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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, 2021
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-20210930_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 – 559,441,260 shares
(October 25, 2021)

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, 2020, 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
September 30,
Nine Months Ended
September 30,
 2021202020212020
(In millions, except per share amounts)
Revenues$20,340 $15,126 $62,159 $46,377 
Cost of products sold19,014 14,084 57,822 43,276 
Gross Profit1,326 1,042 4,337 3,101 
Selling, general, and administrative expenses720 636 2,208 1,938 
Asset impairment, exit, and restructuring costs2 4 84 61 
Equity in (earnings) losses of unconsolidated affiliates(110)(160)(398)(403)
Investment income(20)(20)(83)(94)
Interest expense61 100 188 270 
Other (income) expense – net20 282 36 202 
Earnings Before Income Taxes653 200 2,302 1,127 
Income tax expense (benefit)120 (26)364 38 
Net Earnings Including Noncontrolling Interests533 226 1,938 1,089 
Less: Net earnings attributable to noncontrolling interests7 1 11 4 
Net Earnings Attributable to Controlling Interests$526 $225 $1,927 $1,085 
Average number of shares outstanding – basic564 561 564 561 
Average number of shares outstanding – diluted566 562 566 563 
Basic earnings per common share$0.93 $0.40 $3.42 $1.93 
Diluted earnings per common share$0.93 $0.40 $3.41 $1.93 
Dividends per common share$0.37 $0.36 $1.11 $1.08 

See notes to consolidated financial statements.



3


Archer-Daniels-Midland Company

Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(In millions)
Net earnings including noncontrolling interests$533 $226 $1,938 $1,089 
Other comprehensive income (loss):
Foreign currency translation adjustment(24)(154)305 (429)
Tax effect(30)51 (78)37 
Net of tax amount(54)(103)227 (392)
Pension and other postretirement benefit liabilities adjustment13 (5)102  
Tax effect5 3 (22)(9)
Net of tax amount18 (2)80 (9)
Deferred gain (loss) on hedging activities75 112 258 111 
Tax effect(1)(22)(41)(23)
Net of tax amount74 90 217 88 
Unrealized gain (loss) on investments6 (28)4 (25)
Tax effect  (1)(1)
Net of tax amount6 (28)3 (26)
Other comprehensive income (loss)44 (43)527 (339)
Comprehensive income (loss) including noncontrolling interests577 183 2,465 750 
Less: Comprehensive income (loss) attributable to noncontrolling interests6 2 10 9 
Comprehensive income (loss) attributable to controlling interests$571 $181 $2,455 $741 

See notes to consolidated financial statements.




4


Archer-Daniels-Midland Company

Consolidated Balance Sheets
(In millions)September 30, 2021December 31, 2020
 (Unaudited)
Assets  
Current Assets  
Cash and cash equivalents$1,083 $666 
Segregated cash and investments7,891 5,890 
Trade receivables3,797 2,793 
Inventories11,169 11,713 
Current assets held for sale130  
Other current assets5,220 6,224 
Total Current Assets29,290 27,286 
Investments and Other Assets  
Investments in and advances to affiliates5,148 4,913 
Goodwill and other intangible assets5,705 5,413 
Right of use assets1,005 1,102 
Other assets1,302 1,054 
Total Investments and Other Assets13,160 12,482 
Property, Plant, and Equipment  
Land and land improvements523 545 
Buildings5,557 5,522 
Machinery and equipment18,955 19,154 
Construction in progress1,126 1,118 
 26,161 26,339 
Accumulated depreciation(16,313)(16,388)
Net Property, Plant, and Equipment9,848 9,951 
Total Assets$52,298 $49,719 
Liabilities, Temporary Equity, and Shareholders’ Equity  
Current Liabilities  
Short-term debt$314 $2,042 
Trade payables4,617 4,474 
Payables to brokerage customers8,675 6,460 
Accrued expenses and other payables4,121 4,943 
Current lease liabilities268 261 
Current maturities of long-term debt581 2 
Total Current Liabilities18,576 18,182 
Long-Term Liabilities  
Long-term debt8,039 7,885 
Deferred income taxes1,351 1,302 
Non-current lease liabilities759 863 
Other1,358 1,391 
Total Long-Term Liabilities11,507 11,441 
Temporary Equity - Redeemable noncontrolling interest225 74 
Shareholders’ Equity  
Common stock2,964 2,824 
Reinvested earnings21,081 19,780 
Accumulated other comprehensive income (loss)(2,076)(2,604)
Noncontrolling interests21 22 
Total Shareholders’ Equity21,990 20,022 
Total Liabilities, Temporary Equity, and Shareholders’ Equity$52,298 $49,719 
See notes to consolidated financial statements.
5


Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows
(Unaudited)
(In millions)Nine Months Ended
September 30,
 20212020
Operating Activities  
Net earnings including noncontrolling interests$1,938 $1,089 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities  
Depreciation and amortization739 727 
Asset impairment charges54 50 
Deferred income taxes(95)57 
Equity in earnings of affiliates, net of dividends(36)(165)
Stock compensation expense135 114 
Loss on debt extinguishment36 410 
Deferred cash flow hedges258 111 
Gains on sales of assets and businesses/investment revaluation(95)(132)
Other – net156 34 
Changes in operating assets and liabilities  
Segregated investments594 147 
Trade receivables(1,060)(343)
Inventories405 370 
Deferred consideration in securitized receivables (4,603)
Other current assets1,187 (467)
Trade payables170 (389)
Payables to brokerage customers2,236 1,060 
Accrued expenses and other payables(769)414 
Total Operating Activities5,853 (1,516)
Investing Activities  
Purchases of property, plant, and equipment(714)(558)
Proceeds from sales of assets and businesses73 708 
Net assets of businesses acquired(501)(3)
Investments in and advances to affiliates(7)(5)
Distributions from affiliates5  
Investments in retained interest in securitized receivables (2,121)
Proceeds from retained interest in securitized receivables 6,724 
Other – net(143)(17)
Total Investing Activities(1,287)4,728 
Financing Activities  
Long-term debt borrowings1,330 1,790 
Long-term debt payments(533)(2,032)
Net borrowings (payments) under lines of credit agreements(1,726)(993)
Share repurchases (117)
Cash dividends(626)(607)
Other – net1 16 
Total Financing Activities(1,554)(1,943)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents3,012 1,269 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period4,646 2,990 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period$7,658 $4,259 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
Cash and cash equivalents$1,083 $948 
Restricted cash and restricted cash equivalents included in segregated cash and investments6,575 3,311 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$7,658 $4,259 
Supplemental Disclosure of Noncash Investing Activity:
Retained interest in securitized receivables$ $4,656 

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, June 30, 2021559 $2,941 $20,762 $(2,121)$21 $21,603 
Comprehensive income      
Net earnings 526  7  
Other comprehensive income (loss)   45 (1) 
Total comprehensive income     577 
Dividends paid - $0.37 per share  (209)  (209)
Stock compensation expense 21    21 
Other 2 2  (6)(2)
Balance, September 30, 2021559 $2,964 $21,081 $(2,076)$21 $21,990 
Balance, December 31, 2020556 $2,824 $19,780 $(2,604)$22 $20,022 
Comprehensive income      
Net earnings 1,927  11  
Other comprehensive income (loss)   528 (1) 
Total comprehensive income     2,465 
Dividends paid - $1.11 per share  (626)  (626)
Stock compensation expense3 135    135 
Other 5  (11)(6)
Balance, September 30, 2021559 $2,964 $21,081 $(2,076)$21 $21,990 
Balance, June 30, 2020556 $2,705 $19,293 $(2,705)$18 $19,311 
Comprehensive income      
Net earnings 225  1  
Other comprehensive income (loss)   (44)1  
Total comprehensive income     183 
Dividends paid - $0.36 per share  (202)  (202)
Share repurchases (5)(5)
Stock compensation expense 39   39 
Other 16   (1)15 
Balance, September 30, 2020556 $2,760 $19,311 $(2,749)$19 $19,341 
Balance, December 31, 2019557 $2,655 $18,958 $(2,405)$17 $19,225 
Impact of ASC 326 (see Note 1)(8)(8)
Balance, January 1, 2020557 2,655 18,950 (2,405)17 19,217 
Comprehensive income      
Net earnings 1,085  4  
Other comprehensive income (loss)   (344)5  
Total comprehensive income     750 
Dividends paid - $1.08 per share  (607)  (607)
Share repurchases(3)(117)(117)
Stock compensation expense2 114    114 
Other (9)  (7)(16)
Balance, September 30, 2020556 $2,760 $19,311 $(2,749)$19 $19,341 
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 (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 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 nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.  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, 2020.

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 include allowances for estimated uncollectible accounts totaling $82 million and $100 million at September 30, 2021 and December 31, 2020, 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.

Effective January 1, 2020, the Company adopted Accounting Standards Codification (ASC) Topic 326, Financial Instruments - Credit Losses (Topic 326), and developed a new methodology for estimating uncollectible accounts. Under this methodology, receivables are pooled 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. The Company recorded a cumulative effect adjustment to retained earnings at January 1, 2020 of $8 million as a result of the adoption of Topic 326.

The Company recorded bad debt expense in selling, general, and administrative expenses of $1 million and $9 million in the three and nine months ended September 30, 2021, respectively, and $7 million and $32 million in the three and nine months ended September 30, 2020.

8

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 1.    Basis of Presentation (Continued)
Inventory Valuation

Effective January 1, 2020, the Company changed the method of accounting for certain of its agricultural commodity inventories from the last-in, first-out (LIFO) method to market value in the Ag Services and Oilseeds segment. As of December 31, 2019, inventories accounted for using LIFO at the lower of cost or net realizable value represented approximately 10% of consolidated inventories. The Company believes market value is preferable because it: (i) conforms to the inventory valuation methodology used for the majority of ADM’s agricultural commodity inventories; (ii) enhances the matching of inventory costs with revenues and better reflects the current cost of inventory on the Company’s balance sheet; and (iii) provides better comparability with the Company’s peers.

The Company concluded that the accounting change did not have a material effect on prior periods’ financial statements and elected not to apply the change on a retrospective basis. As a result, the Company recorded a reduction in cost of products sold of $91 million ($69 million after tax, equal to $0.12 per diluted share) for the cumulative effect of the change in the nine months ended September 30, 2020 with no impact to the statement of cash flows.

Reclassification

During the quarter and nine months ended September 30, 2021, the Company recorded revaluation gains on cost method investments of $9 million and $49 million, respectively, in connection with observable third-party transactions in investment income (previously interest income) in the consolidated statements of earnings. Revaluation gains previously recorded in other (income) expense - net of $4 million and $23 million in the quarter and nine months ended September 30, 2020, respectively, were reclassified to conform to the current presentation.

Note 2.    New Accounting Standards

Effective January 1, 2021, the Company adopted the amended guidance of ASC Topic 740, Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also simplify and improve consistent application of other areas of Topic 740. The adoption of the amended guidance did not have a significant impact on the Company’s consolidated financial statements.

Note 3.    Pending Accounting Standards

Through December 31, 2022, the Company has the option to adopt the amended guidance of 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 but has not yet completed its assessment of the impact on the consolidated financial statements.














9


Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)
Note 4.    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 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 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 $153 million and $408 million for the three and nine months ended September 30, 2021, respectively, and $87 million and $310 million for the three and nine months ended September 30, 2020, 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 transactions 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 $374 million and $626 million as of September 30, 2021 and December 31, 2020, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Contract liabilities recognized as revenues were $128 million and $697 million for the three and nine months ended September 30, 2021, respectively, and $121 million and $742 million for the three and nine months ended September 30, 2020, respectively.

















10

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 4.    Revenues (Continued)

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, 2021 and 2020.

Three Months Ended September 30, 2021
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$616 $153 $769 $9,130 $9,899 
Crushing119  119 2,723 2,842 
Refined Products and Other657  657 2,291 2,948 
Total Ag Services and Oilseeds1,392 153 1,545 14,144 15,689 
Carbohydrate Solutions
Starches and Sweeteners1,516  1,516 456 1,972 
Vantage Corn Processors894  894  894 
Total Carbohydrate Solutions2,410  2,410 456 2,866 
Nutrition
Human Nutrition808  808  808 
Animal Nutrition889  889  889 
Total Nutrition1,697  1,697  1,697 
Other Business88  88  88 
Total Revenues$5,587 $153 $5,740 $14,600 $20,340 

11

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 4.    Revenues (Continued)

Nine Months Ended September 30, 2021
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$2,080 $408 $2,488 $30,372 $32,860 
Crushing335  335 8,076 8,411 
Refined Products and Other1,828  1,828 5,868 7,696 
Total Ag Services and Oilseeds4,243 408 4,651 44,316 48,967 
Carbohydrate Solutions
Starches and Sweeteners4,326  4,326 1,237 5,563 
Vantage Corn Processors2,346  2,346  2,346 
Total Carbohydrate Solutions6,672  6,672 1,237 7,909 
Nutrition
Human Nutrition2,410  2,410  2,410 
Animal Nutrition2,583  2,583  2,583 
Total Nutrition4,993  4,993  4,993 
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