Archer Daniels Midland 2009 Annual Report Download - page 69

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63
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 11.
Other (Income) Expense – Net
2009
2008
2007
(In millions)
Interest expense
$ 430
$ 477
$ 434
Investment income
(181)
(269)
(257)
Loss on extinguishment of debt
–
–
46
Net (gain) loss on marketable
securities transactions
6
(38)
(393)
Net (gain) loss on exchange of
unconsolidated affiliates
11
(9)
(440)
Net gain on sales of businesses
(24)
(8)
(209)
Equity in earnings of
unconsolidated affiliates
(145)
(415)
(294)
Other – net
46
61
1
$ 143
$(201)
$(1,112)
Interest expense is net of interest capitalized of $95 million, $52 million, and $24 million in 2009, 2008, and 2007,
respectively. The Company made interest payments of $522 million, $485 million, and $425 million in 2009,
2008, and 2007, respectively. Realized gains on sales of available-for-sale marketable securities totaled $17
million, $39 million, and $394 million in 2009, 2008, and 2007, respectively. Annual realized losses on sales of
available-for-sale marketable securities were $1 million in 2009, 2008, and 2007. Impairment losses on securities
totaled $22 million in 2009.
Note 12.
Income Taxes
For financial reporting purposes, earnings before income taxes include the following components.
2009
2008
2007
(In millions)
United States
$1,370
$1,445
$1,902
Foreign
1,164
1,179
1,252
$2,534
$2,624
$3,154
Significant components of income taxes are as follows:
2009
2008
2007
(In millions)
Current
Federal
$ 626
$ 540
$ 691
State
28
46
68
Foreign
139
364
124
Deferred
Federal
10
(51)
(24)
State
11
12
(16)
Foreign
13
(89)
149
$ 827
$ 822
$ 992