-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, pVv+HDwvv8qXKWUPvPCz6eSkUtGqZK2vB/i+dii2rkV41jaC4t6D5Vrbt0zfsi9Y UdK+CRHRnYK1KrcQWwCL1Q== 0000007084-95-000012.txt : 19950623 0000007084-95-000012.hdr.sgml : 19950623 ACCESSION NUMBER: 0000007084-95-000012 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950622 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARCHER DANIELS MIDLAND CO CENTRAL INDEX KEY: 0000007084 STANDARD INDUSTRIAL CLASSIFICATION: FATS & OILS [2070] IRS NUMBER: 410129150 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00044 FILM NUMBER: 95548556 BUSINESS ADDRESS: STREET 1: 4666 FARIES PKWY CITY: DECATUR STATE: IL ZIP: 62526 BUSINESS PHONE: 2174245200 11-K 1 ADM SAV. & INV. PLAN FOR HOURLY EMPLOYEES Page 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X]Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 1994 or [ ]Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the transition period from ___________________ to _________________ Commission file number 1-44 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: ADM SAVINGS AND INVESTMENT PLAN FOR HOURLY EMPLOYEES B.Name of the issuer of the securities held pursuant to the Plan and the address of its principal executive office: ARCHER DANIELS MIDLAND COMPANY BOX 1470 DECATUR, IL 62525 1 Page 2 Audited Financial Statements ADM Savings And Investment Plan For Hourly Employees December 31, 1994 Report of Independent Auditors...................................... 3 Statements of Net Assets Available for Plan Benefits................ 4 Statements of Changes in Net Assets Available for Plan Benefits..... 5 Notes to Financial Statements....................................... 6 Schedule A--Assets Held for Investment.............................. 9 Schedule B--Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets................. 10 2 Page 3 Report of Independent Auditors Administrative Committee ADM Savings and Investment Plan for Hourly Employees Decatur, Illinois We have audited the accompanying statements of net assets available for plan benefits of the ADM Savings and Investment Plan for Hourly Employees (the "Plan") as of December 31, 1994 and 1993, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1994 and 1993, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1994 and transactions or series of transactions in excess of 5% of the current value of plan assets for the year ended December 31, 1994 are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole. ERNST & YOUNG Minneapolis, Minnesota June 1, 1995 3 Page 4 ADM Savings and Investment Plan for Hourly Employees Statements Of Net Assets Available For Plan Benefits December 31 1994 1993 ________________________ Assets Cash and cash equivalents $ 60,533$ 13,188 Investments (Note 1) Archer Daniels Midland Company common stock 17,138,498 8,465,548 Pfizer Incorporated common stock 1,699,037 1,737,972 Commingled fixed income fund 218,243 165,050 Equity mutual funds 102,702 40,587 __________ __________ 19,158,480 10,409,157 Contributions receivable from employer 230,830 122,856 Contributions receivable from employees 344,826 176,793 __________ __________ Net assets available for plan benefits $19,794,669$10,721,994 ========== ========== See accompanying notes. 4 Page 5 ADM Savings and Investment Plan for Hourly Employees Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31 1994 1993 __________________________________ Additions Contributions from Archer Daniels Midland Company (Note 2) $ 1,987,185 $ 1,254,615 Contributions from participating employees (Note 2) 2,936,424 1,805,423 Transfer of assets 180,536 1,628 Investment income Dividends 104,984 74,621 Interest 1,891 166 _________ _________ 5,211,020 3,136,453 Deductions Benefit payments Common stock 563,894 267,436 Cash 209,120 206,771 Other deductions (fees) 288 135 Transfer of assets 215,445 - _________ _________ 988,747 474,342 _________ _________ 4,222,273 2,662,111 Net realized and unrealized (depreciation) appreciation in fair value of investment 4,850,402 (782,679) _________ _________ Net increase 9,072,675 1,879,432 Net assets available for plan benefits at beginning of year 10,721,994 8,842,562 __________ __________ Net assets available for plan benefits at end of year $19,794,669 $10,721,99 4 ========== ========== See accompanying notes.
5 Page 6 ADM Savings And Investment Plan For Hourly Employees Notes To Financial Statements December 31, 1994 1. Significant Accounting Policies Basis of Accounting The accounting records of the Plan are maintained on the accrual basis. Investments Investments are carried at fair value. Common stocks are valued at the quoted market price on the last business day of the Plan year. Investments in commingled and mutual funds are stated at the reported net asset value on the last day of the Plan year. Unallocated funds are invested in a short-term money market account as deemed appropriate by the trustee. Plan Expenses All costs of administering the Plan are paid by Archer Daniels Midland Company ("the Company"). Plan Year The Plan year is the twelve month period ending December 31, corresponding to the tax year of the Company. 2. Description of the Plan The Plan is a defined contribution plan available to substantially all hourly employees of the Company who have completed one year of service. Under the terms of the Plan, employees electing to participate can contribute from 1% to 6% of their current gross cash compensation to the Plan, within ERISA limitations. In addition, the Company will match 100% of the first 2% employee contribution and, for most employees, 50% of the remaining 4% employee contribution. All contributions are received from the Company in the form of Archer Daniels Midland Company common stock and are fully vested to the participant. 6 Page 7 ADM Savings And Investment Plan For Hourly Employees Notes To Financial Statements (continued) The full value of an employee's account is payable following termination of employment. Withdrawal of shares acquired under 401(k) provisions is subject to hardship restrictions. The Company may terminate the Plan at any time. All plan assets are held and managed by National City Bank of Minneapolis (trustee of the Plan). The trust will continue for an indefinite period of time as provided by the Plan. 3. Investments The Plan's investments are held by a bank administered trust fund. During 1994 and 1993, the Plan's investments (including investments bought, sold, as well as held during the year) appreciated (depreciated) in fair value as follows: Net Appreciation (Depreciation) in Fair Value Fair Value at During Year End of Year ______________________________________ Year ended December 31, 1994 Archer Daniels Midland Company common stock $4,717,529 $17,138,498 Pfizer Incorporated common stock142,350 1,699,037 Commingled fixed income fund (10,313) 218,243 Equity mutual funds 836 102,702 _________ _________ $4,850,402 $19,158,480 ========= ========= Year ended December 31, 1993 Archer Daniels Midland Company common stock $(720,912) $8,465,548 Pfizer Incorporated common stock(85,683) 1,737,972 Commingled fixed income fund 18,426 165,050 Equity mutual funds 5,490 40,587 _______ __________ $(782,679) $10,409,157 ======= ========== At December 31, 1994 and 1993, the fair value of the Archer Daniels Midland Company common stock and the Pfizer Incorporated common stock represented 5% or more of the Plan's net assets. 7 Page 8 ADM Savings And Investment Plan For Hourly Employees Notes To Financial Statements (continued) 4. Transactions with Parties-in-Interest During the two years ended December 31, 1994, the Plan had the following transactions related to Archer Daniels Midland Company common stock: 1994 1993 _______________________ Number of common shares contributed 185,504 125,554 Number of common shares purchased - 299 Cost of common shares purchased - $ 7,044 Cash dividends received $52,992 $ 31,206 Shares received through stock dividends303,038 16,044 Number of common shares sold 6,536 6,151 Market value of common shares sold $161,065 $145,850 Cost of common shares sold $153,593 $145,888 5. Plan Terminations Although it has not expressed any intent to do so, the Company has the right to terminate the Plan at any time. Upon termination, all amounts in participatants' accounts are 100% invested. 6. Income Tax Status The Plan has not received a determination letter from the Internal Revenue Service stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code of 1986 (the "Code"). However, the plan administrator represents that the Plan is qualified and, therefore, is exempt from taxation. ADM has submitted the documentation to apply for tax exempt status of the Plan with the Internal Revenue Service (IRS). Once qualified, the Plan is required to operate in conformity with the Code and ERISA to maintain its tax exempt status. The administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. Distributions of benefits to participants, their estates or beneficiaries, generally are subject to federal income tax as either ordinary income or capital gain depending on the event giving rise to the distribution and the method used. 8 Page 9 ADM Savings And Investment Plan For Hourly Employees Schedule A--Assets Held For Investment December 31, 1994 Description of Investment Including Identity of Issue, Maturity Date, Rate of Borrower, Lessor or Interest, Par or Similar Party Maturity Value Cost Fair Value Archer Daniels Midland Company 830,958 shares of common stock$12,186,206$17,138,498 Pfizer Incorporated 21,994 shares of common stock 566,478 1,699,037 Equity mutual funds Frank Russell--Real Estate Securities Fund 497 units 10,113 11,201 Frank Russell--Equity I 745 units 17,958 17,379 Frank Russell--Equity II 164 units 4,019 4,093 Frank Russell--Equity III1,138 units 29,937 27,504 Frank Russell--Equity Q 713 units 17,549 17,420 Frank Russell--International732 units 25,845 25,105 __________ __________ 105,421 102,702 Commingled fixed income fund Federated High Yield Trust1,281 units 11,099 10,699 Federated International Income Fund 4,143 units 42,502 43,006 Frank Russell--Multistrategy Bond Fund 1,174 units 11,149 10,910 Frank Russell--Diversified Bond Fund 7,136 units 156,857 153,628 __________ __________ 221,607 218,243 __________ __________ Total assets held for investment $13,079,712$19,158,480 ========== ==========
9 Page 10 ADM Savings And Investment Plan For Hourly Employees Schedule B--Transactions or Series of Transactions in Excess of 5% of the Current Value of Plan Assets Year ended December 31, 1994 Net Purchase Selling Cost of Gain Identity of Party Involved Description of Asset/TransactionPrice Price Asset (Loss) Category (iii)-Series of Transactions National City Bank Prime Cash Money Market Fund: Purchased 381,230 units in 85 transactions $376,231 $376,231 Sold 327,368 units in 82 transactions $327,368 $327,368 Archer Daniels Midland Company Archer Daniels Midland Company common stock Received for 401(k) plan contribution 185,504 shares in 12 transactions$4,647,602 $4,647,602 Sold 6,536 shares in 25 transactions $161,065 $153,593 $7,472 There were no category (i), (ii) or (iv) transactions during the year.
10 Page 11 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed by the undersigned thereunto duly authorized. ARCHER DANIELS MIDLAND COMPANY Douglas J. Schmalz Vice President and Chief Financial Officer Dated: June 22, 1995 11 Page 12 Exhibit 23 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-27331 dated March 20, 1989) pertaining to the ADM Savings and Investment Plan for Hourly Employees of our report dated June 1, 1995 with respect to the financial statements and schedules of the ADM Savings and Investment Plan for Hourly Employees included in this Annual Report (Form 11-K) for the year ended December 31, 1994. ERNST & YOUNG Minneapolis, Minnesota June 21, 1995 12 -----END PRIVACY-ENHANCED MESSAGE-----