Archer Daniels Midland 2007 Annual Report Download - page 67

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59
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 10. Other Income – Net
2007 2006 2005
(In millions)
Interest expense $ 434 $ 365 $ 326
Investment income (257) (204) (135)
Loss on extinguishment of debt 46 4 –
Net gain on marketable
securities transactions (393) (40) (113)
Gain on exchange of
unconsolidated affiliates (440) – –
Net (gain) loss on sales of businesses (209) 12 (1)
Equity in earnings of
unconsolidated affiliates (294) (174) (229)
Other – net 1 (45) (14)
$(1,112) $ (82) $ (166)
Interest expense is net of interest capitalized of $24 million, $11 million, and $11 million in 2007, 2006, and 2005,
respectively. The Company made interest payments of $425 million, $365 million, and $326 million in 2007,
2006, and 2005, respectively. Realized gains on sales of available-for-sale marketable securities totaled $394
million, $41 million, and $114 million in 2007, 2006, and 2005, respectively. Realized losses totaled $1 million in
each year 2007, 2006, and 2005.
Note 11. Income Taxes
For financial reporting purposes, earnings before income taxes include the following components.
2007 2006 2005
(In millions)
United States $1,902 $1,321 $ 978
Foreign
1,252 534 538
$3,154 $1,855 $1,516
Significant components of income taxes are as follows:
2007 2006 2005
(In millions)
Current
Federal
$ 691 $ 490 $ 188
State
68 33 40
Foreign
124 121 2
Deferred
Federal
(24) (105) 136
State
(16) 1 6
Foreign
149 3 100
$ 992 $ 543 $ 472