Company Quick10K Filing
Quick10K
Archer Daniels Midland
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$42.56 560 $23,840
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-01 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-03-25 Regulation FD, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-12-03 Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-09-12 Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-03 Shareholder Vote
8-K 2018-02-06 Earnings, Exhibits
EXR Extra Space Storage 13,230
PPC Pilgrims Pride 6,960
WAFD Washington Federal 2,620
MTDR Matador Resources 2,320
PACB Pacific Biosciences of California 1,120
HEES H&E Equipment Services 1,060
SIC Select Interior Concepts 326
HPTO Hopto 0
ORBK Orbotech 0
EVFD Everest Fund 0
ADM 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. New Accounting Standards
Note 3. Pending Accounting Standards
Note 4. Revenues
Note 5. Acquisitions
Note 6. Fair Value Measurements
Note 7. Derivative Instruments and Hedging Activities
Note 8. Other Current Assets
Note 9. Accrued Expenses and Other Payables
Note 10. Debt and Financing Arrangements
Note 11. Income Taxes
Note 12. Leases
Note 13. Accumulated Other Comprehensive Income (Aoci)
Note 14. Other (Income) Expense - Net
Note 15. Segment Information
Note 16. Asset Impairment, Exit, and Restructuring Costs
Note 17. Sale of Accounts Receivable
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 adm-ex3112019630xq2.htm
EX-31.2 adm-ex3122019630xq2.htm
EX-32.1 adm-ex3212019630xq2.htm
EX-32.2 adm-ex3222019630xq2.htm

Archer Daniels Midland Earnings 2019-06-30

ADM 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.  20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 1-44
admprimarylogoa08.jpg
ARCHER-DANIELS-MIDLAND COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
41-0129150
(State or other jurisdiction of incorporation or organization)
 
(I. R. S. Employer Identification No.)
 
 
 
 
77 West Wacker Drive, Suite 4600
 
 
Chicago,
Illinois
 
 60601
(Address of principal executive offices)
 
(Zip Code)
(312) 634-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
ADM
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes    No .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Emerging Growth Company
Non-accelerated Filer
Smaller Reporting Company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No  .
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, no par value – 556,974,059 shares
(July 31, 2019)



SAFE HARBOR STATEMENT

This Form 10-Q contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 that is subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking information.  Risks and uncertainties that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A, “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2018, as may be updated in our subsequent Quarterly Reports on Form 10-Q. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements as a result of new information or future events.






PART I - FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
Archer-Daniels-Midland Company

Consolidated Statements of Earnings
(Unaudited)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Revenues
$
16,297

 
$
17,068

 
$
31,601

 
$
32,594

Cost of products sold
15,325

 
15,887

 
29,701

 
30,524

Gross Profit
972

 
1,181

 
1,900

 
2,070

 
 
 
 
 
 
 
 
Selling, general, and administrative expenses
602

 
560

 
1,261

 
1,073

Asset impairment, exit, and restructuring costs
136

 
24

 
147

 
40

Interest expense
109

 
89

 
210

 
180

Equity in (earnings) losses of unconsolidated affiliates
(90
)
 
(100
)
 
(191
)
 
(247
)
Interest income
(46
)
 
(42
)
 
(95
)
 
(75
)
Other (income) expense – net
(13
)
 
(2
)
 
(21
)
 
(17
)
Earnings Before Income Taxes
274

 
652

 
589

 
1,116

 
 
 
 
 
 
 
 
Income taxes
36

 
86

 
117

 
154

Net Earnings Including Noncontrolling Interests
238

 
566

 
472

 
962

 
 
 
 
 
 
 
 
Less: Net earnings attributable to noncontrolling interests
3

 

 
4

 
3

 
 
 
 
 
 
 
 
Net Earnings Attributable to Controlling Interests
$
235

 
$
566

 
$
468

 
$
959

 
 
 
 
 
 
 
 
Average number of shares outstanding – basic
565

 
564

 
565

 
564

 
 
 
 
 
 
 
 
Average number of shares outstanding – diluted
566

 
567

 
566

 
566

 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.42

 
$
1.00

 
$
0.83

 
$
1.70

 
 
 
 
 
 
 
 
Diluted earnings per common share
$
0.42

 
$
1.00

 
$
0.83

 
$
1.70

 
 
 
 
 
 
 
 
Dividends per common share
$
0.35

 
$
0.335

 
$
0.70

 
$
0.67


See notes to consolidated financial statements.




3




Archer-Daniels-Midland Company

Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(In millions)
 
 
 
 
 
 
 
 
Net earnings including noncontrolling interests
$
238

 
$
566

 
$
472

 
$
962

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment
94

 
(402
)
 
15

 
(191
)
Tax effect
7

 
(19
)
 
(3
)
 
(22
)
Net of tax amount
101

 
(421
)
 
12

 
(213
)
 
 
 
 
 
 
 
 
Pension and other postretirement benefit liabilities adjustment
(4
)
 
13

 
3

 
15

Tax effect
2

 
(1
)
 
15

 
(4
)
Net of tax amount
(2
)
 
12

 
18

 
11

 
 
 
 
 
 
 
 
Deferred gain (loss) on hedging activities
14

 
(64
)
 
(63
)
 
(89
)
Tax effect
(7
)
 
15

 
5

 
21

Net of tax amount
7

 
(49
)
 
(58
)
 
(68
)
 
 
 
 
 
 
 
 
Unrealized gain (loss) on investments
7

 
(2
)
 
5

 
(4
)
Tax effect
(1
)
 

 
(1
)
 

Net of tax amount
6

 
(2
)
 
4

 
(4
)
Other comprehensive income (loss)
112

 
(460
)
 
(24
)
 
(274
)
Comprehensive income (loss) including noncontrolling interests
350

 
106

 
448

 
688

 
 
 
 
 
 
 
 
Less: Comprehensive income (loss) attributable to noncontrolling interests
3

 

 
4

 
3

 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to controlling interests
$
347

 
$
106

 
$
444

 
$
685


See notes to consolidated financial statements.





4




Archer-Daniels-Midland Company

Consolidated Balance Sheets
(In millions)
June 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
Assets
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
849

 
$
1,997

Short-term marketable securities
4

 
6

Segregated cash and investments
4,381

 
4,506

Trade receivables
2,433

 
2,233

Inventories
8,294

 
8,813

Other current assets
3,587

 
3,033

Total Current Assets
19,548

 
20,588

 
 
 
 
Investments and Other Assets
 

 
 

Investments in and advances to affiliates
5,449

 
5,317

Long-term marketable securities
8

 
7

Goodwill and other intangible assets
5,545

 
4,041

Other assets
1,821

 
927

Total Investments and Other Assets
12,823

 
10,292

 
 
 
 
Property, Plant, and Equipment
 

 
 

Land and land improvements
587

 
545

Buildings
5,455

 
5,171

Machinery and equipment
18,768

 
18,399

Construction in progress
1,028

 
987

 
25,838

 
25,102

Accumulated depreciation
(15,593
)
 
(15,149
)
Net Property, Plant, and Equipment
10,245

 
9,953

Total Assets
$
42,616

 
$
40,833

 
 
 
 
Liabilities, Temporary Equity, and Shareholders’ Equity
 

 
 

Current Liabilities
 

 
 

Short-term debt
$
1,699

 
$
108

Trade payables
3,067

 
3,545

Payables to brokerage customers
4,696

 
4,628

Accrued expenses and other payables
3,128

 
2,913

Current maturities of long-term debt
12

 
582

Total Current Liabilities
12,602

 
11,776

 
 
 
 
Long-Term Liabilities
 

 
 

Long-term debt
7,701

 
7,698

Deferred income taxes
1,305

 
1,067

Other
1,976

 
1,247

Total Long-Term Liabilities
10,982

 
10,012

 
 
 
 
Temporary Equity - Redeemable noncontrolling interest
53

 
49

 
 
 
 
Shareholders’ Equity
 

 
 

Common stock
2,588

 
2,560

Reinvested earnings
18,497

 
18,527

Accumulated other comprehensive income (loss)
(2,130
)
 
(2,106
)
Noncontrolling interests
24

 
15

Total Shareholders’ Equity
18,979

 
18,996

Total Liabilities, Temporary Equity, and Shareholders’ Equity
$
42,616

 
$
40,833

 
 
 
 
See notes to consolidated financial statements.

5




Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Six Months Ended 
 June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net earnings including noncontrolling interests
$
472

 
$
962

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
 

 
 

Depreciation and amortization
493

 
474

Asset impairment charges
44

 
33

Deferred income taxes
11

 
(92
)
Equity in earnings of affiliates, net of dividends
(60
)
 
(84
)
Stock compensation expense
45

 
63

Deferred cash flow hedges
(63
)
 
(90
)
Gains on sales of assets and businesses
(30
)
 
(12
)
Other – net
104

 
(116
)
Changes in operating assets and liabilities
 

 
 

Segregated investments
113

 
729

Trade receivables
129

 
(30
)
Inventories
852

 
1,156

Deferred consideration in securitized receivables
(3,613
)
 
(4,107
)
Other current assets
(467
)
 
(519
)
Trade payables
(742
)
 
(1,265
)
Payables to brokerage customers
71

 
(664
)
Accrued expenses and other payables
(72
)
 
383

Total Operating Activities
(2,713
)
 
(3,179
)
 
 
 
 
Investing Activities
 

 
 

Purchases of property, plant, and equipment
(383
)
 
(379
)
Proceeds from sales of business and assets
23

 
26

Net assets of businesses acquired
(1,944
)
 

Purchases of marketable securities
(2
)
 
(2
)
Proceeds from sales of marketable securities
67

 

Investments in and advances to affiliates
(10
)
 
(132
)
Investments in retained interest in securitized receivables
(2,590
)
 
(2,184
)
Proceeds from retained interest in securitized receivables
6,203

 
6,212

Other – net
(18
)
 
7

Total Investing Activities
1,346

 
3,548

 
 
 
 
Financing Activities
 

 
 

Long-term debt borrowings
2

 

Long-term debt payments
(611
)
 
(6
)
Net borrowings (payments) under lines of credit agreements
1,413

 
196

Share repurchases
(94
)
 

Cash dividends
(395
)
 
(379
)
Other – net
(42
)
 
13

Total Financing Activities
273

 
(176
)
 
 
 
 
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents
(1,094
)
 
193

Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period
3,843

 
1,858

Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period
$
2,749

 
$
2,051

 
 
 
 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
 
 
 
 
 
 
 
Cash and cash equivalents
$
849

 
$
851

Restricted cash and restricted cash equivalents included in segregated cash and investments
1,900

 
1,200

Total cash, cash equivalents, restricted cash, and restricted cash equivalents
$
2,749

 
$
2,051

 
 
 
 
Supplemental Disclosure of Noncash Investing Activity:
 
 
 
Retained interest in securitized receivables
$
3,662

 
$
3,978


See notes to consolidated financial statements.

6




Archer-Daniels-Midland-Company

Consolidated Statements of Shareholders’ Equity
(Unaudited)
 
Common Stock
 
Reinvested
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Noncontrolling
Interests
 
Total
Shareholders’
Equity
(In millions, except per share amounts)
Shares
 
Amount
 
 
 
 
Balance, March 31, 2019
560

 
$
2,584

 
$
18,553

 
$
(2,242
)
 
$
15

 
$
18,910

Comprehensive income
 

 
 

 
 

 
 

 
 

 
 

Net earnings
 
 
 

 
235

 
 

 
3

 
 

Other comprehensive income (loss)
 

 
 

 
 

 
112

 

 
 

Total comprehensive income
 

 
 

 
 

 
 

 
 

 
350

Dividends paid - $0.35 per share
 

 
 

 
(197
)
 
 

 
 

 
(197
)
Share repurchases
(2
)
 
 
 
(94
)
 
 
 
 
 
(94
)
Stock compensation expense

 
2

 
 

 
 

 
 

 
2

Other

 
2

 

 

 
6

 
8

Balance, June 30, 2019
558

 
$
2,588

 
$
18,497

 
$
(2,130
)
 
$
24

 
$
18,979

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2018
559

 
$
2,560

 
$
18,527

 
$
(2,106
)
 
$
15

 
$
18,996

Comprehensive income
 

 
 

 
 

 
 

 
 

 
 

Net earnings
 
 
 

 
468

 
 

 
4

 
 

Other comprehensive income (loss)
 

 
 

 
 

 
(24
)
 

 
 

Total comprehensive income
 

 
 

 
 

 
 

 
 

 
448

Dividends paid - $0.70 per share
 

 
 

 
(395
)
 
 

 
 

 
(395
)
Share repurchases
(2
)
 
 
 
(94
)
 
 
 
 
 
(94
)
Stock compensation expense
1

 
45

 
 

 
 

 
 

 
45

Other


 
(17
)
 
(9
)
 

 
5

 
(21
)
Balance, June 30, 2019
558

 
$
2,588

 
$
18,497

 
$
(2,130
)
 
$
24

 
$
18,979

 
 
 
 
 
 
 
 
 
 
 
 
Balance, March 31, 2018
559

 
$
2,428

 
$
17,755

 
$
(1,451
)
 
$
5

 
$
18,737

Comprehensive income
 

 
 

 
 

 
 

 
 

 
 

Net earnings
 
 
 

 
566

 
 

 

 
 

Other comprehensive income (loss)
 

 
 

 
 

 
(460
)
 

 
 

Total comprehensive income
 

 
 

 
 

 
 

 
 

 
106

Dividends paid - $0.335 per share
 

 
 

 
(189
)
 
 

 
 

 
(189
)
Stock compensation expense

 
34

 
 

 
 

 
 

 
34

Other

 
27

 

 

 
(3
)
 
24

Balance, June 30, 2018
559

 
$
2,489

 
$
18,132

 
$
(1,911
)
 
$
2

 
$
18,712

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2017
557

 
$
2,398

 
$
17,552

 
$
(1,637
)
 
$
9

 
$
18,322

Comprehensive income
 

 
 

 
 

 
 

 
 

 
 

Net earnings
 
 
 

 
959

 
 

 
3

 
 

Other comprehensive income (loss)
 

 
 

 
 

 
(274
)
 

 
 

Total comprehensive income
 

 
 

 
 

 
 

 
 

 
688

Dividends paid - $0.67 per share
 

 
 

 
(379
)
 
 

 
 

 
(379
)
Stock compensation expense
1

 
63

 
 

 
 

 
 

 
63

Other
1

 
28

 

 

 
(10
)
 
18

Balance, June 30, 2018
559

 
$
2,489

 
$
18,132

 
$
(1,911
)
 
$
2

 
$
18,712

 
 
 
 
 
 
 
 
 
 
 
 
See notes to consolidated financial statements.

7




Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements
(Unaudited)
Note 1.
Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.  For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the statement of cash flows.

Last-in, First-out (LIFO) Inventories

Interim period LIFO calculations are based on interim period costs and management’s estimates of year-end inventory levels.  Because the availability and price of agricultural commodity-based LIFO inventories are unpredictable due to factors such as weather, government farm programs and policies, and changes in global demand, quantities of LIFO-based inventories at interim periods may vary significantly from management’s estimates of year-end inventory levels.


8


Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 2.
New Accounting Standards

Effective January 1, 2019, the Company adopted the new guidance of ASC Topic 842, Leases (Topic 842), which superseded ASC Topic 840, Leases. Topic 842 requires lessees to recognize assets and liabilities for all leases. The Company adopted Topic 842 using the optional transition method that allows entities to forgo the comparative reporting requirements under the modified retrospective transition method. In addition, the Company elected to apply the package of practical expedients that allows entities to forego reassessing at the transition date: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether unamortized initial direct costs for existing leases meet the definition of initial direct costs under the new guidance. The Company also elected to use the practical expedient that allows the combination of lease and non-lease contract components in all of its underlying asset categories, as well as the optional transition practical expedient that permits entities to continue applying current accounting policy for land easements that existed as of or expired before January 1, 2019. The adoption of Topic 842 resulted in the recording of right-of-use assets and lease liabilities of $793 million and $795 million, respectively, at January 1, 2019. The new guidance did not have a material impact on the Company’s consolidated statement of earnings and had no impact on the consolidated statement of cash flows. For more information about the adoption of Topic 842, see Note 12.