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Investments In And Advances To Affiliates
12 Months Ended
Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Investments In And Advances To Affiliates
Investments in and Advances to Affiliates

The Company applies the equity method of accounting for investments in investees over which the Company has the ability to exercise significant influence, including the Company’s 19.0% and 17.3% share ownership in Wilmar as of December 31, 2015 and 2014, respectively.  The Company had 58 and 60 unconsolidated domestic and foreign affiliates as of December 31, 2015 and 2014, respectively.  The following table summarizes the combined balance sheets as of December 31, 2015 and 2014, and the combined statements of earnings of the Company’s unconsolidated affiliates for the years ended December 31, 2015, 2014, and 2013.
 
 
December 31
(In millions)
2015
 
2014
Current assets
$
25,475

 
$
27,307

Non-current assets
21,077

 
21,624

Current liabilities
(20,362
)
 
(19,370
)
Non-current liabilities
(8,449
)
 
(9,882
)
Noncontrolling interests
(947
)
 
(897
)
Net assets
$
16,794

 
$
18,782


 
Year Ended
 
December 31
(In millions)
2015
 
2014
 
2013
 
 
 
 
 
 

Net Sales
$
47,980

 
$
50,591

 
$
51,967

Gross profit
4,530

 
4,558

 
4,373

Net income
1,428

 
1,561

 
1,762



The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December 31, 2015, is $1.9 billion.  The Company has a direct investment in a foreign equity method investee with a carrying value of $2.6 billion as of December 31, 2015, and a market value of $2.5 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at December 31, 2015. The investment has been in an unrealized loss position for less than 12 months. The Company evaluated the near-term prospects of the investee in relation to the severity and duration of the impairment. Based on that evaluation, the Company does not consider this investment to be other-than-temporarily impaired at December 31, 2015.

The Company provides credit facilities totaling $90 million to four unconsolidated affiliates.  Three facilities that are due on demand and bear interest between 2.67% and 3.17% have a total outstanding balance of $27 million. The other one facility has no outstanding balance as of December 31, 2015.  The outstanding balance is included in other current assets in the accompanying consolidated balance sheet.