PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2010

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, 2010 and 2009 (in millions):

	2010			2009
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	1
Accounts and other receivables, net		5			12
Inventories		16			15
Real estate held for sale		3			7
Prepaid expenses and other		6			6
Total current assets		30			41
Investments:
Subsidiaries consolidated, at equity		1,299			1,210
Property, at Cost		501			455
Less accumulated depreciation and amortization		225			226
Property -- net		276			229
Other Assets		17			32
Total	$	1,622		$	1,512

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt	$	108		$	40
Accounts payable		8			10
Income taxes payable		2			24
Non-qualified benefit plans		1			17
Other		17			15
Total current liabilities		136			106
Long-term Debt		230			239
Employee Benefit Plans		27			22
Non-qualified Benefit Plans		10			8
Other Long-term Liabilities		11			4
Deferred Income Taxes		50			42
Due to Subsidiaries		22			6
Shareholders' Equity:
Capital stock		34			33
Additional capital		223			210
Accumulated other comprehensive loss		(82	)		(81	)
Retained earnings		972			934
Cost of treasury stock		(11	)		(11	)
Total shareholders' equity		1,136			1,085
Total	$	1,622		$	1,512

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, 2010, 2009 and 2008 (in millions):

	2010			2009			2008
Revenue:
Agribusiness	$	117		$	73		$	91
Real estate leasing		16			13			10
Real estate sales		2			8			6
Interest and other		6			2			3
Total revenue		141			96			110

Costs and Expenses:
Cost of agribusiness goods and services		114			109			110
Cost of real estate sales and leasing		11			9			8
Selling, general and administrative		24			21			21
Interest and other		16			16			14
Income tax benefit		(13	)		(22	)		(18	)
Total costs and expenses		153			133			135

Loss from Continuing Operations		(12	)		(37	)		(25	)

Discontinued Operations, net of income taxes		24			11			21

Income (Loss) Before Equity in Income of Subsidiaries Consolidated		12			(26	)		(4	)

Equity in Income from Continuing Operations of Subsidiaries Consolidated		81			44			109

Equity in Income (Loss) from Discontinued Operations of Subsidiaries Consolidated		(1	)		26			27

Net Income		92			44			132

Other Comprehensive Income (Loss), net of income taxes		(1	)		15			(91	)

Comprehensive Income	$	91		$	59		$	41

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, 2010, 2009 and 2008 (in millions):

	2010			2009			2008
Cash Flows from Operations (including dividends received from subsidiaries)	$	37		$	90		$	144

Cash Flows from Investing Activities:
Capital expenditures		(14	)		(6	)		(16	)
Purchase of investments		(67	)		(96	)		(12	)
Proceeds from disposal of property and sale of investments		36			28			9
Net cash used in investing activities		(45	)		(74	)		(19	)

Cash Flows from Financing Activities:
Change in intercompany payables/receivables		--			(13	)		(4	)
Proceeds from (repayments of) long-term debt, net		52			51			(16	)
Proceeds from issuance of capital stock and other		7			(1	)		2
Repurchases of capital stock		--			--			(59	)
Dividends paid		(52	)		(52	)		(51	)
Net cash used in financing activities		7			(15	)		(128	)

Cash and Cash Equivalents:
Net increase (decrease) for the year		(1	)		1			(3	)
Balance, beginning of year		1			--			3
Balance, end of year	$	--		$	1		$	--

Other Cash Flow Information:
Interest paid	$	(15	)	$	(13	)	$	(13	)
Income taxes paid, net of refunds	$	(46	)	$	(38	)	$	(63	)

Other Non-cash Information:
Depreciation expense	$	16		$	17		$	15
Tax-deferred property sales	$	65		$	29		$	60
Tax-deferred property purchases	$	(78	)	$	(40	)	$	(5	)

Parent Company's Long-Term Debt

Long-term Debt: At December 31, 2010 and 2009, long-term debt consisted of the following (in millions):

	2010			2009

Revolving Credit loans ( 0.57% for 2010 and 0.76% for 2009)	$	93		$	24
Term Loans:
6.90%, payable through 2020		100			100
5.53%, payable through 2016		50			50
5.55%, payable through 2017		50			50
5.56%, payable through 2016		25			25
4.10%, payable through 2012		12			25
6.20%, payable through 2013		2			2
5.50%, payable through 2014		6			--
7.42%, payable through 2010		--			3
Total		338			279
Less current portion		(108	)		(40	)
Long-term debt	$	230		$	239