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Financial Highlights

  
Net Earnings Attributable to Controlling
Interests ($ millions)
  Segment Operating Profit ($ millions) 
       
 
 
   
Return on Invested Capital   Cash Dividends Per Share
       

 
 

Selected Financial Data (In millions, except ratio and per share data)

  2011 2010 2009 2008 2007
Net sales and other operating income $ 80,676 $ 61,682 $ 69,207 $ 69,816 $ 44,018
Net earnings attributable to controlling interests 2,036 1,930 1,684 1,780 2,154
      Basic earnings per common share 3.17 3.00 2.62 2.76 3.31
      Diluted earnings per common share 3.13 3.00 2.62 2.75 3.28
Cash dividends 395 372 347 316 281
      Per common share 0.62 0.58 0.54 0.49 0.43
Working capital $ 14,286 $ 9,561 $ 10,523 $ 10,833 $ 7,254
      Current ratio 2.1 2.1 2.2 1.7 1.9
Inventories 12,055 7,871 7,782 10,160 6,060
Net property, plant, and equipment 9,500 8,712 7,950 7,125 6,010
Gross additions to property, plant, and equipment 1,512 1,788 2,059 1,789 1,404
Total assets 42,193 31,808 31,582 37,052 25,114
Long-term debt, excluding current maturities 8,266 6,830 7,592 7,443 4,468
Shareholders' equity 18,838 14,631 13,653 13,666 11,446
      Per common share 27.87 22.89 21.27 21.22 17.80
Weighted average shares outstanding-basic 642 643 643 644 651
Weighted average shares outstanding-diluted 654 644 644 646 656

 

Significant items affecting the comparability of the financial data shown above are as follows:

  • 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 $94 million ($59 million after tax, equal to $0.09 per share), charges on early extinguishment of debt of $15 million ($9 million after tax, equal to $0.01 per share), gains on interest rate swaps of $30 million ($19 million after tax, equal to $0.03 per share) and a gain of $78 million ($49 million after tax, equal to $0.07 per share) related to the sale of bank securities held by the Company's equity investee, Gruma S.A.B de C.V. During the second quarter of fiscal year 2011, the Company updated its estimates for service lives of certain of its machinery and equipment assets. The effect of this change in accounting estimate on pre-tax earnings for the year ended June 30, 2011 was an increase of $133 million ($83 million after tax, equal to $0.13 per share). Basic and diluted weighted average shares outstanding for 2011 include 44 million shares issued on June 1, 2011 related to the Equity Unit conversion. Diluted weighted average shares outstanding for 2011 include 44 million shares assumed issued on January 1, 2011 as required using the "if-converted" method of calculating diluted earnings per share for the quarter ended March 31, 2011. See Note 9 in Item 8, Financial Statements and Supplementary Data (Item 8), for earnings per share calculation.
     
  • Net earnings attributable to controlling interests for 2010 include a charge of $75 million ($47 million after tax, equal to $0.07 per share) related to loss on extinguishment of debt resulting 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 for 2009 include a non-cash charge of $275 million ($171 million after tax, equal to $0.27 per share) related to currency derivative losses of the Company's equity investee, Gruma S.A.B. de C.V., and a $158 million income tax charge (equal to $0.24 per share) related to the reorganization of the holding company structure in which the Company holds a portion of its equity investment in Wilmar. For further information concerning Wilmar-related tax matters, see Note 13 in Item 8.
     
  • Net earnings attributable to controlling interests for 2007 include a gain of $440 million ($286 million after tax, equal to $0.44 per share) related to the exchange of the Company's interests in certain Asian joint ventures for shares of Wilmar, realized securities gains of $357 million ($225 million after tax, equal to $0.34 per share) related to the Company's sale of equity securities of Tyson Foods Inc. and Overseas Shipholding Group Inc. and a $209 million gain ($132 million after tax, equal to $0.20 per share) related to the sale of businesses.
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