Company Quick10K Filing
Archer Daniels Midland
Price40.94 EPS2
Shares565 P/E19
MCap23,131 P/FCF-6
Net Debt4,621 EBIT1,714
TEV27,752 TEV/EBIT16
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-07
10-Q 2012-09-30 Filed 2012-11-05
10-K 2012-06-30 Filed 2012-08-27
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-12-31 Filed 2012-02-06
10-Q 2011-09-30 Filed 2011-11-07
10-K 2011-06-30 Filed 2011-08-25
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-12-31 Filed 2011-02-09
10-Q 2010-09-30 Filed 2010-11-08
10-K 2010-06-30 Filed 2010-08-30
10-Q 2010-03-31 Filed 2010-05-10
10-Q 2010-02-04 Filed 2010-02-08
8-K 2020-10-29
8-K 2020-09-21
8-K 2020-09-08
8-K 2020-08-26
8-K 2020-08-23
8-K 2020-08-19
8-K 2020-08-19
8-K 2020-07-30
8-K 2020-07-29
8-K 2020-05-07
8-K 2020-04-29
8-K 2020-03-27
8-K 2020-01-29
8-K 2019-11-06
8-K 2019-10-31
8-K 2019-08-01
8-K 2019-05-01
8-K 2019-04-26
8-K 2019-03-25
8-K 2019-02-05
8-K 2018-12-03
8-K 2018-11-06
8-K 2018-09-12
8-K 2018-07-31
8-K 2018-05-03
8-K 2018-05-01
8-K 2018-02-06

ADM 10Q Quarterly Report

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. Fair Value Measurements
Note 6. Derivative Instruments and Hedging Activities
Note 7. Other Current Assets
Note 8. Accrued Expenses and Other Payables
Note 9. Debt and Financing Arrangements
Note 10. Income Taxes
Note 11. Leases
Note 12. Accumulated Other Comprehensive Income
Note 13. Other (Income) Expense - Net
Note 14. Segment Information
Note 15. Asset Impairment, Exit, and Restructuring Costs
Note 16. 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-ex3112020930xq3.htm
EX-31.2 adm-ex3122020930xq3.htm
EX-32.1 adm-ex3212020930xq3.htm
EX-32.2 adm-ex3222020930xq3.htm

Archer Daniels Midland Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
45362718902012201420172020
Assets, Equity
25201510502012201420172020
Rev, G Profit, Net Income
3.52.10.7-0.8-2.2-3.62012201420172020
Ops, Inv, Fin

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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, 2020
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

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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
NYSE
1.000% Notes due 2025
 
NYSE
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 – 556,389,049 shares
(October 29, 2020)

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, 2019, 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,
 
2020
 
2019
 
2020
 
2019
 
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Revenues
$
15,126

 
$
16,726

 
$
46,377

 
$
48,327

Cost of products sold
14,084

 
15,648

 
43,276

 
45,349

Gross Profit
1,042

 
1,078

 
3,101

 
2,978

 
 
 
 
 
 
 
 
Selling, general, and administrative expenses
636

 
578

 
1,938

 
1,839

Asset impairment, exit, and restructuring costs
4

 
53

 
61

 
200

Interest expense
100

 
97

 
270

 
307

Equity in (earnings) losses of unconsolidated affiliates
(160
)
 
(88
)
 
(403
)
 
(279
)
Interest income
(16
)
 
(47
)
 
(71
)
 
(142
)
Other (income) expense – net
278

 
(18
)
 
179

 
(39
)
Earnings Before Income Taxes
200

 
503

 
1,127

 
1,092

 
 
 
 
 
 
 
 
Income tax (benefit) expense
(26
)
 
95

 
38

 
212

Net Earnings Including Noncontrolling Interests
226

 
408

 
1,089

 
880

 
 
 
 
 
 
 
 
Less: Net earnings attributable to noncontrolling interests
1

 
1

 
4

 
5

 
 
 
 
 
 
 
 
Net Earnings Attributable to Controlling Interests
$
225

 
$
407

 
$
1,085

 
$
875

 
 
 
 
 
 
 
 
Average number of shares outstanding – basic
561

 
562

 
561

 
564

 
 
 
 
 
 
 
 
Average number of shares outstanding – diluted
562

 
563

 
563

 
565

 
 
 
 
 
 
 
 
Basic earnings per common share
$
0.40

 
$
0.72

 
$
1.93

 
$
1.55

 
 
 
 
 
 
 
 
Diluted earnings per common share
$
0.40

 
$
0.72

 
$
1.93

 
$
1.55

 
 
 
 
 
 
 
 
Dividends per common share
$
0.36

 
$
0.35

 
$
1.08

 
$
1.05


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,
 
2020
 
2019
 
2020
 
2019
 
(In millions)
 
 
 
 
 
 
 
 
Net earnings including noncontrolling interests
$
226

 
$
408

 
$
1,089

 
$
880

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment
(154
)
 
(251
)
 
(429
)
 
(236
)
Tax effect
51

 
(35
)
 
37

 
(38
)
Net of tax amount
(103
)
 
(286
)
 
(392
)
 
(274
)
 
 
 
 
 
 
 
 
Pension and other postretirement benefit liabilities adjustment
(5
)
 
7

 

 
10

Tax effect
3

 

 
(9
)
 
15

Net of tax amount
(2
)
 
7

 
(9
)
 
25

 
 
 
 
 
 
 
 
Deferred gain (loss) on hedging activities
112

 
(2
)
 
111

 
(65
)
Tax effect
(22
)
 
8

 
(23
)
 
13

Net of tax amount
90

 
6

 
88

 
(52
)
 
 
 
 
 
 
 
 
Unrealized gain (loss) on investments
(28
)
 
7

 
(25
)
 
12

Tax effect

 

 
(1
)
 
(1
)
Net of tax amount
(28
)
 
7

 
(26
)
 
11

Other comprehensive income (loss)
(43
)
 
(266
)
 
(339
)
 
(290
)
Comprehensive income (loss) including noncontrolling interests
183

 
142

 
750

 
590

 
 
 
 
 
 
 
 
Less: Comprehensive income (loss) attributable to noncontrolling interests
2

 

 
9

 
4

 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to controlling interests
$
181

 
$
142

 
$
741

 
$
586


See notes to consolidated financial statements.





4





Archer-Daniels-Midland Company

Consolidated Balance Sheets
(In millions)
September 30, 2020
 
December 31, 2019
 
(Unaudited)
 
 
Assets
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
948

 
$
852

Segregated cash and investments
5,484

 
4,458

Trade receivables
2,616

 
2,267

Inventories
8,762

 
9,170

Other current assets
4,956

 
4,600

Total Current Assets
22,766

 
21,347

 
 
 
 
Investments and Other Assets
 

 
 

Investments in and advances to affiliates
4,771

 
5,132

Goodwill and other intangible assets
5,275

 
5,476

Other assets
2,167

 
1,936

Total Investments and Other Assets
12,213

 
12,544

 
 
 
 
Property, Plant, and Equipment
 

 
 

Land and land improvements
538

 
592

Buildings
5,429

 
5,381

Machinery and equipment
18,992

 
19,005

Construction in progress
1,037

 
1,021

 
25,996

 
25,999

Accumulated depreciation
(16,180
)
 
(15,893
)
Net Property, Plant, and Equipment
9,816

 
10,106

Total Assets
$
44,795

 
$
43,997

 
 
 
 
Liabilities, Temporary Equity, and Shareholders’ Equity
 

 
 

Current Liabilities
 

 
 

Short-term debt
$
209

 
$
1,202

Trade payables
3,347

 
3,746

Payables to brokerage customers
6,069

 
5,022

Accrued expenses and other payables
4,280

 
3,757

Current maturities of long-term debt
2

 
7

Total Current Liabilities
13,907

 
13,734

 
 
 
 
Long-Term Liabilities
 

 
 

Long-term debt
7,922

 
7,672

Deferred income taxes
1,344

 
1,194

Other
2,196

 
2,114

Total Long-Term Liabilities
11,462

 
10,980

 
 
 
 
Temporary Equity - Redeemable noncontrolling interest
85

 
58

 
 
 
 
Shareholders’ Equity
 

 
 

Common stock
2,760

 
2,655

Reinvested earnings
19,311

 
18,958

Accumulated other comprehensive income (loss)
(2,749
)
 
(2,405
)
Noncontrolling interests
19

 
17

Total Shareholders’ Equity
19,341

 
19,225

Total Liabilities, Temporary Equity, and Shareholders’ Equity
$
44,795

 
$
43,997

 
 
 
 
See notes to consolidated financial statements.

5





Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
Nine Months Ended
September 30,
 
2020
 
2019
Operating Activities
 
 
 
Net earnings including noncontrolling interests
$
1,089

 
$
880

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

 
 

Depreciation and amortization
727

 
742

Asset impairment charges
50

 
50

Deferred income taxes
57

 
8

Equity in earnings of affiliates, net of dividends
(165
)
 
(92
)
Stock compensation expense
114

 
66

Loss on debt extinguishment
410

 

Deferred cash flow hedges
111

 
(65
)
Gains on sales of assets and businesses
(132
)
 
(37
)
Other – net
34

 
148

Changes in operating assets and liabilities
 

 
 

Segregated investments
147

 
300

Trade receivables
(343
)
 
276

Inventories
370

 
994

Deferred consideration in securitized receivables
(4,603
)
 
(5,714
)
Other current assets
(467
)
 
(444
)
Trade payables
(389
)
 
(808
)
Payables to brokerage customers
1,060

 
263

Accrued expenses and other payables
414

 
(206
)
Total Operating Activities
(1,516
)
 
(3,639
)
 
 
 
 
Investing Activities
 

 
 

Purchases of property, plant, and equipment
(558
)
 
(566
)
Proceeds from sales of assets and businesses
708

 
43

Net assets of businesses acquired
(3
)
 
(1,946
)
Purchases of marketable securities
(2
)
 
(26
)
Proceeds from sales of marketable securities
1

 
67

Investments in and advances to affiliates
(5
)
 
(12
)
Investments in retained interest in securitized receivables
(2,121
)
 
(3,813
)
Proceeds from retained interest in securitized receivables
6,724

 
9,527

Other – net
(16
)
 
(23
)
Total Investing Activities
4,728

 
3,251

 
 
 
 
Financing Activities
 

 
 

Long-term debt borrowings
1,790

 
3

Long-term debt payments
(2,032
)
 
(615
)
Net borrowings (payments) under lines of credit agreements
(993
)
 
960

Share repurchases
(117
)
 
(150
)
Cash dividends
(607
)
 
(592
)
Other – net
16

 
(36
)
Total Financing Activities
(1,943
)
 
(430
)
 
 
 
 
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents
1,269

 
(818
)
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period
2,990

 
3,843

Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period
$
4,259

 
$
3,025

 
 
 
 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
 
 
 
 
 
 
 
Cash and cash equivalents
$
948

 
$
932

Restricted cash and restricted cash equivalents included in segregated cash and investments
3,311

 
2,093

Total cash, cash equivalents, restricted cash, and restricted cash equivalents
$
4,259

 
$
3,025

 
 
 
 
Supplemental Disclosure of Noncash Investing Activity:
 
 
 
Retained interest in securitized receivables
$
4,656

 
$
5,657


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, June 30, 2020
556

 
$
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, 2020
556

 
$
2,760

 
$
19,311

 
$
(2,749
)
 
$
19

 
$
19,341

 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2019
557

 
$
2,655

 
$
18,958

 
$
(2,405
)
 
$
17

 
$
19,225

Impact of ASC 326 (see Note 2)
 
 
 
 
(8
)
 
 
 
 
 
(8
)
Balance, January 1, 2020
557

 
$
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
)