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PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2011
PARENT COMPANY CONDENSED FINANCIAL INFORMATION [Abstract] |
Parent Company's Condensed Balance Sheets | The following table presents the Parent Company's condensed balance sheets as of December 31, 2011 and 2010 (in millions):
|  | 2011 |  |  | 2010 |
ASSETS |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  |  | $ | - |
Accounts and other receivables, net |  |  | 3 |  |  |  | 5 |
Inventories |  |  | 24 |  |  |  | 16 |
Real estate held for sale |  |  | -- |  |  |  | 3 |
Prepaid expenses and other |  |  | 5 |  |  |  | 6 |
Total current assets |  |  | 33 |  |  |  | 30 |
Investments: |  |  |  |  |  |  |  |
Subsidiaries consolidated, at equity |  |  | 1,313 |  |  |  | 1,299 |
Property, at Cost |  |  | 518 |  |  |  | 501 |
Less accumulated depreciation and amortization |  |  | 237 |  |  |  | 225 |
Property – net |  |  | 281 |  |  |  | 276 |
Other Assets |  |  | 16 |  |  |  | 17 |
Total |  | $ | 1,643 |  |  | $ | 1,622 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 34 |  |  | $ | 108 |
Accounts payable |  |  | 6 |  |  |  | 8 |
Income taxes payable |  |  | 22 |  |  |  | 2 |
Non-qualified benefit plans |  |  | 1 |  |  |  | 1 |
Other |  |  | 17 |  |  |  | 17 |
Total current liabilities |  |  | 80 |  |  |  | 136 |
Long-term Debt |  |  | 308 |  |  |  | 230 |
Employee Benefit Plans |  |  | 41 |  |  |  | 27 |
Non-qualified Benefit Plans |  |  | 8 |  |  |  | 10 |
Other Long-term Liabilities |  |  | 19 |  |  |  | 11 |
Deferred Income Taxes |  |  | 50 |  |  |  | 50 |
Due to Subsidiaries |  |  | 14 |  |  |  | 22 |
Shareholders' Equity: |  |  |  |  |  |  |  |
Capital stock |  |  | 34 |  |  |  | 34 |
Additional capital |  |  | 239 |  |  |  | 223 |
Accumulated other comprehensive loss |  |  | (92 | ) |  |  | (82 | )
Retained earnings |  |  | 953 |  |  |  | 972 |
Cost of treasury stock |  |  | (11 | ) |  |  | (11 | )
Total shareholders' equity |  |  | 1,123 |  |  |  | 1,136 |
Total |  | $ | 1,643 |  |  | $ | 1,622 |
Parent Company's Condensed Statements of Income | The following table presents the Parent Company's condensed statements of income for the years ended December 31, 2011, 2010, and 2009 (in millions):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Agribusiness |  | $ | 128 |  |  | $ | 117 |  |  | $ | 73 |
Real estate leasing |  |  | 24 |  |  |  | 16 |  |  |  | 13 |
Real estate sales |  |  | 15 |  |  |  | 2 |  |  |  | 8 |
Interest and other |  |  | 3 |  |  |  | 6 |  |  |  | 2 |
Total revenue |  |  | 170 |  |  |  | 141 |  |  |  | 96 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of agribusiness goods and services |  |  | 113 |  |  |  | 114 |  |  |  | 109 |
Cost of real estate sales and leasing |  |  | 21 |  |  |  | 11 |  |  |  | 9 |
Selling, general and administrative |  |  | 21 |  |  |  | 24 |  |  |  | 21 |
Interest and other |  |  | 16 |  |  |  | 16 |  |  |  | 16 |
Income tax benefit (expense) |  |  | 2 |  |  |  | (12 | ) |  |  | (22 | )
Total costs and expenses |  |  | 173 |  |  |  | 153 |  |  |  | 133 |
Loss from Continuing Operations |  |  | (3 | ) |  |  | (12 | ) |  |  | (37 | )
Discontinued Operations, net of income taxes |  |  | 2 |  |  |  | 24 |  |  |  | 11 |
Income (Loss) Before Equity in Income of Subsidiaries Consolidated |  |  | (1 | ) |  |  | 12 |  |  |  | (26 | )
Equity in Income from Continuing Operations of Subsidiaries Consolidated |  |  | 58 |  |  |  | 81 |  |  |  | 44 |
Equity in Income (Loss) from Discontinued Operations of Subsidiaries Consolidated |  |  | (23 | ) |  |  | (1 | ) |  |  | 26 |
Net Income |  |  | 34 |  |  |  | 92 |  |  |  | 44 |
Other Comprehensive Income (Loss), net of income taxes |  |  | (10 | ) |  |  | (1 | ) |  |  | 15 |
Comprehensive Income |  | $ | 24 |  |  | $ | 91 |  |  | $ | 59 |
Parent Company's Condensed Statements of Cash Flows | The following table presents the Parent Company's condensed statements of cash flows for the years ended December 31, 2011, 2010, and 2009 (in millions):
|  | 2011 |  |  | 2010 |  |  | 2009 |
Cash Flows from Operations (including dividends received from subsidiaries) |  | $ | 96 |  |  | $ | 37 |  |  | $ | 90 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (10 | ) |  |  | (14 | ) |  |  | (6 | )
Purchase of investments |  |  | (58 | ) |  |  | (67 | ) |  |  | (96 | )
Proceeds from disposal of property and sale of investments |  |  | 12 |  |  |  | 36 |  |  |  | 28 |
Net cash used in investing activities |  |  | (55 | ) |  |  | (45 | ) |  |  | (74 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in intercompany payables/receivables |  |  | -- |  |  |  | -- |  |  |  | (13 | )
Proceeds from (repayments of) long-term debt, net |  |  | 3 |  |  |  | 52 |  |  |  | 51 |
Proceeds from issuance of capital stock and other |  |  | 10 |  |  |  | 7 |  |  |  | (1 | )
Repurchases of capital stock |  |  | -- |  |  |  | -- |  |  |  | -- |
Dividends paid |  |  | (53 | ) |  |  | (52 | ) |  |  | (52 | )
Net cash used in financing activities |  |  | (40 | ) |  |  | 7 |  |  |  | (15 | )
Cash and Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) for the year |  |  | 1 |  |  |  | (1 | ) |  |  | 1 |
Balance, beginning of year |  |  | -- |  |  |  | 1 |  |  |  | -- |
Balance, end of year |  | $ | 1 |  |  | $ | -- |  |  | $ | 1 |
Other Cash Flow Information: |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | (16 | ) |  | $ | (15 | ) |  | $ | (13 | )
Income taxes paid, net of refunds |  | $ | (25 | ) |  | $ | (46 | ) |  | $ | (38 | )
Other Non-cash Information: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 16 |  |  | $ | 16 |  |  | $ | 17 |
Tax-deferred property sales |  | $ | 16 |  |  | $ | 65 |  |  | $ | 29 |
Tax-deferred property purchases |  | $ | (12 | ) |  | $ | (78 | ) |  | $ | (40 | )
Parent Company's Long-Term Debt | Long-term Debt: At December 31, 2011 and 2010, long-term debt consisted of the following (in millions):
|  | 2011 |  |  | 2010 |
Revolving Credit loans (1.24% for 2011 and 0.57% for 2010) |  | $ | 113 |  |  | $ | 93 |
Term Loans: |  |  |  |  |  |  |  |
6.90%, payable through 2020 |  |  | 100 |  |  |  | 100 |
5.53%, payable through 2016 |  |  | 42 |  |  |  | 50 |
5.55%, payable through 2017 |  |  | 50 |  |  |  | 50 |
5.56%, payable through 2016 |  |  | 25 |  |  |  | 25 |
4.10%, payable through 2012 |  |  | 4 |  |  |  | 12 |
6.20%, payable through 2013, secured by Deere Valley Center |  |  | 2 |  |  |  | 2 |
5.50%, payable through 2014, secured by Little Cottonwood Center |  |  | 6 |  |  |  | 6 |
Total |  |  | 342 |  |  |  | 338 |
Less current portion |  |  | (34 | ) |  |  | (108 | )
Long-term debt |  | $ | 308 |  |  | $ | 230 |

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