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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, 2022
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

adm-20220630_g1.jpg

ARCHER-DANIELS-MIDLAND COMPANY
(Exact name of registrant as specified in its charter)
Delaware41-0129150
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueADMNYSE
1.000% Notes due 2025NYSE
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 FilerAccelerated FilerEmerging Growth Company
Non-accelerated FilerSmaller 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 – 560,561,569 shares
(July 25, 2022)

SAFE HARBOR STATEMENT

This Quarterly Report on 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, 2021, as may be updated in our subsequent Quarterly Reports on Form 10-Q. To the extent permitted under applicable law, Archer-Daniels-Midland 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,
 2022202120222021
(In millions, except per share amounts)
Revenues$27,284 $22,926 $50,934 $41,819 
Cost of products sold25,184 21,463 46,937 38,808 
Gross Profit2,100 1,463 3,997 3,011 
Selling, general, and administrative expenses814 739 1,643 1,488 
Asset impairment, exit, and restructuring costs1 23 2 82 
Equity in earnings of unconsolidated affiliates(192)(163)(396)(288)
Investment income(32)(50)(91)(63)
Interest expense73 40 165 127 
Other (income) expense – net(83)49 (116)16 
Earnings Before Income Taxes1,519 825 2,790 1,649 
Income tax expense279 113 486 244 
Net Earnings Including Noncontrolling Interests1,240 712 2,304 1,405 
Less: Net earnings attributable to noncontrolling interests4  14 4 
Net Earnings Attributable to Controlling Interests$1,236 $712 $2,290 $1,401 
Average number of shares outstanding – basic566 564 566 563 
Average number of shares outstanding – diluted568 566 568 565 
Basic earnings per common share$2.18 $1.26 $4.05 $2.49 
Diluted earnings per common share$2.18 $1.26 $4.03 $2.48 
Dividends per common share$0.40 $0.37 $0.80 $0.74 

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,
2022202120222021
(In millions)
Net earnings including noncontrolling interests$1,240 $712 $2,304 $1,405 
Other comprehensive income (loss):
Foreign currency translation adjustment(7)35 142 329 
Tax effect(84)8 (115)(48)
Net of tax amount(91)43 27 281 
Pension and other postretirement benefit liabilities adjustment 71 37 89 
Tax effect(4)(22)(11)(27)
Net of tax amount(4)49 26 62 
Deferred gain (loss) on hedging activities(80)82 202 183 
Tax effect2 (15)(45)(40)
Net of tax amount(78)67 157 143 
Unrealized gain (loss) on investments(8)(1)(13)(2)
Tax effect1 (1)1 (1)
Net of tax amount(7)(2)(12)(3)
Other comprehensive income (loss)(180)157 198 483 
Comprehensive income (loss) including noncontrolling interests1,060 869 2,502 1,888 
Less: Comprehensive income (loss) attributable to noncontrolling interests  5 4 
Comprehensive income (loss) attributable to controlling interests$1,060 $869 $2,497 $1,884 

See notes to consolidated financial statements.




4


Archer-Daniels-Midland Company

Consolidated Balance Sheets
(In millions)June 30, 2022December 31, 2021
 (Unaudited)
Assets  
Current Assets  
Cash and cash equivalents$906 $943 
Segregated cash and investments9,974 8,016 
Trade receivables5,336 3,311 
Inventories14,485 14,481 
Other current assets6,946 5,158 
Total Current Assets37,647 31,909 
Investments and Other Assets  
Investments in and advances to affiliates5,464 5,285 
Goodwill and other intangible assets6,547 6,747 
Right of use assets1,002 1,023 
Other assets1,488 1,369 
Total Investments and Other Assets14,501 14,424 
Property, Plant, and Equipment  
Land and land improvements510 554 
Buildings5,596 5,597 
Machinery and equipment18,994 19,112 
Construction in progress1,175 960 
 26,275 26,223 
Accumulated depreciation(16,595)(16,420)
Net Property, Plant, and Equipment9,680 9,803 
Total Assets$61,828 $56,136 
Liabilities, Temporary Equity, and Shareholders’ Equity  
Current Liabilities  
Short-term debt$2,352 $958 
Trade payables5,601 6,388 
Payables to brokerage customers11,307 8,965 
Accrued expenses and other payables5,014 4,790 
Current lease liabilities282 277 
Current maturities of long-term debt1,104 570 
Total Current Liabilities25,660 21,948 
Long-Term Liabilities  
Long-term debt8,062 8,011 
Deferred income taxes1,579 1,412 
Non-current lease liabilities738 765 
Other1,102 1,233 
Total Long-Term Liabilities11,481 11,421 
Temporary Equity - Redeemable noncontrolling interest261 259 
Shareholders’ Equity  
Common stock3,066 2,994 
Reinvested earnings23,292 21,655 
Accumulated other comprehensive income (loss)(1,965)(2,172)
Noncontrolling interests33 31 
Total Shareholders’ Equity24,426 22,508 
Total Liabilities, Temporary Equity, and Shareholders’ Equity$61,828 $56,136 
See notes to consolidated financial statements.
5


Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows
(Unaudited)
(In millions)Six Months Ended
June 30,
 20222021
Operating Activities  
Net earnings including noncontrolling interests$2,304 $1,405 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities  
Depreciation and amortization514 492 
Asset impairment charges4 54 
Deferred income taxes(15)(37)
Equity in earnings of affiliates, net of dividends(162)(23)
Stock compensation expense97 114 
Deferred cash flow hedges206 183 
Gains on sales of assets and businesses/investment revaluation(42)(79)
Other – net312 93 
Changes in operating assets and liabilities  
Segregated investments(1,753)610 
Trade receivables(2,155)(710)
Inventories(349)223 
Other current assets(1,593)780 
Trade payables(710)(1,023)
Payables to brokerage customers2,520 1,349 
Accrued expenses and other payables147 (424)
Total Operating Activities(675)3,007 
Investing Activities  
Purchases of property, plant, and equipment(500)(427)
Proceeds from sales of assets and businesses12 58 
Net assets of businesses acquired (5)
Investments in and advances to affiliates(58)(8)
Distributions from affiliates 5 
Other – net(101)(17)
Total Investing Activities(647)(394)
Financing Activities  
Long-term debt borrowings751 595 
Long-term debt payments (2)
Net borrowings (payments) under short-term credit agreements1,414 (752)
Share repurchases(200) 
Cash dividends(453)(417)
Other – net(21) 
Total Financing Activities1,491 (576)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents169 2,037 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period7,454 4,646 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period$7,623 $6,683 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
Cash and cash equivalents$906 $869 
Restricted cash and restricted cash equivalents included in segregated cash and investments6,717 5,814 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$7,623 $6,683 

See notes to consolidated financial statements.
6


Archer-Daniels-Midland-Company

Consolidated Statements of Shareholders’ Equity
(Unaudited)
Common StockReinvested
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Shareholders’
Equity
(In millions, except per share amounts)SharesAmount
Balance, March 31, 2022563 $3,028 $22,483 $(1,789)$33 $23,755 
Comprehensive income      
Net earnings 1,236  4  
Other comprehensive income (loss)   (176)(4) 
Total comprehensive income     1,060 
Cash dividends paid - $0.40 per share  (227)  (227)
Share repurchases(2)(200)(200)
Stock compensation expense 28    28 
Stock option exercises net of taxes 10 10 
Balance, June 30, 2022561 $3,066 $23,292 $(1,965)$33 $24,426 
Balance, December 31, 2021560 $2,994 $21,655 $(2,172)$31 $22,508 
Comprehensive income      
Net earnings 2,290  14  
Other comprehensive income (loss)   207 (9) 
Total comprehensive income     2,502 
Cash dividends paid - $0.80 per share  (453)  (453)
Share repurchases(2)(200)(200)
Stock compensation expense3 97    97 
Stock option exercises net of taxes (26)(26)
Other 1   (3)(2)
Balance, June 30, 2022561 $3,066 $23,292 $(1,965)$33 $24,426 
Balance, March 31, 2021559 $2,858 $20,261 $(2,278)$20 $20,861 
Comprehensive income      
Net earnings 712    
Other comprehensive income (loss)   157   
Total comprehensive income     869 
Cash dividends paid - $0.37 per share  (209)  (209)
Stock compensation expense 38   38 
Stock option exercises net of taxes 36 36 
Other 9 (2) 1 8 
Balance, June 30, 2021559 $2,941 $20,762 $(2,121)$21 $21,603 
Balance, December 31, 2020556 $2,824 $19,780 $(2,604)$22 $20,022 
Comprehensive income      
Net earnings 1,401  4  
Other comprehensive income (loss)   483   
Total comprehensive income     1,888 
Cash dividends paid - $0.74 per share  (417)  (417)
Stock compensation expense3 114    114 
Stock option exercises net of taxes (1)(1)
Other 4 (2) (5)(3)
Balance, June 30, 2021559 $2,941 $20,762 $(2,121)$21 $21,603 
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 U.S. generally accepted accounting principles (GAAP) 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 GAAP 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.  For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021 for Archer-Daniels-Midland Company (the Company or ADM).

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 consolidated statements of cash flows.

Receivables

The Company records receivables at net realizable value in trade receivables, other current assets, and other assets.  These amounts included allowances for estimated uncollectible accounts totaling $144 million and $122 million at June 30, 2022 and December 31, 2021, respectively, to reflect any loss anticipated on the accounts receivable balances including any accrued interest receivables thereon. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.

The Company recorded bad debt expense in selling, general, and administrative expenses of $22 million and $44 million in the three and six months ended June 30, 2022, respectively, and $4 million and $8 million in the three and six months ended June 30, 2021, respectively.

Cost Method Investments

Cost method investments of $466 million and $297 million as of June 30, 2022 and December 31, 2021, respectively, were included in Other Assets in the Company’s consolidated balance sheets. Revaluation gains of $3 million and $37 million in the three and six months ended June 30, 2022, respectively, and $40 million in the three and six months ended June 30, 2021, in connection with observable third-party transactions, were recorded in investment income in the Company's consolidated statements of earnings.


8

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 1.    Basis of Presentation (Continued)
Operations in Ukraine and Russia

ADM employs approximately 650 people in Ukraine and operates an oilseeds crushing plant, a grain port terminal, inland and river silos, and a trading office. Most of the facilities have been temporarily idled since February 24, 2022. The Company’s footprint in Russia is limited and operations have been scaled down to those related to the production and transport of essential food commodities and ingredients.

As a result of the recent events in Ukraine, the Company reviewed the valuation of its assets and recorded immaterial charges in the three and six months ended June 30, 2022 related to receivables and inventories. As of June 30, 2022, ADM concluded that 1) receivables, net of allowances, are deemed collectible; and 2) market inventories presented as level 3 in the fair value measurements table in Note 4 are valued appropriately at the February 24, 2022 market price due to the temporary lack of market activity. The temporarily idled property, plant, and equipment, which was immaterial, was not considered impaired. As the conflict in Ukraine evolves, the Company will continue to review the valuation of these assets and make any required adjustments, which are not expected to be material to the Company’s consolidated financial statements.

Note 2.    Pending Accounting Standards

Through December 31, 2022, the Company has the option to adopt the amended guidance of Accounting Standards Codification (ASC) Topic 848, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amended guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.  The Company plans to adopt the expedients and exceptions provided by the amended guidance before the December 31, 2022 expiry date and does not expect the adoption of the amended guidance to have an impact on its consolidated financial statements.

Effective January 1, 2023, the Company will be required to adopt the amended guidance of ASC Topic 805, Business Combinations, which improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amended guidance requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers, (Topic 606). Early adoption is permitted. The Company does not expect the adoption of this amended guidance to have a significant impact on its consolidated financial statements.

Note 3.    Revenues

Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of Topic 606 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $209 million and $384 million for the three and six months ended June 30, 2022, respectively, and $151 million and $255 million for the three and six months ended June 30, 2021, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20).

9

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 3.    Revenues (Continued)

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.
Taxes Collected from Customers and Remitted to Governmental Authorities
The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.

Contract Liabilities

Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $340 million and $581 million as of June 30, 2022 and December 31, 2021, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Contract liabilities recognized as revenues were $335 million and $581 million for the three and six months ended June 30, 2022, respectively, and $287 million and $569 million for the three and six months ended June 30, 2021, respectively.

Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and six months ended June 30, 2022 and 2021.

Three Months Ended June 30, 2022
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$1,013 $209 $1,222 $13,111 $14,333 
Crushing128  128 3,234 3,362 
Refined Products and Other744  744 2,990 3,734 
Total Ag Services and Oilseeds1,885 209 2,094 19,335 21,429 
Carbohydrate Solutions
Starches and Sweeteners1,889  1,889 630 2,519 
Vantage Corn Processors1,232  1,232  1,232 
Total Carbohydrate Solutions3,121  3,121 630 3,751 
Nutrition
Human Nutrition1,020  1,020  1,020 
Animal Nutrition983  983  983 
Total Nutrition2,003  2,003  2,003 
Other Business101  101  101 
Total Revenues$7,110 $209 $7,319 $19,965 $27,284 

10

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 3.    Revenues (Continued)

Six Months Ended June 30, 2022
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$1,983 $384 $2,367 $23,813 $26,180 
Crushing253  253 6,331 6,584 
Refined Products and Other1,376  1,376 5,542 6,918 
Total Ag Services and Oilseeds3,612 384 3,996 35,686 39,682 
Carbohydrate Solutions
Starches and Sweeteners3,819  3,819 1,198 5,017 
Vantage Corn Processors2,100  2,100  2,100 
Total Carbohydrate Solutions5,919  5,919 1,198 7,117 
Nutrition
Human Nutrition1,978  1,978  1,978 
Animal Nutrition1,949  1,949  1,949 
Total Nutrition3,927  3,927  3,927 
Other Business208  208  208 
Total Revenues$13,666 $384 $14,050 $36,884 $50,934 
Three Months Ended June 30, 2021
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$802 $151 $953 $11,862 $