Archer Daniels Midland 2010 Annual Report Download - page 71

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67
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 11.
Other (Income) Expense – Net
2010
2009
2008
(In millions)
Interest expense
$ 422
$ 469
$ 513
Investment income
(126)
(181)
(269)
Loss on extinguishment of debt
75
–
–
Unrealized losses on interest rate swaps
59
–
–
Net (gain) loss on marketable
securities transactions
6
6
(38)
Net (gain) loss on sale of
unconsolidated affiliates
(15)
11
(9)
Net gain on sales of businesses
–
(24)
(8)
Equity in earnings of
unconsolidated affiliates
(561)
(145)
(415)
Other – net
–
41
55
$ (140)
$ 177
$ (171)
Interest expense is net of interest capitalized of $75 million, $95 million, and $52 million in 2010, 2009, and 2008,
respectively. The Company made interest payments of $453 million, $522 million, and $485 million in 2010,
2009, and 2008, respectively. Realized gains on sales of available-for-sale marketable securities totaled $12
million, $17 million, and $39 million in 2010, 2009, and 2008, respectively. Annual realized losses on sales of
available-for-sale marketable securities were $3 million in 2010, $1 million in 2009, and $1 million in 2008.
Impairment losses on securities totaled $15 million and $22 million in 2010 and 2009, respectively.
Note 12.
Income Taxes
For financial reporting purposes, earnings before income taxes include the following components.
2010
2009
2008
(In millions)
United States
$ 1,453
$ 1,332
$ 1,409
Foreign
1,132
1,168
1,185
$ 2,585
$ 2,500
$ 2,594
Significant components of income taxes are as follows:
2010
2009
2008
(In millions)
Current
Federal
$ 422
$ 626
$ 540
State
18
28
46
Foreign
195
139
363
Deferred
Federal
107
(4)
(63)
State
(4)
10
11
Foreign
(72)
13
(89)
$ 666
$ 812
$ 808