ADM Files 2023 10-K Amendment

TL;DR

ADM filed its amended 2023 10-K, check for updated financials.

AI Summary

Archer-Daniels-Midland Co. filed an amendment to its 2023 10-K on November 18, 2024. This filing pertains to their fiscal year ending December 31, 2023. The company, headquartered in Chicago, IL, operates in the FATS & OILS industry.

Why It Matters

This amendment provides updated financial information and disclosures for Archer-Daniels-Midland Co. for the fiscal year 2023, which is crucial for investors and stakeholders to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This filing is an amendment to a standard annual report, indicating routine updates rather than new, significant risks.

Key Numbers

• 2023 — Fiscal Year (The period covered by the 10-K/A filing.)
• 1231 — Fiscal Year End (The specific end date of the fiscal year reported.)

Key Players & Entities

• Archer-Daniels-Midland Co (company) — Filer
• 20231231 (date) — Fiscal Year End
• 20241118 (date) — Filing Date
• Chicago, IL (location) — Company Headquarters

FAQ

Filing Documents

• adm-20231231.htm (10-K/A) — 3663KB
• adm-ex231_20231231x10kxa.htm (EX-23.1) — 8KB
• adm-ex311_20231231x10kxa.htm (EX-31.1) — 10KB
• adm-ex312_20231231x10kxa.htm (EX-31.2) — 10KB
• adm-ex321_20231231x10kxa.htm (EX-32.1) — 5KB
• adm-ex322_20231231x10kxa.htm (EX-32.2) — 4KB
• adm-20231231_g1.jpg (GRAPHIC) — 109KB
• adm-20231231_g2.jpg (GRAPHIC) — 118KB
• 0000007084-24-000051.txt ( ) — 20387KB
• adm-20231231.xsd (EX-101.SCH) — 101KB
• adm-20231231_cal.xml (EX-101.CAL) — 133KB
• adm-20231231_def.xml (EX-101.DEF) — 652KB
• adm-20231231_lab.xml (EX-101.LAB) — 1303KB
• adm-20231231_pre.xml (EX-101.PRE) — 964KB
• adm-20231231_htm.xml (XML) — 4130KB

- Item 1. Business

Part I - Item 1. Business

- Item 1A. Risk Factors

Part I - Item 1A. Risk Factors

- Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

- Item 8. Financial Statements and Supplementary Data

Part II - Item 8. Financial Statements and Supplementary Data

- Item 9A. Controls and Procedures

Part II - Item 9A. Controls and Procedures

- Item 10. Directors, Executive Officers and Corporate Governance

Part III - Item 10. Directors, Executive Officers and Corporate Governance

- Item 11. Executive Compensation

Part III - Item 11. Executive Compensation

- Item 15. Exhibits and Financial Statement Schedules

Part IV - Item 15. Exhibits and Financial Statement Schedules The exhibit list included in Item 15, "Exhibits and Financial Statement Schedules" herein has been amended to contain currently dated certifications from the Company's Chief Executive Officer (as Principal Executive Officer) and Chief Financial Officer (as Principal Financial Officer), as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and filed as Exhibits 31.1/31.2 and 32.1/32.2, respectively, as well as an updated Consent of Independent Registered Public Accounting Firm filed as Exhibit 23.1. In accordance with applicable SEC rules, this Form 10-K/A also includes an updated signature page and Reports of Independent Registered Public Accounting Firm. Please note that the only changes to the Form 10-K are those related to the matters described herein and only in the Items listed above. Item 1A "Risk Factors" has been updated for the risk factor previously identified within the "Investigation Risks" related to the material weakness but that Item has not otherwise been updated to reflect developments occurring subsequent to the date of the Form 10-K. Otherwise, this Amendment speaks as of the original filing date of the Form 10-K, and does not modify, amend or update any other item or disclosures in the Form 10-K. As such, this Amendment does not reflect events occurring after the filing of the Form 10-K or modify or update those disclosures affected by subsequent events. Such subsequent information or events include, among others, the information and events described in our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024 and June 30, 2024, each of which we are restating currently with this Amendment, and the information and events described in our Current Reports on Form 8-K filed subsequent to the date of the Form 10-K. For a description of such subsequent information and events, please read our reports filed pursuant to the Exchange Act subsequent t

Signatures

Signatures 134 6 PART I

BUSINESS

Item 1. BUSINESS Company Overview Archer-Daniels-Midland Company (the Company or ADM) unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor; a premier human and animal nutrition provider; a trailblazer in groundbreaking solutions to support healthier living; an industry-leading innovator in replacing petroleum-based products; and a leader in sustainability. ADM's breadth, depth, insights, facilities and logistical expertise give the Company unparalleled capabilities to meet demand driven by global trends related to food security, health and well-being, and sustainability of the agriculture and food value chains. From the seed of the idea to the outcome of the solution, ADM gives customers an advantage in solving the nutritional and sustainability challenges of today and tomorrow. The Company is one of the world's leading producers of ingredients for sustainable nutrition. From staple foods, such as flour, oils, and sweeteners, to innovative alternatives like plant-based meat and dairy, ADM offers the industry's broadest portfolio of food and beverage solutions. The Company is also a leader in animal nutrition. Today, more and more people want to feed their pets with the same kind of clean, simple, and healthy products that they eat themselves, and consumers expect livestock and poultry to be fed and raised naturally, humanely, and sustainably. ADM offers a range of ingredients, flavors, and solutions from nature to meet animal's needs. ADM is a global leader in health and well-being, with an industry-leading range of probiotics, enzymes, supplements, and more to meet the needs of consumers looking for new ways to live healthier lives. The Company is also leading the way to a future of new consumer and industrial solutions from nature. With unparalleled expertise and capacity in precision fermentation, ADM is reimagining the world of plastics, lubricants, adhesives, home p

BUSINESS (Continued)

Item 1. BUSINESS (Continued) Segment Descriptions The Company's operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. Each of these segments is organized based upon the nature of products and services offered. The Company's remaining operations are not reportable business segments, as defined by the applicable accounting standard, and are classified as Other Business. Financial information with respect to the Company's reportable business segments is set forth in Note 17 of "Notes to Consolidated Financial Statements" included in Item 8 herein, "Financial Statements and Supplementary Data" (Item 8). Ag Services and Oilseeds The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment's crushing activities are sold "as is" to manufacturers of renewable green diesel and other customers or are further processed by refining, blending, bleaching, and deodorizing into salad oils. Salad oils are sold "as is" or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to

BUSINESS (Continued)

Item 1. BUSINESS (Continued) Carbohydrate Solutions The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers' grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids, which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. By continuing to advance additional carbon capture and sequestration initiatives and products aimed at replacing coal power and steam generation with lower emissions power, the Carbohydrate Solutions segment is well positioned to benefit from the replacement of essential materials historically made from fossil fuels with plant-based alternatives. The Company has a 50.0% equity interest in Hungrana Ltd. which operates a corn wet milling plant in Hungary. The Company has a 50.0% equity interest in Almidones Mexicanos S.A. which operates a corn wet milling plant in Mexico. The Company has a 50.0% equity interest in Aston Foods and Food Ingredients, a Russian-based sweeteners and starches business. The Company has a 40.0% equity interest in Red Star Yeast

BUSINESS (Continued)

Item 1. BUSINESS (Continued) ADM Investor Services, Inc., a wholly owned subsidiary of the Company, is a registered futures commission merchant and a clearing member of all principal commodities exchanges in the U.S. ADM Investor Services International Limited, a member of several derivative and commodity exchanges and clearing houses in Europe, ADMIS Singapore Pte. Limited, a clearing member of the Singapore exchange, and ADMIS Hong Kong Limited, are wholly owned subsidiaries of ADM offering brokerage services in Europe and Asia. Insurance activities include Agrinational Insurance Company (Agrinational) and its subsidiaries. Agrinational, a wholly owned subsidiary of ADM, provides insurance coverage for certain property, casualty, marine, medical, and other miscellaneous risks of the Company. Agrinational also participates in certain third-party reinsurance arrangements. Corporate Corporate includes the activities related to cost and equity method investments in early-stage start-up comp