Archer Daniels Midland 2009 Annual Report Download - page 73

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67
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 13.
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
2026. Rent expense for 2009, 2008, and 2007 was $217 million, $201 million, and $166 million, respectively.
Future minimum rental payments for non-cancelable operating leases with initial or remaining terms in excess of
one year are as follows:
Minimum Rental
Payments
Fiscal years
(In millions)
2010
$ 224
2011
205
2012
235
2013
198
2014
139
Thereafter
273
Total minimum lease payments
$1,274
Note 14.
Employee Benefit Plans
The Company provides substantially all domestic employees and employees at certain international subsidiaries
with pension benefits. Eligible domestic employees with five or more years of service prior to January 1, 2009
participate in a defined benefit pension plan. Eligible domestic employees hired on or after January 1, 2009 (and
eligible salaried employees with less than five years of service prior to January 1, 2009) participate in a “cash
balance” pension formula. The Company provides eligible domestic employees who retire under qualifying
conditions with access to postretirement health care, at full cost to the retiree (certain employees are
“grandfathered” into subsidized coverage).
The Company also maintains 401(k) plans covering substantially all domestic employees. The Company
contributes cash to the plans to match qualifying employee contributions, and also provides a non-matching
employer contribution of 1% of 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 common stocks and pooled funds. The Company’s 401(k) plans held 17.3 million shares of Company
common stock at June 30, 2009, with a market value of $462 million. Cash dividends received on shares of
Company common stock by these plans during the year ended June 30, 2009 were $9 million.