As a result, the total cash incentive compensation for FY12 decreased by 74.2% from FY11 for our CEO, and decreased an average of 73.5% for our COO, CFO, Vice Chairman and General Counsel. The first two...

  • Page 23
    ... shows the realizable pay of Ms. Woertz, our CEO, for each of the fiscal years ending June 30, 2008, 2009, 2010, 2011 and 2012, and the correlation with the indexed TSR of our common stock on these dates. As the chart indicates: • • Ms. Woertz's awarded total direct compensation has declined...

  • Page 24
    ... FY2009 FY2010 FY2011 FY2012 Woertz Realizable Pay Woertz Total Direct Compensation (Grant Value) FYE Dividend-Adjusted Stock Price Program Design $0.00 Our executive compensation program is built on a structure that balances short and long term performance Salaries generally target the median of...

  • Page 25
    ...all equity awards granted in August 2012 and beyond that provides that any unvested awards to retirees will no longer continue to vest if the retiree works for a competitor. • Ongoing Best Practices We annually review all elements of NEO pay and, where appropriate for our business objectives and...

  • Page 26
    ... the Company Provide? Element • Base Salary Purpose • Fixed pay to recognize an individual's role and responsibilities Characteristics • Reviewed annually and set based on competitiveness versus the external market, individual performance and internal equity Performance-based award opportunity...

  • Page 27
    ...and results. Base Salary FY12 Annual Cash Incentive FY12 Equity Award 14% 7% 19% 6% 79% 75% P.A. Woertz J.R. Luciano 26% 35% 5% 69% 58% 7% R.G. Young D.J. Smith * Mr. Rice, Vice Chairman, and Mr. Mills, Sr. EVP, did not participate in our standard executive compensation programs for the...

  • Page 28
    ... our Senior Vice President of Human Resources involves other members of management in portions of the Compensation/Succession Committee meetings to participate in discussions related to company and individual performance and our compensation and benefit programs. Our executives leave meetings during...

  • Page 29
    ...long-term incentive award target levels for all officers, other than the CEO. The Compensation/Succession Committee takes the CEO's recommendations, along with information provided by the compensation consultant and management into consideration when making annual base salary adjustments, individual...

  • Page 30
    ... plan for FY12 targeted awards at 58.8% to 150% of each NEO's base salary, but actual awards may range from zero to 236.4% of the target level depending on performance against the specific goals. Annual cash incentives are paid if, and to the extent that, corporate goals approved by the Compensation...

  • Page 31
    ... 200% Corporate Costs(5) Competitive positioning 0.75% 0% - 200% 0% or 100% 0% - 200% 0% - 200% Cost Management Employee Safety - Recordable Incidents(6) Employee Safety - Lost Work Days(7) Contractor Safety - Recordable Incidents(8) Contractor Safety - Lost Work Days(9) Safety -Total Process(10...

  • Page 32
    ... were asked to focus on the ADM Way, our company's Code of Conduct. This process included quarterly discussions and/or activities on topics related to the ADM Way and completing the annual Code of Conduct Overview training program. (13) Allows the Compensation/Succession Committee to ensure that the...

  • Page 33
    ... of the annual cash incentive plan. How Are Individual and Business Group Performance Factors Determined? For FY12, the Compensation/Succession Committee awarded an individual performance score of 100% to each of the executive officers, recognizing their collective efforts as a management team in...

  • Page 34
    ... award to recognize his contributions in transitioning his role. Target Cash Opportunity (% of Salary) Minimum Cash Opportunity ($) Target Cash Opportunity ($) Maximum Cash Opportunity ($) Actual FY12 Cash Award ($) Executive P.A. Woertz ...J.R. Luciano ...R.G. Young ...D.J. Smith ...J.D. Rice...

  • Page 35
    ... on the Summary Compensation Table and Grants of Plan-Based Awards Table in this Proxy Statement for FY12. Executive Minimum Award Target Award Maximum Award P. A. Woertz ...J.R. Luciano ...R.G. Young ...D.J. Smith ...J. D. Rice ...S. R. Mills ... $0 $0 $0 $0 $0 $0 $7,550,000 $3,500,000 $1,450,000...

  • Page 36
    ... 2009 Incentive Compensation Plan, fair market value is the closing market price of our common stock on the last trading day prior to the date of grant. The Compensation/ Succession Committee meets during the first fiscal quarter of each fiscal year and determines the annual equity awards granted to...

  • Page 37
    ... Retirement Program Eligibility Description 401(k) Plan/ Employee Stock Ownership Plan All salaried employees Qualified defined contribution plan where employees may defer up to 50% of eligible pay, up to $17,000 for 2012. Employees who are 50 years of age or older can elect make-up contributions...

  • Page 38
    ...of this review were discussed with management and presented to the Compensation/Succession Committee in August 2011. As such, no program changes were made for FY12. Employment Agreements, Severance, and Change-in-Control Benefits What Employment Agreements are in Place? Only Ms. Woertz, our CEO, has...

  • Page 39
    ... employee. The guidelines contained in the program for executive officers include the following termination benefits, subject, in all cases, to the discretion of the Compensation/Succession Committee to increase or decrease these benefits cash severance equal to two times then-current base salary...

  • Page 40
    ... 28, 2013 on the same terms as would have been available to him had he remained employed by the Company through such date. Mr. Rice On April 23, 2012, we entered into a Separation Agreement with Mr. Rice. We arranged for Mr. Rice to remain as an executive officer of the company and provide service...

  • Page 41
    .../Succession Committee incorporating elements such as safety, The ADM Way, and other individual and group factors. The COO and CFO will have increased award opportunities under the annual incentive program. These increases reflect our desire to provide competitive compensation and to do so in a way...

  • Page 42
    ... other officers and employees must be pre-cleared by our company's law department. What Role Does Section 162(m) Of The Internal Revenue Code Have In The Design Of Executive Compensation Programs? Section 162(m) of the Internal Revenue Code generally disallows a tax deduction to public corporations...

  • Page 43
    ...Internal Revenue Code and the Employee Retirement Income Security Act. Historically, the company has made contributions in excess of the minimum to maintain its plans at or near a full funding level relative to the accrued benefit obligation. Compensation/Succession Committee Report The Compensation...

  • Page 44
    ...Name and Principal Position Year Salary ($) Stock Awards ($) (4) Total ($) P. A. Woertz ...2012 1,300,000 4,011,050 2,921,235 Chairman, CEO and 2011 1,300,000 4,011,432 3,071,547 President 2010 1,300,000 3,832,682 2,873,461 J. R. Luciano ...2012 Executive Vice 2011 President and COO R. G. Young...

  • Page 45
    ... the company's relocation program and amounts related to personal use of company-owned automobile and executive healthcare services. (10) Includes the following items for Mr. Smith 12,500 in company contributions under our 401(k) and Employee Stock Ownership Plan; $1,802,800 in separation payments...

  • Page 46
    ... of plan-based awards made to our named executive officers during the fiscal year ended June 30, 2012. All Other Stock Awards: Estimated Future Payments Number Under Shares Non-Equity Incentive Plan Awards of of Stock Grant Threshold Target Maximum or Units Date All Other Option Awards: Number of...

  • Page 47
    ... of the option. The impact of a termination of employment or change in control of our company on restricted stock, performance share unit and stock option awards held by our named executive officers is quantified in the "Termination of Employment and Change-in-Control Arrangements" section below...

  • Page 48
    ...market price of a share of our common stock on the New York Stock Exchange on June 30, 2012, which was $29.52, by the number of shares or units that have not vested. (2) Stock options vest at the rate of 20% of the initial grant per year, with remaining vesting dates on August 11 of 2012, 2013, 2014...

  • Page 49
    ...year ended June 30, 2012. Option Awards Number of Shares Value Acquired Realized on on Exercise Exercise (#) ($)(1) Stock Awards Number of Shares Acquired Upon Vesting (#) Value Realized on Vesting ($)(2) Name P. A. Woertz ...J. R. Luciano ...R. G. Young ...D. J. Smith ...J. D. Rice ...S. R. Mills...

  • Page 50
    ... executive officers in our defined benefit retirement plans as of the pension plan measurement date for the fiscal year ended June 30, 2012. Payments During Last Fiscal Year ($) Name Plan Name Number of Years Credited Service (#) (1) Present Value of Accumulated Benefit ($) (2) P. A. Woertz...

  • Page 51
    ...between those two ages. Mr. Rice and Mr. Mills were eligible for early retirement at the time they retired and Mr. Smith is currently eligible for early retirement. A participant under the final average pay formula becomes vested in a benefit under the Retirement Plan after five years of service. 46

  • Page 52
    ... plan" contributions, and decreased by bonuses, expense allowances/reimbursements, severance pay, income from stock option and restricted stock awards or cash payments in lieu thereof, merchandise or service discounts, amounts paid in a form other than cash, and other fringe benefits. Annual...

  • Page 53
    ...under the Deferred Comp Plan II causes a loss of company matching contributions under the 401(k) and Employee Stock Ownership Plan. No "make-whole" company matching credits were made on behalf of the named executive officers for fiscal year 2012. A participant with an account balance remaining under...

  • Page 54
    ... than our company's common stock) that are made available to participants in the qualified 401(k) and Employee Stock Ownership Plan. These investment options consist of shares in the publicly-traded, open-end mutual funds listed below, and the plan earnings credited to each participant's account in...

  • Page 55
    ...we have with Ms. Woertz and Messrs. Rice, Mills and Smith related to termination of employment or change in control of our company are discussed below. Under the terms of our time-vested restricted stock award agreements governing awards held by our named executive officers, vesting accelerates upon...

  • Page 56
    ... table lists the potential payments and benefits upon termination of employment or change in control of our company for Ms. Woertz, our Chairman, President and Chief Executive Officer. We entered into Terms of Employment with Ms. Woertz when she joined our company. The payments and benefits provided...

  • Page 57
    ... of our company, Ms. Woertz shall receive a lump-sum payment equal to three years' base salary plus target annual bonus, accelerated vesting of all outstanding equity awards, three years of continuation coverage under our benefit plans, three years' credit with respect to age, service and covered...

  • Page 58
    ... Young and D. J. Smith The following table lists the potential payments and benefits upon termination of employment or change in control of our company for our named executive officers (other than P. A. Woertz) whose service as an executive officer did not end during fiscal 2012. These payments and...

  • Page 59
    ... this named executive officer is not yet eligible for retirement under the terms of the ADM Retirement Plan, no current termination of employment would be considered "retirement" under any of the applicable equity-based compensation plans. (8) Amount payable pursuant to Mr. Smith's May 3, 2012...

  • Page 60
    ...awards to Mr. Rice and Mr. Mills generally continues on the same schedule after retirement. Director Compensation for Fiscal 2012 Our standard compensation for non-employee directors consists of an annual retainer of $250,000, one-half of which must be paid in stock units pursuant to our Stock Unit...

  • Page 61
    ... the New York Stock Exchange on that date. The fair value of services provided by each of the directors has been determined to be $62,500 per quarter. The aggregate number of stock units credited to the account of each non-employee director as of June 30, 2012 (including mandatory stock unit grants...

  • Page 62
    ...June 30, 2012. The ADM International Limited Savings-Related Share Option Scheme is a program whereby employees in the United Kingdom can save through payroll deductions and have the option to purchase shares at a predetermined, discounted price at a point in time in the future. (2) Weighted-average...

  • Page 63
    ... Commission ("SEC"). Management has the primary responsibility for the financial statements and the reporting process, including the systems of internal controls. In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed the audited financial statements in the annual...

  • Page 64
    ...last fiscal year and their immediate family members. Although the company's processes vary with the particular transaction or relationship, in accordance with our Code of Conduct, directors, executive officers and other company employees are directed to inform appropriate supervisory personnel as to...

  • Page 65
    ... related quarterly financial statements, audit of the effectiveness of our company's internal control over financial reporting, certain statutory audits, and SEC filings. (2) Includes fees for accounting and reporting assistance and audit-related work in connection with employee benefit plans of our...

  • Page 66
    ... the context of our Company's overall corporate governance as reported in 2012. The Corporate Library, an independent investment research firm rated our company "High Concern" in Executive Pay - CEO and Chairman Patricia Woertz received $11 million. The bulk of pay given to Ms. Woertz (nearly 64% of...

  • Page 67
    ... We gave our company a well below average shareholder vote regarding executive pay in 2011. Donald Felsinger, on our executive pay committee, received our highest negative votes. Patrick Moore, our Lead Director and a member of our audit committee, was negatively flagged by the Corporate Library for...

  • Page 68
    ...in our proxy statement for that meeting must be received by the Secretary, Archer-DanielsMidland Company, 4666 Faries Parkway, Decatur, Illinois 62526-5666, by the close of business on the tenth day following the earlier of the date on which notice of the date of the next annual meeting is mailed or...

  • Page 69
    ... and interest-bearing liabilities, adjusted for the after-tax effect of the LIFO reserve. Management uses Adjusted ROIC to measure the Company's performance by comparing Adjusted ROIC to the Company's weighted average cost of capital, or WACC. Adjusted EPS, Adjusted ROIC, LIFO-adjusted ROIC earnings...

  • Page 70
    ... the effect on EPS of certain specified items. Management believes that adjusted EPS is a useful measure of ADM's performance because it provides investors information about ADM's operations allowing better evaluation of ongoing business performance. (2) Adjusted Return on Invested Capital (ROIC) is...

  • Page 71
    Form 10-K Archer Daniels Midland Company 2012

  • Page 72
    ...number 1-44 ARC CHER-DANIEL LS-MIDLAND D COMPANY (Exa act name of regis strant as specified d in its charter) Delaware (State or othe er jurisdiction of o incorporation or organization n) 41-0129150 (I. . R. S. Employe er Id dentification No o.) 46 666 Faries Parkway Box 1470 Decatu ur, Illinois...

  • Page 73
    ... sale price of Common Stock as reported on the New York Stock Exchange as of December 31, 2011) Indicate the number of shares outstanding of each of the registrant' s classes of common stock, as of the latest practicable date. Common Stock, no par value-658,614,509 shares (July 31, 2012) DOCUMENTS...

  • Page 74
    ... Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information Part III Directors, Executive Officers and Corporate Governance Executive Compensation Security...

  • Page 75
    ... 2012, the Company reorganized and streamlined its business unit reporting structure and broadened management spans of control. Starting with this annual report on Form 10-K, the Oilseeds Processing reportable segment includes cocoa processing operations while the Agricultural Services reportable...

  • Page 76
    ... markets. In South America, the Oilseeds Processing segment operates fertilizer blending facilities. The Company has a 16.4% ownership interest in Wilmar International Limited (Wilmar), a Singapore publicly listed company. Wilmar, a leading agribusiness group in Asia, is engaged in the businesses...

  • Page 77
    ..., as well as distillers' grains, are produced for use as animal feed ingredients. Corn germ, a byproduct of the wet milling process, is further processed into vegetable oil and protein meal. Other Corn Processing products include citric and lactic acids, lactates, sorbitol, xanthan gum, and glycols...

  • Page 78
    ... in bulk from processing plants or storage facilities directly to customers' facilities. The Company has developed a comprehensive transportation system to efficiently move both commodities and processed products virtually anywhere in the world. The Company owns or leases large numbers of the trucks...

  • Page 79
    ... 1. BUSINESS (Continued) Concentration of Sales by Product The following products account for 10% or more of net sales and other operating income for the last three fiscal years: % of Net Sales and Other Operating Income 2012 2011 2010 Soybeans Corn Soybean Meal Status of New Products The Company...

  • Page 80
    ..., government programs and policies, competition, changes in global demand, and changes in standards of living, and global production of similar and competitive crops. The Company' s raw materials are procured from thousands of growers, grain elevators, and wholesale merchants in North America, South...

  • Page 81
    ...resources as well as new-to-the-market bio-based products. The Company' s current portfolio includes products that are in the early development phase and those that are close to pilot plant demonstration. In an effort to further advance the development of bio-based chemical technologies, the Company...

  • Page 82
    ... makes available, through its website, the Company' s Business Code of Conduct and Ethics, Corporate Governance Guidelines, and the written charters of the Audit, Compensation/Succession, Nominating/Corporate Governance, and Executive Committees. References to our website addressed in this report...

  • Page 83
    ... the Company's operating results. The Company' s operating costs and the selling prices of certain finished products are sensitive to changes in energy prices. The Company' s processing plants are powered principally by electricity, natural gas, and coal. The Company' s transportation operations are...

  • Page 84
    ...affect operating results. The Company is exposed to potential business disruption, including but not limited to disruption of transportation services, supply of non-commodity raw materials used in its processing operations, and other impacts resulting from acts of terrorism or war, natural disasters...

  • Page 85
    ...inventory management, shipping products to customers, processing transactions, summarizing and reporting results of operations, human resources benefits and payroll management, complying with regulatory, legal or tax requirements, and other processes necessary to manage the business. The Company has...

  • Page 86
    ... 254 124 378 The Company' s operations are such that most products are efficiently processed near the source of raw materials. Consequently, the Company has many plants strategically located in agricultural commodity producing areas. The annual volume of commodities processed will vary depending...

  • Page 87
    ...3 19 1 1 25 31 1 2 1 18 6 6 1 5 40 50 6 1 7 5 1 1 2 145 160 Cocoa & Other 1 1 1 - *The U.S. plants are located in Alabama, Georgia, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, and Wisconsin. 16

  • Page 88
    Item 2. PROPERTIES (Continued) Oilseeds Processing Procurement Facilities Owned Leased Crushing & Origination North America Cocoa & Other 3 5 8 316 10 40 32 1 83 2,808 1 1 3 5 284 96 3,...are located in Alabama, Florida, Georgia, Illinois, Mississippi, North Carolina, Oklahoma, South Carolina, Texas...

  • Page 89
    ... 2. PROPERTIES (Continued) Corn Processing Processing Plants Owned Procurement Facilities Owned Wet Milling, Dry Milling, & Other Wet Milling Dry Milling North America Illinois Iowa Minnesota Nebraska North Carolina Total Daily/Storage capacity Metric tons (in 1,000's) South America Brazil Total...

  • Page 90
    ... & Other Total *The U.S. plants are located in California, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Montana, Nebraska, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Washington, and Wisconsin. 19

  • Page 91
    ... 693 North America U.S.* Canada Dominican Republic Mexico Total Storage capacity Metric tons (in 1,000's) South America Argentina Total...located in Arkansas, Colorado, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Montana, Nebraska, North Dakota...

  • Page 92
    ...has been conducting an internal review of its policies, procedures and internal controls pertaining to the adequacy of its anti-corruption compliance program and of certain transactions conducted by the Company and its affiliates and joint ventures, primarily relating to grain and feed exports, that...

  • Page 93
    ... Common Stock Market Prices and Dividends The Company' s common stock is listed and traded on the New York Stock Exchange and the Frankfurt Stock Exchange. The following table sets forth, for the periods indicated, the high and low market prices of the common stock as reported on the New York Stock...

  • Page 94
    ... shares purchased in the open market as part of the Company' s publicly announced share repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards. During...

  • Page 95
    ...the S&P Consumer Staples Index $160 $140 $120 $100 $80 $60 $40 $20 $0 6/07 6/08 6/09 6/10 6/11 6/12 Archer Daniels Midland Company S&P 500 S&P Consumer Staples Copyright© 2012 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved. Graph produced by Research Data Group, Inc. 24

  • Page 96
    ...reduction program. Net earnings attributable to controlling interests for 2011 include a gain of $71 million ($44 million after tax, equal to $0.07 per share) related to the acquisition of the remaining interest in Golden Peanut, start up costs for the Company' s significant new greenfield plants of...

  • Page 97
    ... from the repurchase of $500 million in aggregate principal amount of the Company' s outstanding debentures, and start up costs for the Company' s significant new greenfield plants of $110 million ($68 million after tax, equal to $0.11 per share). Net earnings attributable to controlling interests...

  • Page 98
    ... 2012, the Company reorganized and streamlined its business unit reporting structure and broadened management spans of control. Starting with this annual report on Form 10-K the Oilseeds Processing reportable segment includes cocoa processing operations while the Agricultural Services reportable...

  • Page 99
    ... and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products. The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company' s Brazilian sugarcane ethanol plant and related operations. In...

  • Page 100
    ... production of similar and competitive crops. Due to these unpredictable factors, the Company does not provide forward-looking information in "Management' s Discussion and Analysis of Financial Condition and Results of Operations." 2012 Compared to 2011 As an agricultural commodity-based business...

  • Page 101
    ... conditions generally affecting all reportable segments. Segment operating profit in fiscal 2012 included $349 million of asset impairment charges and exit costs comprised of $335 million to exit the Company' s Clinton, IA, bioplastics plant and $14 million to shut down its Walhalla, ND, ethanol dry...

  • Page 102
    ... exit, and restructuring costs of $437 million were comprised of $349 million in the Corn Processing segment related to the Company' s exit from its Clinton, IA, bioplastics business and ethanol dry mill in Walhalla, ND, $71 million in Corporate for the global workforce reduction, and $17 million in...

  • Page 103
    ... Total Corn Processing Agricultural Services Merchandising and Handling Transportation Milling and Other Total Agricultural Services Other Financial Total Other Total Segment Operating Profit Corporate (see below) Earnings Before Income Taxes Corporate results are as follows: 2012 2011 (In...

  • Page 104
    ...Company' s peanut business in part due to the first full year of consolidated results for Golden Peanut being reported by the Company in fiscal 2012. Asia results remained steady at $183 million, principally reflecting the Company' s share of its results from equity investee, Wilmar. Corn Processing...

  • Page 105
    ...) 2011 Compared to 2010 As an agricultural commodity-based business, the Company is subject to a variety of market factors which affect the Company' s operating results. In 2011, prices for certain agricultural commodities were higher in response to growing global demand and tighter crop supplies...

  • Page 106
    ...to higher average selling prices for vegetable oils, soybeans, biodiesel, and protein meal. Corn Processing sales increased 26% to $9.9 billion due to higher average selling prices and increased sales volumes of ethanol and other corn products, in part due to the Company' s two new ethanol dry mills...

  • Page 107
    ... volumes of the Company' s new greenfield operations coming on-line, and higher average unit costs for certain chemicals and fuels used in the Company' s processing and transportation operations. During the second quarter of fiscal 2011, the Company updated its estimates for service lives of certain...

  • Page 108
    ... Total Corn Processing Agricultural Services Merchandising and Handling Transportation Milling and Other Total Agricultural Services Other Financial Total Other Total Segment Operating Profit Corporate (see below) Earnings Before Income Taxes Corporate results are as follows: 2011 2010 (In...

  • Page 109
    ... sales volumes and higher average selling prices leading to increased ethanol and lysine margins. Bioproducts margins were also enhanced by favorable corn ownership positions. Bioproducts results included startup costs related to the Company' s new plants of $94 million in 2011 compared to $107...

  • Page 110
    ... $1.75 billion in fiscal 2011 under the forward stock purchase component of the Company' s Equity Units (see Note 10 in Item 8, "Financial Statements and Supplementary Data"). At June 30, 2012, the Company had $1.5 billion of cash, cash equivalents, and short-term marketable securities and a current...

  • Page 111
    ... market price of the Company' s common stock was not greater than the exercise price of the purchased call options or warrants related to the convertible senior notes. The Company is currently experiencing generally higher prices for agricultural commodities as a result of tightening crop supplies...

  • Page 112
    ... servicing fee, market values for similar transactions and its cost of servicing the receivables sold. The Program terminates on June 28, 2013. As of June 30, 2012, the fair value of trade receivables transferred to the Purchasers under the Program and derecognized from the Company' s consolidated...

  • Page 113
    ... purchase price of the Company' s anticipated natural gas requirements for certain production facilities, and to fix the sales price of anticipated volumes of ethanol. These designated hedging programs principally relate to the Company' s Corn Processing operating segment. The change in the market...

  • Page 114
    ...2007. The Company evaluated its tax position regarding these hedging transactions and concluded, based in part upon advice from Brazilian legal counsel, that it was appropriate to recognize the tax benefits of these deductions (see Note 15 in Item 8, "Financial Statements and Supplementary Data" for...

  • Page 115
    ... RESULTS OF OPERATIONS (Continued) Property, Plant, and Equipment and Asset Abandonments and Write-Downs The Company is principally engaged in the business of procuring, transporting, storing, processing, and merchandising agricultural commodities and products. This business is global in nature and...

  • Page 116
    ... customer preferences and standards of living, and global production of similar and competitive crops. The Company manages its exposure to adverse price movements of agricultural commodities used for, and produced in, its business operations, by entering into derivative and non-derivative contracts...

  • Page 117
    ...722 million and $823 million for 2012 and 2011, respectively. Actual results may differ. Interest The fair value of the Company' s long-term debt is estimated using quoted market prices, where available, and discounted future cash flows based on the Company' s current incremental borrowing rates for...

  • Page 118
    ... DATA Page No. 48 49 50 51 52 100 Financial Statements Consolidated Statements of Earnings Consolidated Balance Sheets Consolidated Statements of Cash Flows Consolidated Statements of Shareholders' Equity Notes to Consolidated Financial Statements Reports of Independent Registered Public Accounting...

  • Page 119
    Archer-Daniels-Midland Company Consolidated Statements of Earnings Year Ended June 30 2012 2011 2010 (In millions, except per share amounts) Net sales and other operating income Cost of products sold Gross Profit Selling, general...1,930 Average number of shares outstanding - basic Average number of ...

  • Page 120
    Archer-Daniels-Midland Company Consolidated Balance Sheets June 30 2012 (In millions) Assets Current Assets Cash and cash equivalents Short-term marketable securities Segregated cash and investments Trade receivables Inventories Other current assets Total Current Assets Investments and Other Assets ...

  • Page 121
    Archer-Daniels-Midland Company Consolidated Statements of Cash Flows 2012 Operating Activities Net earnings including noncontrolling interests Adjustments to reconcile net earnings to net cash provided by (used in) operating activities Depreciation and amortization Asset impairment charges Deferred ...

  • Page 122
    Archer-Daniels-Midland Company Consolidated Statements of Shareholders' Equity Accumulated Other Total Common Stock Reinvested Comprehensive Noncontrolling Shareholders' Shares Amount Earnings Income (Loss) Interests Equity (In millions) Balance June 30, 2009 Comprehensive income Net earnings Other...

  • Page 123
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements Note 1. Summary of Significant Accounting Policies Nature of Business The Company is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. Principles ...

  • Page 124
    ... 2012, the Company reorganized and streamlined its business unit reporting structure and broadened management spans of control. Starting with this annual report on Form 10-K, the Oilseeds Processing reportable segment includes cocoa processing operations while the Agricultural Services reportable...

  • Page 125
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 1. Summary of Significant Accounting Policies (Continued) Receivables The Company records accounts receivable at net realizable value. This value includes an allowance for estimated uncollectible accounts, $...

  • Page 126
    ... compensation award. Research and Development Costs associated with research and development are expensed as incurred. Such costs incurred, net of expenditures subsequently reimbursed by government grants, were $56 million, $60 million, and $56 million for the years ended June 30, 2012, 2011...

  • Page 127
    ... Acquisitions The Company' s acquisitions are accounted for as purchases in accordance with ASC Topic 805, Business Combinations, as amended. Tangible assets and liabilities, based on preliminary purchase price allocations for 2012 acquisitions, were adjusted to fair values at acquisition date with...

  • Page 128
    ... of the purchase price related to these acquisitions. The net cash purchase price for these four acquisitions of $218 million plus the acquisition-date fair value of the equity interest the Company previously held in Golden Peanut was allocated to working capital, property, plant, and equipment...

  • Page 129
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Fair Value Measurements The following tables set forth, by level, the Company' s assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2012 and 2011. Fair Value ...

  • Page 130
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Fair Value Measurements (Continued) Fair Value Measurements at June 30, 2011 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs (Level ...

  • Page 131
    ... location, and commodity quality or grade. Generally, the valuations are based on price information that is observable by market participants, or rely only on insignificant unobservable information. In such cases, the inventory is classified in Level 2. Certain inventories may require management...

  • Page 132
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Fair Value Measurements (Continued) The Company' s derivative contracts are measured at fair value including forward commodity purchase and sale contracts, exchange-traded commodity futures and option ...

  • Page 133
    ... at June 30, 2012 Commodity Inventories Derivative Carried at Contracts Market Gains Total (In millions) Balance, June 30, 2011 Total increase (decrease) in unrealized gains included in cost of products sold Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Ending...

  • Page 134
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Fair Value Measurements (Continued) Level 3 Fair Value Measurements at June 30, 2011 Inventories Derivative Carried at Contracts, Market, Net Net Total (In millions) Balance, June 30, 2010 Total gains (...

  • Page 135
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Fair Value Measurements (Continued) The following table sets forth the weighted average percentage of the unobservable price components included in the Company' s Level 3 valuations as of June 30, 2012. ...

  • Page 136
    ... 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...

  • Page 137
    ... in the consolidated statements of earnings for the years ended June 30, 2012, 2011, and 2010. 2012 Interest Contracts Interest expense Other income (expense) - net FX Contracts Net sales and other operating income Cost of products sold Other income (expense) - net Commodity Contracts Cost of...

  • Page 138
    ... 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...

  • Page 139
    ... Interest contracts Commodity contracts Total amount recognized in earnings Years ended June 30 2012 2011 2010 (In millions) $ (1) $ 1 5 3 49 57 $ 0 $ 0 375 (13) 1 46 409 $ (1) 0 (85) 0 (55) (141) Other income/expense - net Interest expense Cost of products sold Net sales and other operating income...

  • Page 140
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 5. Marketable Securities and Cash Equivalents Cost 2012 United States government obligations Maturity less than 1 year Maturity 1 to 5 years Corporate debt securities Maturity 1 to 5 years Other debt ...

  • Page 141
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 5. Marketable Securities and Cash Equivalents (Continued) All of the $4 million in unrealized losses at June 30, 2012, arose within the last 12 months and are related to the Company' s investment in one ...

  • Page 142
    ... June 30, 2012, is $1.6 billion. The Company has direct investments in two foreign equity method investees who have a carrying value of $2.1 billion as of June 30, 2012, and a market value of $3.3 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at...

  • Page 143
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 10. Debt Financing Arrangements 2012 (In millions) Floating Rate Notes $1.4 billion face amount, due in 2012(1) 0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014 5.765% Debentures $1.0 ...

  • Page 144
    ... business day period immediately after any five consecutive trading day period (the note measurement period) in which the average of the trading price per $1,000 principal amount of Notes was equal to or less than 98% of the average of the product of the closing price of the Company' s common stock...

  • Page 145
    ... tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company is in compliance with these covenants as of June 30, 2012. The Company has outstanding standby letters of credit and surety bonds at June 30, 2012 and 2011...

  • Page 146
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 11. Earnings Per Share The computation of basic and diluted earnings per share is as follows: Years ended June 30 2011 2012 2010 (In millions, except per share amounts) Net earnings attributable to ...

  • Page 147
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 12. Shareholder's Equity The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued. At June 30, 2012 ...

  • Page 148
    ...the Company and compensation expense related to option grants and Restricted Stock Awards granted to retirement-eligible employees is recognized in earnings on the date of grant. Total compensation expense for option grants, Restricted Stock Awards and PSUs recognized during 2012, 2011, and 2010 was...

  • Page 149
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 13. Accumulated Other Comprehensive Income (Loss) The following table sets forth information with respect to accumulated other comprehensive income: Foreign Currency Translation Adjustment Deferred Gain (...

  • Page 150
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 14. Other (Income) Expense - Net The following table sets forth the items in other (income) expense: 2012 2011 (In millions) 12 (25) (1) (3) (17) $ (71) 15 (30) (12) (3) (29) (130) $ 2010 Gain on Golden ...

  • Page 151
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 15. Income Taxes (Continued) Significant components of deferred tax liabilities and assets are as follows: 2012 2011 (In millions) Deferred tax liabilities Property, plant, and equipment Equity in earnings of...

  • Page 152
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 15. Income Taxes (Continued) The Company has $241 million and $220 million of tax assets related to net operating loss carry-forwards of certain international subsidiaries at June 30, 2012 and 2011, ...

  • Page 153
    ... challenging transfer prices used to price grain exports totaling $10 million before interest for the tax years 2004 and 2005. 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...

  • Page 154
    ...) Note 16. Leases The Company leases manufacturing and warehouse facilities, real estate, transportation assets, and other equipment under non-cancelable operating leases, the majority of which expire at various dates through the year 2031. Rent expense for 2012, 2011, and 2010 was $209 million...

  • Page 155
    ... pay to eligible participants. Under an employee stock ownership component of the 401(k) plans, employees may choose to invest in ADM stock as part of their own investment elections. The employer contributions are expensed when paid. Assets of the Company' s 401(k) plans consist primarily of listed...

  • Page 156
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 17. Employee Benefit Plans (Continued) The Company uses a June 30 measurement date for all defined benefit plans. The following tables set forth changes in the defined benefit obligation and the fair value of...

  • Page 157
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 17. Employee Benefit Plans (Continued) The following table sets forth the principal assumptions used in developing net periodic pension cost: Pension Benefits 2012 2011 5.2 5.5 % 7.1 7.1 % 3.9 3.9 % ...

  • Page 158
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 17. Employee Benefit Plans (Continued) Common collective trust (CCT) funds: The fair values of the CCTs are based on the cumulative net asset value (NAV) of their underlying investments. The investments in ...

  • Page 159
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 17. Employee Benefit Plans (Continued) The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of June 30, 2012 and 2011. Fair Value Measurements at June 30,...

  • Page 160
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 17. Employee Benefit Plans (Continued) Fair Value Measurements at June 30, 2011 Quoted Prices in Active Markets for Identical Assets (Level 1) Common stock U.S. companies International companies Equity mutual...

  • Page 161
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 17. Employee Benefit Plans (Continued) The following table sets forth the actual asset allocation for the Company' s global pension plan assets as of the measurement date: 2011(2) 2012(1),(2) Equity ...

  • Page 162
    ... 2012, the Company reorganized and streamlined its business unit reporting structure and broadened management spans of control. Starting with this annual report on Form 10-K the Oilseeds Processing reportable segment includes cocoa processing operations while the Agricultural Services reportable...

  • Page 163
    ... and lactic acids, lactates, sorbitol, xanthan gum, and glycols which are used in various food and industrial products. The Corn Processing segment includes the activities of a propylene and ethylene glycol facility and the Company' s Brazilian sugarcane ethanol plant and related operations. In...

  • Page 164
    .... Segment and Geographic Information (Continued) The Agricultural Services segment utilizes its extensive U.S. grain elevator, global transportation network, and port operations to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice, and barley...

  • Page 165
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 18. Segment and Geographic Information (Continued) Segment Information 2012 Sales to external customers Oilseeds Processing Corn Processing Agricultural Services Other Total Intersegment sales Oilseeds ...

  • Page 166
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 18. Segment and Geographic Information (Continued) 2012 Interest income Oilseeds Processing Corn Processing Agricultural Services Other Corporate Total Equity in earnings of affiliates Oilseeds Processing ...

  • Page 167
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 18. Segment and Geographic Information (Continued) 2012 (In millions) Gross additions to property, plant, and equipment Oilseeds Processing Corn Processing Agricultural Services Other Corporate Total $ 588 ...

  • Page 168
    ... of its U.S. plans due to the voluntary early retirement program. Facility exit and other related costs consist of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastic and Walhalla, ND, ethanol facilities of $349 million in the Corn Processing segment and...

  • Page 169
    Archer-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 20. Sale of Accounts Receivable (Continued) As of June 30, 2012, the fair value of trade receivables transferred to the Purchasers under the Program and derecognized from the Company' s consolidated balance ...

  • Page 170
    ...-Daniels-Midland Company Notes to Consolidated Financial Statements (Continued) Note 22. Quarterly Financial Data (Unaudited) Quarter Second Third Fourth (In millions, except per share amounts) $ 23,306 813 80 0.12 0.12 $ 21,155 1,008 399 0.60 0.60 $ 22,675 813 284 0.43 0.43 First Fiscal 2012 Net...

  • Page 171
    ..., in all material respects, the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Archer-Daniels-Midland Company' s internal control over financial reporting as of June 30, 2012, based on criteria...

  • Page 172
    ... statements of earnings, shareholders' equity, and cash flows for each of the three years in the period ended June 30, 2012, of Archer-Daniels-Midland Company and our report dated August 24, 2012, expressed an unqualified opinion thereon. /s/ Ernst & Young LLP St. Louis, Missouri August 24, 2012...

  • Page 173
    ... accounting firm, has issued an attestation report on the Company' s internal control over financial reporting as of June 30, 2012. That report is included herein. /s/ Patricia A. Woertz Patricia A. Woertz Chairman, Chief Executive Officer and President /s/ Ray G. Young Ray G. Young Senior Vice...

  • Page 174
    ... 2005. Senior Vice President of the Company from December 2010. Chief Risk Officer since August 2011. President, Agricultural Services business unit from September 2009 to August 2011. Vice President of the Company from January 2001 to December 2010. President of ADM Transportation from 1999 to...

  • Page 175
    ...Processing production operations. Vice President-Corn Processing Operations from March 1999 to November 2008. Vice President of the Company since December 2010. President, Milling and Alliance Nutrition since March 2012. President, Milling and Cocoa from December 2010 to March 2012. President of ADM...

  • Page 176
    ... Officer since December 2010. Vice President, International Operations at General Motors from February 2010 to October 2010. Chief Financial Officer at General Motors from March 2008 to January 2010. Various executive and financial positions at General Motors from 1986 to March 2008. 45 Ismael Roig...

  • Page 177
    ... Exercises and Stock Vested During Fiscal 2012," "Pension Benefits," "Nonqualified Deferred Compensation," "Termination of Employment and Changein-Control Arrangements" and "Director Compensation for Fiscal 2012" of the definitive proxy statement for the Company' s annual meeting of stockholders...

  • Page 178
    ... for a list of financial statements. (a)(2) Financial statement schedules SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Balance at Beginning of Year Balance at End of Year Additions Deductions (1) (In millions) - (12) (13) Other (2) Allowance for doubtful accounts 2010 2011 2012...

  • Page 179
    ...No. 1-44) filed on November 30, 2010), and Third Supplemental Indenture, dated as of April 4, 2011, between the registrant and The Bank of New York Mellon (incorporated by reference to Exhibit 4.4 to Form 8-K (File No. 1-44) filed on April 8, 2011 relating to: the $500,000,000 - 6.45% Debentures due...

  • Page 180
    ... with the Securities and Exchange Commission on September 25, 1996 (File No. 1-44)). (ii) The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees I, as amended (incorporated by reference to Exhibit 10(iii) to the Company' s Annual Report on Form 10-K for the...

  • Page 181
    ...Stock Unit Agreement for international employees. (xviii) Agreement Regarding Terms of Employment dated April 27, 2006 with Patricia A. Woertz (incorporated by reference to Exhibit 10.1 to the Company' s Current Report on Form 8-K (File No. 144) filed on May 1, 2006. (xix) The Archer-Daniels-Midland...

  • Page 182
    ... of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: August 24, 2012 ARCHER-DANIELS-MIDLAND COMPANY By: /s/ M. I. Smith M. I. Smith Senior Vice President, Secretary and General Counsel Pursuant to the requirements of the...

  • Page 183
    ... STOCK EXCHANGES NOTICE OF ANNUAL MEETING Archer Daniels Midland Company common stock is listed and traded on the New York Stock Exchange and the Frankfurt Stock Exchange. Ticker Symbol: ADM. TRANSFER AGENT AND REGISTRAR Hickory Point Bank and Trust, fsb 1099 W. Wood St., Suite G Decatur, IL...