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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
address of the plan, if different from that of the issuer
named below:
ADM SAVINGS AND INVESTMENT PLAN
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
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Audited Financial Statements
ADM Savings and Investment Plan
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
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Report Of Independent Auditors
Administrative Committee
ADM Savings and Investment Plan
Decatur, Illinois
We have audited the accompanying statements of net assets
available for plan benefits of ADM Savings and Investment Plan
("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.
/s/ ERNST & YOUNG
ERNST & YOUNG
Minneapolis, Minnesota
June 1, 1995
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ADM Savings and Investment Plan
Statements Of Net Assets Available For Plan Benefits
December 31
1994 1993
___________________________
Assets
Cash and cash equivalents $ 109,817$ 262,564
Investments (Note 1)
Archer Daniels Midland Company common
stock 220,040,463 148,434,559
Pfizer Incorporated common stock 2,323,449 2,056,752
Commingled fixed income fund 666,123 708,956
Equity mutual funds 1,035,588 823,621
Commingled capital contract fund 104,789 127,849
___________ ___________
224,170,412 152,151,737
Contributions receivable from employer 455,246 399,788
Contributions receivable from employees 660,968 575,305
___________ ___________
Net assets available for plan benefits$225,396,443$153,389,394
=========== ===========
See accompanying notes.
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ADM Savings and Investment Plan
Statement of Changes in Net Assets Available for Plan Benefits
<TABLE>
<S> <C> <C>
Year ended December 31
1994 1993
____________________________
Additions
Contributions from Archer
Daniels Midland Company $ 5,463,893 $ 5,074,356
(Note 2)
Contributions from
participating employees 7,929,694 7,301,631
(Note 2)
Transfer of assets 96,191 331,811
Investment income
Dividends 870,544 742,101
Interest 9,068 9,313
__________ __________
14,369,390 13,459,212
Deductions
Benefit payments
Common stock 4,533,959 7,047,922
Cash 2,573,369 1,121,647
Other deductions (fees) 1,335 1,249
_________ _________
7,108,663 8,170,818
_________ _________
7,260,727 5,288,394
Net realized and unrealized
(depreciation)appreciation
in fairvalue of investments 64,746,322 (16,036,078)
__________ ___________
Net increase (decrease) 72,007,049 (10,747,684)
Net assets available for plan
benefits at beginning of year 153,389,394 164,137,078
___________ ____________
Net assets available for plan
benefits at end of year $225,396,443 $153,389,394
=========== ===========
See accompanying notes.
</TABLE>
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ADM Savings And Investment Plan
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 salaried employees of the Company who have
completed one year of service. Under the terms of the Plan,
employees electing to participate can contribute from 2% 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 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.
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ADM Savings and Investment Plan
Notes To Financial Statements (Continued)
The full value of an employee's account is payable following
termination of employment. Withdrawals by active employees are
permitted after completion of seven years of eligible service
under specific circumstances. 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:
<TABLE>
<S> <C> <C>
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 $64,539,405 $220,040,463
Pfizer Incorporated common stock253,127 2,323,449
Commingled fixed income fund (46,726) 666,123
Equity mutual funds (2,924) 1,035,588
Commingled capital contract fund 3,440 104,789
__________ ___________
$64,746,322 $224,170,412
========== ===========
Year ended December 31, 1993
Archer Daniels Midland Company
common stock $(16,109,907) $148,434,559
Pfizer Incorporated common stock(111,521) 2,056,752
Commingled fixed income fund 79,147 708,956
Equity mutual funds 103,354 823,621
Commingled capital contract fund 2,849 127,849
__________ ___________
$(16,036,078) $152,151,737
========== ===========
</TABLE>
At December 31, 1994 and 1993, the fair value of the Archer
Daniels Midland Company common stock represented 5% or more of
the Plan's net assets.
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ADM Savings and Investment Plan
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 529,920 509,202
Number of common shares purchased 3,674 6,505
Cost of common shares purchased $ 85,778 $ 153,438
Cash dividends received $ 764,933 $ 620,459
Shares received through stock dividends3,907,051 308,903
Number of common shares sold 71,913 28,463
Market value of common shares sold$1,833,884 $ 693,843
Cost of common shares sold $1,220,787 $ 712,737
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 participants' accounts are 100%
vested.
6. Income Tax Status
The Plan has not received an updated 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 updated 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 income or capital gain depending on the event giving rise
to the distribution and the method used.
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ADM Savings And Investment Plan
Schedule A--Assets Held For Investment
December 31, 1994
<TABLE>
<S> <C> <C>
<C>
Description of
Investment Including
Identity of Issue, Maturity Date, Rate of
Borrower, Lessor or Interest, Par or Fair
Similar Party Maturity Value Cost Value
Archer Daniels Midland
Company 10,668,629 shares
of common stock$54,693,775$220,040,4
63
Pfizer Incorporated 30,077 shares
of common stock 668,565 2,323,449
Equity mutual funds
Frank Russell--Real Estate
Securities Fund 5,042 units 105,130 113,600
Frank Russell--Equity I7,514 units 184,682 175,228
Frank Russell--Equity II1,643 units 41,311 41,087
Frank Russell--Equity III11,482 units 308,965 277,632
Frank Russell--Equity Q7,191 units 177,909 175,672
Frank Russell--International7,362 units 234,234 252,369
__________ ___________
1,052,231 1,035,588
Commingled capital contract
fund 7,070 shares
of common stock 100,940 104,789
Commingled fixed income fund
Federated High Yield Trust3,896 units 34,136 32,532
Federated International Income
Fund 12,649 units 128,448 131,297
Frank Russell--Multistrategy
Bond Fund 3,585 units 34,202 33,312
Frank Russell--Diversified
Bond Fund 21,783 units 482,052 468,982
__________ ___________
678,838 666,123
__________ ___________
Total assets held for investment $57,194,349$224,170,412
========== ===========
</TABLE>
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ADM Savings And Investment Plan
Schedule B--Transactions or Series of Transactions
in Excess of 5% of the Current Value of Plan Assets
Year ended December 31, 1994
<TABLE>
<S> <C> <C> <C> <C> <C>
Net
Purchase Selling Cost of Gain
Identity of Party Involved Description of Asset/Transaction Price Price Asset (Loss)
Category (iii)-Series of
Transactions
National City Bank Prime Cash Money Market Fund
Purchased 4,370,336 units
in 123 transactions $ 4,370,336 $4,370,336
Sold 4,526,450 units in
129 transactions $4,526,450 $4,526,450
Archer Daniels Midland Company Archer Daniels Midland Company
common stock
Purchased or received for
401(k) plan contribution
533,594 shares in 14
transactions $13,338,244 $13,338,244
Sold 71,913 shares in 41
transactions $1,833,884 $1,220,787 $613,097
There were no category (i), (ii) or (iv) transactions during
the year.
</TABLE>
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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
/s/Douglas J. Schmalz
Douglas J. Schmalz
Vice President and Chief Financial
Officer
Dated: June 22, 1995
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Exhibit
23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the
Registration Statements (Form S-8 No. 33-27523 dated April 5,
1989 and Form S-8 No. 33-49409 dated March 15, 1993) pertaining
to the ADM Savings and Investment Plan of our report dated June
1, 1995, with respect to the financial statements and schedules
of the ADM Savings and Investment Plan included in this Annual
Report (Form 11-K) for the year ended December 31, 1994.
/s/ERNST & YOUNG
ERNST & YOUNG
Minneapolis, Minnesota
June 21, 1995
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