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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 September 30, 2024
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
admlogoprimaryrgb.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 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 – 478,533,520 shares
(November 12, 2024)


SAFE HARBOR STATEMENT

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “outlook,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements the Company makes relating to its future results and operations, growth opportunities, pending litigation and investigations, and timing of the remediation of the Company’s material weakness in the Company’s internal control over financial reporting are forward-looking statements. All forward-looking statements are subject to significant risks, uncertainties and changes in circumstances that could cause actual results and outcomes to differ materially from the forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, without limitation, those that are described in Item 1A, "Risk Factors" included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, as may be updated in subsequent Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Except to the extent required by law, Archer-Daniels-Midland Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement whether as a result of new information, future events, changes in assumptions or otherwise.






ARCHER-DANIELS-MIDLAND COMPANY
FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024


TABLE OF CONTENTS








PART I - FINANCIAL INFORMATION
ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
(In millions, except per share amounts)
Revenues$19,937 $21,695 $64,032 $70,957 
Cost of products sold18,572 19,885 59,612 65,184 
Gross Profit1,365 1,810 4,420 5,773 
Selling, general, and administrative expenses905 815 2,763 2,537 
Asset impairment, exit, and restructuring costs507 79 532 146 
Equity in earnings of unconsolidated affiliates(134)(83)(498)(408)
Interest and investment income(137)(152)(400)(428)
Interest expense174 155 527 482 
Other (income) expense – net(58)(35)(92)(116)
Earnings Before Income Taxes108 1,031 1,588 3,560 
Income tax expense90 207 370 636 
Net Earnings Including Non-controlling Interests18 824 1,218 2,924 
Less: Net earnings (losses) attributable to non-controlling interests— 3 (15)6 
Net Earnings Attributable to Archer-Daniels-Midland Company$18 $821 $1,233 $2,918 
Average number of shares outstanding – basic482 540 496 545 
Average number of shares outstanding – diluted483 540 497 546 
Basic earnings per common share$0.04 $1.52 $2.49 $5.36 
Diluted earnings per common share$0.04 $1.52 $2.48 $5.35 
Dividends per common share$0.50 $0.45 $1.50 $1.35 

The accompanying notes are an integral part of these Consolidated Financial Statements.



    1
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(In millions)
Net Earnings Including Non-controlling Interests$18 $824 $1,218 $2,924 
Other comprehensive income (loss):
Foreign currency translation adjustment2 (245)(255)(57)
Tax effect34 (36)8 (8)
Net of tax amount36 (281)(247)(65)
Pension and other postretirement benefit liabilities adjustment(8)— (15)(32)
Tax effect2 (3)4 (12)
Net of tax amount(6)(3)(11)(44)
Deferred gain (loss) on hedging activities3 128 (115)(13)
Tax effect8 (28)25 4 
Net of tax amount11 100 (90)(9)
Unrealized gain (loss) on investments— 5 (7)13 
Tax effect— — (1)(2)
Net of tax amount— 5 (8)11 
Other comprehensive income (loss)41 (179)(356)(107)
Comprehensive income (loss)59 645 862 2,817 
Less: Comprehensive income (loss) attributable to non-controlling interests1 2 (18)1 
Comprehensive income (loss) attributable to Archer-Daniels-Midland Company$58 $643 $880 $2,816 

The accompanying notes are an integral part of these Consolidated Financial Statements.




    2
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, 2024December 31, 2023
 (In millions)
Assets  
Current Assets  
Cash and cash equivalents$784 $1,368 
Segregated cash and investments7,077 7,228 
Trade receivables - net3,770 4,232 
Inventories10,746 11,957 
Other current assets4,249 4,982 
Total Current Assets26,626 29,767 
Investments and Other Assets  
Investments in affiliates5,142 5,500 
Goodwill and other intangible assets6,999 6,341 
Right of use assets1,291 1,211 
Other assets1,313 1,304 
Total Investments and Other Assets14,745 14,356 
Property, Plant, and Equipment  
Land and land improvements578 573 
Buildings6,119 5,876 
Machinery and equipment20,659 20,223 
Construction in progress1,559 1,360 
 28,915 28,032 
Accumulated depreciation(18,087)(17,524)
Net Property, Plant, and Equipment10,828 10,508 
Total Assets$52,199 $54,631 
Liabilities, Temporary Equity, and Shareholders’ Equity  
Current Liabilities  
Short-term debt$1,733 $105 
Trade payables4,911 6,313 
Payables to brokerage customers7,669 7,867 
Accrued expenses and other payables3,671 4,076 
Current lease liabilities294 300 
Current maturities of long-term debt725 1 
Total Current Liabilities19,003 18,662 
Long-Term Liabilities  
Long-term debt7,578 8,259 
Deferred income taxes1,278 1,309 
Non-current lease liabilities1,019 931 
Other1,054 1,005 
Total Long-Term Liabilities10,929 11,504 
Temporary Equity - Redeemable non-controlling interest283 320 
Shareholders’ Equity  
Common stock3,208 3,154 
Reinvested earnings21,606 23,465 
Accumulated other comprehensive income (loss)(2,840)(2,487)
Non-controlling interests10 13 
Total Shareholders’ Equity21,984 24,145 
Total Liabilities, Temporary Equity, and Shareholders’ Equity$52,199 $54,631 
The accompanying notes are an integral part of these Consolidated Financial Statements.
    3
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
 20242023
(In millions)
Operating Activities  
Net Earnings Including Non-controlling Interests$1,218 $2,924 
Adjustments to reconcile net earnings to net cash provided by operating activities  
Depreciation and amortization854 782 
Asset impairment charges517 120 
Deferred income taxes(107)17 
Equity in earnings of affiliates, net of dividends(151)(64)
Stock compensation expense74 98 
Deferred cash flow hedges(115)(13)
Loss (Gain) on sales/revaluation of assets9 (33)
Other – net42 (27)
Changes in operating assets and liabilities, net of acquisitions and dispositions  
Segregated investments(257)(1,183)
Trade receivables476 443 
Inventories1,233 3,501 
Other current assets745 126 
Trade payables(1,418)(2,561)
Payables to brokerage customers(249)(1,580)
Accrued expenses and other payables(403)(659)
Net Cash Provided by Operating Activities2,468 1,891 
Investing Activities  
Capital expenditures(1,071)(1,055)
Net assets of businesses acquired(936)(11)
Proceeds from sales of assets31 21 
Investments in affiliates(44)(8)
Cost method investments— (5)
Other – net18 (3)
Net Cash Used by Investing Activities(2,002)(1,061)
Financing Activities  
Long-term debt borrowings— 500 
Long-term debt payments— (963)
Net borrowings (payments) under lines of credit agreements1,627 (379)
Share repurchases, net of tax(2,327)(1,118)
Cash dividends(744)(738)
Other – net(21)(102)
Net Cash Used by Financing Activities(1,465)(2,800)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents6 (22)
Decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents(993)(1,992)
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period5,390 7,033 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period$4,397 $5,041 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets
Cash and cash equivalents$784 $1,498 
Restricted cash and restricted cash equivalents included in segregated cash and investments3,613 3,543 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$4,397 $5,041 

The accompanying notes are an integral part of these Consolidated Financial Statements.
    4
ARCHER-DANIELS-MIDLAND COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
Equity Attributable to Archer-Daniels-Midland Company
Common StockReinvested
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Non-controlling
Interests		Total
Shareholders’
Equity
(In millions, except per share amounts)SharesAmount
Balance, June 30, 2024478 $3,200 $21,828 $(2,880)$11 $22,159 
Comprehensive income    
Net earnings 18—  
Other comprehensive income (loss)   40 1  
Total comprehensive income     59 
Cash dividends paid - $0.50 per share  (240)  (240)
Stock compensation expense— (10)  (10)
Stock option exercises net of taxes— 18 18 
Other— — — — (2)(2)
Balance, September 30, 2024478 3,208 $21,606 $(2,840)$10 $21,984 
Balance, December 31, 2023513 $3,154 $23,465 $(2,487)$13 $24,145 
Comprehensive income      
Net earnings 1,233  (15) 
Other comprehensive income (loss)   (353)(3) 
Total comprehensive income     862 
Cash dividends paid - $1.50 per share  (744)  (744)
Share repurchases(37)(2,348)(2,348)
Stock compensation expense2 74    74 
Stock option exercises net of taxes— (23)(23)
Other— 3 — — 15 18 
Balance, September 30, 2024478 $3,208 $21,606 $(2,840)$10 $21,984 
Balance, June 30, 2023536 $3,128 $24,244 $(2,433)$36 $24,975 
Comprehensive income      
Net earnings 821  3  
Other comprehensive income (loss)   (178)(1) 
Total comprehensive income     645 
Cash dividends paid - $0.45 per share  (244)  (244)
Share repurchases(1)(122)(122)
Stock compensation expense— 12   12 
Stock option exercises net of taxes— (3)(3)
Other— 3 — — (1)2 
Balance, September 30, 2023535 $3,140 $24,699 $(2,611)$37 $25,265 
Balance, December 31, 2022547 $3,147 $23,646 $(2,509)$33 $24,317 
Comprehensive income      
Net earnings 2,918  6  
Other comprehensive income (loss)   (102)(5) 
Total comprehensive income     2,817 
Cash dividends paid - $1.35 per share  (738)  (738)
Share repurchases(14)(1,127)(1,127)
Stock compensation expense3 98    98 
Stock option exercises net of taxes(1)(110)(110)
Other— 5 — — 3 8 
Balance, September 30, 2023535 $3,140 $24,699 $(2,611)$37 $25,265 
The accompanying notes are an integral part of these Consolidated Financial Statements.
    5

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1.    Basis of Presentation

The Consolidated Financial Statements of Archer-Daniels-Midland Company and its subsidiaries (“ADM” or the “Company”) included herein 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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K/A for the year ended December 31, 2023.

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 and impairments determined to be other than temporary in nature. 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 include allowances for estimated uncollectible accounts to reflect any loss anticipated on the accounts receivable balances including any accrued interest thereon. The Company estimates uncollectible accounts by pooling receivables according to type, region, credit risk rating, and age. Each pool is assigned an expected loss co-efficient to arrive at a general reserve based on historical write-offs adjusted, as needed, for regional, economic, and other forward-looking factors. The Company minimizes credit risk due to the large and diversified nature of its worldwide customer base. ADM manages its exposure to counter-party credit risk through credit analysis and approvals, credit limits, and monitoring procedures. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.


    6

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Changes to the allowance for estimated uncollectible accounts were as follows (in millions).
Three Months Ended September 30
20242023
Opening balance, June 30$194 $174 
Reversals, net(21)(11)
Recoveries1 — 
Write-offs against allowance(4)(3)
Foreign exchange translation adjustment1 (2)
Closing balance, September 30$171 $158 
Nine Months Ended September 30
20242023
Opening balance, December 31$215 $199 
Provisions (reversals), net(28)2
Recoveries9 1 
Write-offs against allowance(20)(43)
Foreign exchange translation adjustment1 (1)
Other(6)— 
Closing balance, September 30$171 $158 

Provisions (reversals), net in the three and nine months ended September 30, 2024 and 2023 included reversals of prior general provisions for economic factors related to the pandemic. Write-offs against allowance in the nine months ended September 30, 2024 were primarily related to a long-term receivable related to a processing location that was sold in a prior year and trade receivables. Write-offs against allowance in the nine months ended September 30, 2023 were primarily related to a customer in Brazil and allowance on receivables that were subsequently sold.

Inventories

Certain merchandisable agricultural commodity inventories, which include inventories acquired under deferred pricing contracts, are stated at market value. In addition, the Company values certain inventories using the first-in, first-out (FIFO) method at the lower of cost or net realizable value.

The following table sets forth the Company’s inventories as of September 30, 2024 and December 31, 2023 (in millions).
September 30, 2024December 31, 2023
Raw materials and supplies$1,892 $1,944 
Finished goods2,766 3,026 
Market inventories6,088 6,987 
Total inventories$10,746 $11,957 

Included in raw materials and supplies are work in process inventories which were not material as of September 30, 2024 and December 31, 2023.


    7

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Cost Method Investments

Cost method investments of $441 million and $438 million as of September 30, 2024 and December 31, 2023, respectively, were included in Other Assets in the Company’s Consolidated Balance Sheets.

Revaluation losses of $18 million in the nine months ended September 30, 2024 were related to an investment in alternative protein and precision fermentation, partially offset by an upward adjustment of $2 million in the nine months ended September 30, 2024. There were no revaluation gains or losses in the three months ended September 30, 2024 and the three and nine months ended September 30, 2023.

Revaluation gains and losses are recorded in interest and investment income in the Company’s Consolidated Statements of Earnings. As of September 30, 2024, the cumulative amounts of upward and downward adjustments were $115 million and $94 million, respectively.

Investments in Affiliates

The Company applies the equity method of accounting for investments over which the Company has the ability to exercise significant influence, including its 22.5% investment in Wilmar International Limited (“Wilmar”).

In the three months ended September 30, 2024, the Company’s investment in Wilmar was written down to its fair value of $3.7 billion, a Level 1 valuation based on the quoted Singapore Exchange market price as of September 30, 2024, resulting in a pre-tax impairment charge of $461 million recorded in asset impairment, exit, and restructuring costs within the Consolidated Statement of Earnings.

In accordance with its accounting policy, the Company evaluated several factors in its determination of whether an other-than-temporary impairment in its investment in Wilmar had occurred as of September 30, 2024. This included consideration of the severity and duration of the decline in Wilmar’s stock price as quoted on the Singapore Exchange relative to the carrying value of the investment (including a continued deterioration subsequent to September 30, 2024), latest consensus analyst forecasts, the most recent earnings announcement from Wilmar, and other factors.

Based on the Company’s consideration of available information, the Company determined that its investment in Wilmar was other-than-temporarily impaired at September 30, 2024, and as a result, recorded a pre-tax impairment charge of $461 million in the three months ended September 30, 2024. The Company will continue to monitor Wilmar’s stock price as quoted on the Singapore Exchange, latest consensus analyst forecasts, and other trends to determine if future downward adjustments are necessary.

Note 2.    New Accounting Pronouncements

Adoption of new accounting pronouncements

The Company has adopted the amended guidance of Accounting Standards Codification (ASC) 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 guidance applies 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 guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ADM has completed the transition of its financing, funding, and hedging portfolios from LIBOR to alternative reference rates. The transition did not have an impact on the Company’s Consolidated Financial Statements.

New accounting pronouncements not yet adopted

Effective December 31, 2024, the Company will be required to adopt the amended guidance of ASC 280, Segment Reporting, which improves disclosures about a public entity’s reportable segments and addresses requests from investors and other allocators of capital for more detailed information about a reportable segment’s expenses. The amended guidance improves
    8

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and permits entities to disclose more than one measure of a reportable segment’s profitability used by the Chief Operating Decision Maker. The adoption of the amended guidance will result in expanded disclosures in the Company’s segment information footnote but will not have an impact on the Consolidated Financial Statements.

Effective December 31, 2025, the Company will be required to adopt the amended guidance of ASC 740, Income Taxes, which enhances the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for more transparency about income tax information. The adoption of the amended guidance will result in expanded disclosures in the Company’s income taxes footnote but will not have an impact on the 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. 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 ASC 606, Revenue from Contracts with Customers, (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 mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $249 million and $694 million for the three and nine months ended September 30, 2024, respectively, and $174 million and $552 million for the three and nine months ended September 30, 2023, 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).
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 the Company has yet to provide. Contract liabilities of $365 million and $626 million as of September 30, 2024 and December 31, 2023, respectively, were recorded in accrued expenses and other payables in the Consolidated Balance Sheets. Revenues recognized in the three and nine months ended September 30, 2024 related to the December 31, 2023 contract liabilities were $145 million and $500 million, respectively.


    9

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three and nine months ended September 30, 2024 and 2023 (in millions).
Three Months Ended September 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$824 $249 $1,073 $8,580 $9,653 
Crushing97 — 97 2,772 2,869 
Refined Products and Other529 — 529 2,038 2,567 
Total Ag Services and Oilseeds1,450 249 1,699 13,390 15,089 
Carbohydrate Solutions
Starches and Sweeteners1,633 — 1,633 559 2,192 
Vantage Corn Processors716 — 716 — 716 
Total Carbohydrate Solutions2,349 — 2,349 559 2,908 
Nutrition
Human Nutrition1,004 — 1,004 — 1,004 
Animal Nutrition827 — 827 — 827 
Total Nutrition1,831 — 1,831 — 1,831 
Total Segment Revenues5,630 249 5,879 13,949 19,828 
Other Business109 — 109 — 109 
Total Revenues$5,739 $249 $5,988 $13,949 $19,937 

    10

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended September 30, 2024
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$2,772 $694 $3,466 $29,131 $32,597 
Crushing317 — 317 8,729 9,046 
Refined Products and Other1,599 — 1,599 6,400 7,999 
Total Ag Services and Oilseeds4,688 694 5,382 44,260 49,642 
Carbohydrate Solutions
Starches and Sweeteners4,881 — 4,881 1,678 6,559 
Vantage Corn Processors1,925 — 1,925 — 1,925 
Total Carbohydrate Solutions6,806 — 6,806 1,678 8,484 
Nutrition
Human Nutrition3,029 — 3,029 — 3,029 
Animal Nutrition2,546 — 2,546 — 2,546 
Total Nutrition5,575 — 5,575 — 5,575 
Total Segment Revenues17,069 694 17,763 45,938 63,701 
Other Business331 — 331 — 331 
Total Revenues$17,400 $694 $18,094 $45,938 $64,032 
Three Months Ended September 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$980 $174 $1,154 $9,044 $10,198 
Crushing118 — 118 3,234 3,352 
Refined Products and Other527 — 527 2,402 2,929 
Total Ag Services and Oilseeds1,625 174 1,799 14,680 16,479 
Carbohydrate Solutions
Starches and Sweeteners1,831 — 1,831 617 2,448 
Vantage Corn Processors877 — 877 — 877 
Total Carbohydrate Solutions2,708 — 2,708 617 3,325 
Nutrition
Human Nutrition900 — 900 — 900 
Animal Nutrition884 — 884 — 884 
Total Nutrition1,784 — 1,784 — 1,784 
Total Segment Revenues6,117 174 6,291 15,297 21,588 
Other Business107 — 107 — 107 
Total Revenues$6,224 $174 $6,398 $15,297 $21,695 

    11

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Nine Months Ended September 30, 2023
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
Ag Services and Oilseeds
Ag Services$3,068 $552 $3,620 $31,639 $35,259 
Crushing341 — 341 10,174 10,515 
Refined Products and Other1,730 — 1,730 7,398 9,128 
Total Ag Services and Oilseeds5,139 552 5,691 49,211 54,902 
Carbohydrate Solutions
Starches and Sweeteners5,787 — 5,787 1,873 7,660 
Vantage Corn Processors2,583 — 2,583 — 2,583 
Total Carbohydrate Solutions8,370 — 8,370 1,873 10,243 
Nutrition
Human Nutrition2,802 — 2,802 — 2,802 
Animal Nutrition2,688 — 2,688 — 2,688 
Total Nutrition5,490 — 5,490 — 5,490 
Total Segment Revenues18,999 552 19,551 51,084 70,635 
Other Business322 — 322 — 322 
Total Revenues$19,321 $552 $19,873 $51,084 $70,957 
(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities. Revenue is measured based on the consideration specified in the contract. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts, the Company recognizes revenue over time as the mode of transportation moves towards its destination in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price, which may include freight or other contractually specified cost components. 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 Topic 610-20.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract, which could include freight and other costs depending on the specific shipping terms of each contract. 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 Topic 610-20.

Nutrition

The Nutrition segment generates revenue from the sale of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty
    12

ARCHER-DANIELS-MIDLAND COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed. Other Business also includes the Company’s captive insurance business, which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

Note 4.    Acquisitions

During the nine months ended September 30, 2024, the Company acquired Revela Foods, LLC (“Revela”), a Wisconsin-based developer and manufacturer of innovative dairy flavor ingredients and solutions, Fuerst Day Lawson Ltd. (“FDL”), a UK-based leading developer and producer of premium flavor and functional ingredient systems, PT Trouw Nut