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Archer Daniels Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Marketable Securities and Cash Equivalents Unrealized Unrealized Cost Gains Losses Fair Value (In millions) 2008 United States government obligations Maturity less than 1 year $ 483 $ 1 $ (1) $ 483 Maturity 1 to 5 years Government–sponsored mortgagebacked securities 33 – (1) 32 Maturity less than 1 year 77 2 – 79 Maturity 1 to 5 years 69 – (1) 68 Maturity greater than 10 years Corporate debt securities 198 1 (3) 196 Maturity less than 1 year 6 – – 6 Maturity 1 to 5 years 49 – – 49 Maturity greater than 10 years Other debt securities 13 – – 13 Maturity less than 1 year 355 – (1) 354 Maturity 5 to 10 years 7 – – 7 Maturity greater than 10 years Equity securities 1 – – 1 Available-for-sale 88 52 (18) 122 Trading 23 – – 23 $ 1,402 $ 56 $ (25) $ 1,433 Unrealized Unrealized Cost Gains Losses Fair Value (In millions) 2007 United States government obligations Maturity less than 1 year $ 243 $ 1 $ (1) $ 243 Maturity 1 to 5 years Government–sponsored mortgage-backed securities 43 – (1) 42 Maturity less than 1 year 104 – – 104 Maturity 1 to 5 years 146 – (1) 145 Maturity greater than 10 years Corporate debt securities 179 – (6) 173 Maturity 1 to 5 years 49 – (1) 48 Maturity greater than 10 years Other debt securities 14 – – 14 Maturity less than 1 year 358 – – 358 Maturity 5 to 10 years 6 – – 6 Maturity greater than 10 years Equity securities 1 – – 1 Available-for-sale 120 99 (17) 202 Trading 25 – – 25 $ 1,288 $ 100 $ (27) $ 1,361 46
Archer Daniels Midland Company Notes to Consolidated Financial Statements (Continued) Note 3. Marketable Securities and Cash Equivalents (Continued) Of the $25 million in unrealized losses at June 30, 2008, $5 million arose within the last 12 months. The market value of the investments that have been in an unrealized loss position for less than 12 months and for 12 months and longer is $292 million and $148 million, respectively. The market value of United States government obligations, government-sponsored mortgage-backed securities, corporate debt securities, and other debt securities with unrealized losses as of June 30, 2008, is $383 million. The $7 million of unrealized losses associated with United States government obligations, government-sponsored mortgage-backed securities, and other debt securities are not considered to be other-than-temporary because their unrealized losses are related to changes in interest rates and do not affect the expected cash flows to be received upon maturity of these investments or the credit quality of the issuer. The market value of available-for-sale equity securities with unrealized losses as of June 30, 2008, is $57 million. The $18 million of unrealized losses associated with these available-for-sale equity securities are principally related to long-term strategic investments. The Company has the intent and ability to hold its debt and equity securities for a period of time sufficient to recover all unrealized losses. The Company has not recognized any other-than-temporary impairments for its debt and equity securities. Note 4. Inventories and Derivatives To reduce price risk caused by market fluctuations, the Company generally follows a policy of using exchangetraded futures and exchange-traded and over-the-counter options contracts to minimize its net position of merchandisable agricultural commodity inventories and forward cash purchase and sales contracts. The Company will also use exchange-traded futures and exchange-traded and over-the-counter 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 volatility of the relationship between the value of exchange-traded commodities futures contracts and the cash prices of the underlying commodities, counterparty contracts defaults, and volatility of freight markets. Inventories of certain merchandisable agricultural commodities, which include amounts acquired under deferred pricing contracts, are stated at market value. Exchange-traded futures and exchange-traded and over-the-counter options contracts, and forward cash purchase and sales contracts of certain merchandisable agricultural commodities, none of which are designated as fair value hedges, are valued at market price. Changes in the market value of inventories of merchandisable agricultural commodities, forward cash purchase and sales contracts, and exchange-traded futures and exchange-traded and over-the-counter options contracts are recognized in earnings immediately, resulting in cost of goods sold approximating first-in, first-out (FIFO) cost. Unrealized gains on forward cash purchase contracts, forward cash sales contracts, and exchange-traded futures and exchange-traded and over-the-counter options contracts represent the fair value of such instruments and are classified on the Company’s balance sheet as receivables. Unrealized losses on forward cash purchase contracts, forward cash sales contracts, and exchange-traded futures and exchange-traded and over-the-counter options contracts represent the fair value of such instruments and are classified on the Company’s balance sheet as accounts payable. 47
Page 1 and 2:
Relatório Anual 2008 da Archer Dan
Page 3 and 4:
DESTAQUES FINANCEIROS (em milhões,
Page 5 and 6:
No ano, o lucro líquido atingiu US
Page 7 and 8:
O ELO VITAL: Os negócios da ADM co
Page 9 and 10: O MUNDO PRECISA DE CONEXÃO. A RESP
Page 11 and 12: Erik Lightner, da ADM, supervisiona
Page 13 and 14: A BASE DE ATIVOS GLOBAIS DA ADM EST
Page 15 and 16: UNITED STATES SECURITIES AND EXCHAN
Page 17 and 18: Table of Contents Item No. Descript
Page 19 and 20: Item 1. BUSINESS (Continued) Golden
Page 21 and 22: Item 1. BUSINESS (Continued) Corpor
Page 23 and 24: Item 1. BUSINESS (Continued) The Co
Page 25 and 26: Item 1A. RISK FACTORS (Continued) T
Page 27 and 28: Item 2. PROPERTIES The Company owns
Page 29 and 30: Item 2. PROPERTIES (Continued) Othe
Page 31 and 32: Item 5. MARKET FOR REGISTRANT’S C
Page 33 and 34: Item 6. SELECTED FINANCIAL DATA Sel
Page 35 and 36: Item 7. MANAGEMENT’S DISCUSSION A
Page 49 and 50: Item 7A. QUANTITATIVE AND QUALITATI
Page 51 and 52: Archer Daniels Midland Company Cons
Page 53 and 54: Archer Daniels Midland Company Cons
Page 55 and 56: Archer Daniels Midland Company Note
Page 59: Archer Daniels Midland Company Note
Page 63 and 64: Note 5. Investments in and Advances
Page 65 and 66: Note 7. Debt and Financing Arrangem
Page 69 and 70: Note 8. Shareholders’ Equity (Con
Page 73 and 74: Note 11. Income Taxes (Continued) A
Page 75 and 76: Note 11. Income Taxes (Continued) A
Page 77 and 78: Note 13. Employee Benefit Plans (Co
Page 87 and 88: The Board of Directors and Sharehol
Page 89 and 90: Item 9. CHANGES IN AND DISAGREEMENT
Page 91 and 92: Item 10. DIRECTORS, EXECUTIVE OFFIC
Page 93 and 94: Item 12. SECURITY OWNERSHIP OF CERT
Page 95 and 96: Item 15. EXHIBITS AND FINANCIAL STA
Page 97 and 98: Item 15. EXHIBITS AND FINANCIAL STA
Page 99 and 100: EXHIBIT 21--SUBSIDIARIES OF THE REG
Page 101 and 102: Registration Statement No. 333-4261
Page 103 and 104: ARCHER-DANIELS-MIDLAND COMPANY Powe
Page 111 and 112:
ARCHER-DANIELS-MIDLAND COMPANY Powe
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d) Disclosed in this report any cha
Page 115 and 116:
d) Disclosed in this report any cha
Page 117 and 118:
SECTION 1350 CERTIFICATION 103 Exhi
Page 119:
NUTRIÇÃO CONEXÃO ENERGIA PROGRES
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Portuguese - ADM

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