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Archer Daniels Midland CompanyNotes to Consolidated Financial Statements (Continued)Note 11.Income Taxes (Continued)Significant components of the Company’s deferred tax liabilities and assets are as follows:2007 2006(In millions)Deferred tax liabilitiesDepreciation $ 595 $ 634Bond discount amortization 16 20Unrealized gain on marketable securities 26 107Equity in earnings of affiliates 246 46Other 54 85937 892Deferred tax assetsPension and postretirement benefits 140 30Reserves and other accruals 23 18Purchased call options 109 –Tax credit carryforwards, net 49 48Other 118 85439 181Net deferred tax liabilities 498 711Current net deferred tax assets includedin other assets 34 46Non-current net deferred tax liabilities $ 532 $ 757Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate on earnings is as follows:2007 2006 2005Statutory rate 35.0% 35.0% 35.0%Export tax incentives (0.5) (1.8) (2.6)State income taxes, net offederal tax benefit 1.4 1.9 1.4Foreign earnings taxed at ratesother than the U.S. statutory rate (2.9) (4.7) (4.0)Adjustment of income taxes tofiled tax returns (0.4) (2.2) –Other (1.1) 1.1 1.3Effective rate 31.5% 29.3% 31.1%The Company made income tax payments of $794 million, $508 million, and $238 million in 2007, 2006, and2005, respectively.60
Archer Daniels Midland CompanyNotes to Consolidated Financial Statements (Continued)Note 11.Income Taxes (Continued)The Company has $82 million and $85 million of tax assets for net operating loss carryforwards related tocertain international subsidiaries at June 30, 2007 and 2006, respectively. As of June 30, 2007, approximately$70 million of these assets have no expiration date, and the remaining $12 million expire at various timesthrough fiscal 2016. The annual usage of certain of these assets is limited to a percentage of the taxable incomeof the respective international subsidiary for the year. The Company has recorded a valuation allowance of $52million and $59 million against these tax assets at June 30, 2007 and 2006, respectively, due to the uncertainty oftheir realization. The Company also has $44 million of tax assets related to excess foreign tax credits whichbegin to expire in fiscal 2013 and $17 million of tax assets related to state income tax incentive credits net offederal benefit which expire at various times through fiscal 2011. The Company has recorded a valuationallowance of $15 million against the excess foreign tax credits and $1 million against the state income taxincentive credits at June 30, 2007, due to the uncertainty of their realization. As of June 30, 2006, the Companyhad no valuation allowance recorded related to excess foreign tax credits and a $14 million valuation allowancerelated to state income tax incentive credits.Undistributed earnings of the Company’s foreign subsidiaries and affiliated corporate joint venture companiesaccounted for on the equity method amounting to approximately $3.6 billion at June 30, 2007, are considered tobe permanently reinvested, and accordingly, no provision for U.S. income taxes has been provided thereon. It isnot practicable to determine the deferred tax liability for temporary differences related to these undistributedearnings.Note 12.LeasesThe Company leases manufacturing and warehouse facilities, real estate, transportation assets, and otherequipment under non-cancelable operating leases which expire at various dates through the year 2076. Rentexpense for 2007, 2006, and 2005 was $166 million, $129 million, and $116 million, respectively. Futureminimum rental payments for non-cancelable operating leases with initial or remaining terms in excess of oneyear are as follows:Fiscal years(In millions)2008 $ 3182009 1442010 972011 792012 53Thereafter 209Total minimum lease payments $ 90061
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ARCHER DANIELS MIDLAND COMPANY RELA
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Aos Acionistas e Funcionários da A
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Em Clinton, Iowa, está em andament
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DiretoresPatricia A. WoertzPresiden
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Indicate by check mark if the regis
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PART IItem 1.BUSINESSCompany Overvi
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Item 1.BUSINESS (Continued)The Comp
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Item 1.BUSINESS (Continued)Seasonal
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Portuguese - ADM

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