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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, 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-20220930_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 – 549,334,227 shares
(October 24, 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
September 30,
Nine Months Ended
September 30,
 2022202120222021
(In millions, except per share amounts)
Revenues$24,683 $20,340 $75,617 $62,159 
Cost of products sold22,872 19,014 69,809 57,822 
Gross Profit1,811 1,326 5,808 4,337 
Selling, general, and administrative expenses818 720 2,461 2,208 
Asset impairment, exit, and restructuring costs28 2 30 84 
Equity in earnings of unconsolidated affiliates(210)(110)(606)(398)
Interest and investment income(85)(20)(176)(83)
Interest expense97 61 262 188 
Other (income) expense – net(67)20 (183)36 
Earnings Before Income Taxes1,230 653 4,020 2,302 
Income tax expense193 120 679 364 
Net Earnings Including Noncontrolling Interests1,037 533 3,341 1,938 
Less: Net earnings attributable to noncontrolling interests6 7 20 11 
Net Earnings Attributable to Controlling Interests$1,031 $526 $3,321 $1,927 
Average number of shares outstanding – basic561 564 565 564 
Average number of shares outstanding – diluted563 566 566 566 
Basic earnings per common share$1.84 $0.93 $5.88 $3.42 
Diluted earnings per common share$1.83 $0.93 $5.87 $3.41 
Dividends per common share$0.40 $0.37 $1.20 $1.11 

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,
2022202120222021
(In millions)
Net earnings including noncontrolling interests$1,037 $533 $3,341 $1,938 
Other comprehensive income (loss):
Foreign currency translation adjustment(221)(24)(79)305 
Tax effect(74)(30)(189)(78)
Net of tax amount(295)(54)(268)227 
Pension and other postretirement benefit liabilities adjustment8 13 45 102 
Tax effect(2)5 (13)(22)
Net of tax amount6 18 32 80 
Deferred gain (loss) on hedging activities43 75 245 258 
Tax effect(5)(1)(50)(41)
Net of tax amount38 74 195 217 
Unrealized gain (loss) on investments 6 (13)4 
Tax effect1  2 (1)
Net of tax amount1 6 (11)3 
Other comprehensive income (loss)(250)44 (52)527 
Comprehensive income (loss)787 577 3,289 2,465 
Less: Comprehensive income (loss) attributable to noncontrolling interests3 6 8 10 
Comprehensive income (loss) attributable to controlling interests$784 $571 $3,281 $2,455 

See notes to consolidated financial statements.




4


Archer-Daniels-Midland Company

Consolidated Balance Sheets
(In millions)September 30, 2022December 31, 2021
 (Unaudited)
Assets  
Current Assets  
Cash and cash equivalents$1,099 $943 
Segregated cash and investments9,345 8,016 
Trade receivables - net4,679 3,311 
Inventories13,282 14,481 
Other current assets6,164 5,158 
Total Current Assets34,569 31,909 
Investments and Other Assets  
Investments in affiliates5,429 5,285 
Goodwill and other intangible assets6,364 6,747 
Right of use assets983 1,023 
Other assets1,354 1,369 
Total Investments and Other Assets14,130 14,424 
Property, Plant, and Equipment  
Land and land improvements500 554 
Buildings5,532 5,597 
Machinery and equipment18,941 19,112 
Construction in progress1,221 960 
 26,194 26,223 
Accumulated depreciation(16,589)(16,420)
Net Property, Plant, and Equipment9,605 9,803 
Total Assets$58,304 $56,136 
Liabilities, Temporary Equity, and Shareholders’ Equity  
Current Liabilities  
Short-term debt$181 $958 
Trade payables6,543 6,388 
Payables to brokerage customers10,359 8,965 
Accrued expenses and other payables4,686 4,790 
Current lease liabilities279 277 
Current maturities of long-term debt888 570 
Total Current Liabilities22,936 21,948 
Long-Term Liabilities  
Long-term debt7,671 8,011 
Deferred income taxes1,639 1,412 
Non-current lease liabilities723 765 
Other1,016 1,233 
Total Long-Term Liabilities11,049 11,421 
Temporary Equity - Redeemable noncontrolling interest290 259 
Shareholders’ Equity  
Common stock3,110 2,994 
Reinvested earnings23,099 21,655 
Accumulated other comprehensive income (loss)(2,212)(2,172)
Noncontrolling interests32 31 
Total Shareholders’ Equity24,029 22,508 
Total Liabilities, Temporary Equity, and Shareholders’ Equity$58,304 $56,136 
See notes to consolidated financial statements.
5


Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows
(Unaudited)
(In millions)Nine Months Ended
September 30,
 20222021
Operating Activities  
Net earnings including noncontrolling interests$3,341 $1,938 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities  
Depreciation and amortization774 739 
Asset impairment charges20 54 
Deferred income taxes(39)(95)
Equity in earnings of affiliates, net of dividends(279)(36)
Stock compensation expense123 135 
Loss on debt extinguishment 36 
Deferred cash flow hedges245 258 
Gains on sales of assets and businesses/investment revaluation(77)(95)
Other – net549 156 
Changes in operating assets and liabilities, net of acquisitions and dispositions  
Segregated investments(1,452)594 
Trade receivables(1,613)(1,060)
Inventories590 405 
Other current assets(929)1,187 
Trade payables305 170 
Payables to brokerage customers1,706 2,236 
Accrued expenses and other payables84 (769)
Total Operating Activities3,348 5,853 
Investing Activities  
Capital expenditures(841)(714)
Net assets of businesses acquired (501)
Proceeds from sales of assets and businesses51 73 
Investments in affiliates(60)(7)
Other – net(98)(138)
Total Investing Activities(948)(1,287)
Financing Activities  
Long-term debt borrowings752 1,330 
Long-term debt payments(482)(533)
Net borrowings (payments) under lines of credit agreements(751)(1,726)
Share repurchases(1,200) 
Cash dividends(677)(626)
Other – net(6)1 
Total Financing Activities(2,364)(1,554)
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents36 3,012 
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$7,490 $7,658 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
Cash and cash equivalents$1,099 $1,083 
Restricted cash and restricted cash equivalents included in segregated cash and investments6,391 6,575 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents$7,490 $7,658 

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, 2022561 $3,066 $23,292 $(1,965)$33 $24,426 
Comprehensive income      
Net earnings 1,031  6  
Other comprehensive income (loss)   (247)(3) 
Total comprehensive income     787 
Cash dividends paid - $0.40 per share  (224)  (224)
Share repurchases(12)(1,000)(1,000)
Stock compensation expense 26    26 
Stock option exercises net of taxes 17 17 
Other 1   (4)(3)
Balance, September 30, 2022549 $3,110 $23,099 $(2,212)$32 $24,029 
Balance, December 31, 2021560 $2,994 $21,655 $(2,172)$31 $22,508 
Comprehensive income      
Net earnings 3,321  20  
Other comprehensive income (loss)   (40)(12) 
Total comprehensive income     3,289 
Cash dividends paid - $1.20 per share  (677)  (677)
Share repurchases(14)(1,200)(1,200)
Stock compensation expense3 123    123 
Stock option exercises net of taxes (9)(9)
Other 2   (7)(5)
Balance, September 30, 2022549 $3,110 $23,099 $(2,212)$32 $24,029 
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 
Cash dividends paid - $0.37 per share  (209)  (209)
Stock compensation expense 21   21 
Stock option exercises net of taxes 1 1 
Other 1 2  (6)(3)
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 
Cash 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 
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 nine months ended September 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 $179 million and $122 million at September 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 $29 million and $73 million in the three and nine months ended September 30, 2022, respectively, and $1 million and $9 million in the three and nine months ended September 30, 2021, respectively.

Cost Method Investments

Cost method investments of $465 million and $297 million as of September 30, 2022 and December 31, 2021, respectively, were included in Other Assets in the Company’s consolidated balance sheets. Revaluation gains of $37 million in the nine months ended September 30, 2022, and $9 million and $49 million in the three and nine months ended September 30, 2021, respectively, in connection with observable third-party transactions, were recorded in investment income in the Company's consolidated statements of earnings. There were no revaluation gains recorded in the three months ended September 30, 2022.


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, some of which were brought back online during the quarter ended September 30, 2022, due in part to the opening of the Black Sea grain export corridor. 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 ongoing conflict in Ukraine, the Company reviewed the valuation of its assets and recorded immaterial charges in the three and nine months ended September 30, 2022 related to receivables and inventories. As of September 30, 2022, ADM concluded that 1) receivables, net of allowances, are deemed collectible; and 2) market inventories are valued appropriately. The temporarily idled property, plant, and equipment, which is immaterial, are not considered impaired. The Company also evaluated the impact of Russia’s recent announcement of its purported annexation of four Ukrainian regions on the valuation of ADM’s assets in those regions and concluded that the assets are appropriately valued. 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.

Effective January 1, 2023, the Company will be required to adopt the amended guidance of ASC Subtopic 405-50, Liabilities - Supplier Finance Programs, which enhances the transparency of supplier finance programs. The amended guidance requires an entity (buyer) in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. Early adoption is permitted. The adoption of this amended guidance will require the Company to provide disclosures about its supplier finance programs, if material, but is not expected to have an impact on its consolidated financial statements.











9



Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

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 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 $227 million and $611 million for the three and nine months ended September 30, 2022, respectively, and $153 million and $408 million for the three and nine months ended September 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).
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 $423 million and $581 million as of September 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 $111 million and $581 million for the three and nine months ended September 30, 2022, respectively, and $128 million and $697 million for the three and nine months ended September 30, 2021, respectively.


















10

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 3.    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, 2022 and 2021.

Three Months Ended September 30, 2022
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$1,095 $227 $1,322 $11,215 $12,537 
Crushing202  202 3,018 3,220 
Refined Products and Other715  715 2,669 3,384 
Total Ag Services and Oilseeds2,012 227 2,239 16,902 19,141 
Carbohydrate Solutions
Starches and Sweeteners1,994  1,994 686 2,680 
Vantage Corn Processors901  901  901 
Total Carbohydrate Solutions2,895  2,895 686 3,581 
Nutrition
Human Nutrition906  906  906 
Animal Nutrition958  958  958 
Total Nutrition1,864  1,864  1,864 
Other Business97  97  97 
Total Revenues$6,868 $227 $7,095 $17,588 $24,683 

11

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)
(Unaudited)

Note 3.    Revenues (Continued)

Nine Months Ended September 30, 2022
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$3,078 $611 $3,689 $35,028 $38,717 
Crushing455  455 9,349 9,804 
Refined Products and Other2,091  2,091 8,211 10,302 
Total Ag Services and Oilseeds5,624 611 6,235 52,588 58,823 
Carbohydrate Solutions
Starches and Sweeteners5,813  5,813 1,884 7,697 
Vantage Corn Processors3,001  3,001  3,001 
Total Carbohydrate Solutions8,814  8,814 1,884 10,698 
Nutrition
Human Nutrition2,884  2,884  2,884 
Animal Nutrition2,907  2,907  2,907 
Total Nutrition5,791  5,791  5,791 
Other Business305  305  305 
Total Revenues$20,534 $611 $21,145 $54,472 $75,617 
Three Months Ended September 30, 2021
Topic 606 Revenue
Topic 815(1)
Total
Point in TimeOver TimeTotalRevenueRevenues
(In millions)
Ag Services and Oilseeds
Ag Services$