0000007084falsetrue00000070842023-10-242023-10-240000007084us-gaap:CommonStockMember2023-10-242023-10-240000007084us-gaap:DebtSecuritiesMember2023-10-242023-10-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)       October 24, 2023 

admlogoprimaryrgb.jpg

ARCHER-DANIELS-MIDLAND COMPANY
(Exact name of registrant as specified in its charter)

Delaware1-4441-0129150
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
77 West Wacker Drive, Suite 4600 
Chicago,Illinois 60601
(Address of principal executive offices) (Zip Code)
   
Registrant’s telephone number, including area code: (312) 634-8100

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
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§230.12b-2 of this chapter).

Emerging growth 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.     





Item 2.02Results of Operations and Financial Condition.

On October 24, 2023, Archer-Daniels-Midland Company (ADM) issued a press release announcing third quarter results. A copy of such press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ADM is making reference to non-GAAP financial measures in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

Item 9.01Financial Statements and Exhibits.

(d) ExhibitsThe following exhibits are furnished or filed, as applicable, herewith:


101    Interactive Data File

104    Cover Page Interactive Data File (formatted as Inline XBRL and incorporated by reference to Exhibit 101)






SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


ARCHER-DANIELS-MIDLAND COMPANY

Date:October 24, 2023By/s/ R. B. Jones
R. B. Jones
Senior Vice President, General Counsel, and Secretary




EXHIBIT INDEX



Exhibit    Description


101    Interactive Data File

104    Cover Page Interactive Data File (formatted as Inline XBRL and incorporated by reference to Exhibit 101)


Exhibit 99.1
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ADM Reports Third Quarter Earnings per Share of $1.52,
$1.63 on an Adjusted Basis

Net earnings of $0.8 billion, adjusted net earnings of $0.9 billion
Trailing four-quarter average adjusted ROIC of 13.2%

CHICAGO, October 24, 2023—ADM (NYSE: ADM) today reported financial results for the quarter ended September 30, 2023.

“ADM again delivered a strong quarter in increasingly dynamic market conditions as we continued to adjust our business model to meet the evolving needs of our customers. Through targeted investments in innovation and a focus on efficiencies that align to our customers’ goals, we are strengthening critical partnerships and expanding our new profit opportunities to deliver additional shareholder value,” said Chair of the Board and CEO Juan Luciano.

“Ag Services & Oilseeds delivered another solid quarter, leveraging the strength of our Brazilian export capabilities, extending regenerative agriculture partnerships, and commissioning our Spiritwood production facility to serve growing demand for renewable green diesel. Carbohydrate Solutions drove strong results through excellent execution in favorable ethanol, starches and sweeteners margin environments, while extending customer wins in BioSolutions and formally advancing the Broadwing Energy project for lower carbon intensity power generation in Decatur. Within Nutrition, the outstanding growth of Flavors continues to outpace the market, and Health & Wellness is developing the next generation of evidence-based solutions, while we address pockets of softness in other areas of the portfolio. With strong performance to date in 2023 and a constructive expectation for the remainder of the year, we are again raising our full-year earnings outlook.”























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Third Quarter 2023 Highlights
(Amounts in millions except per share amounts)20232022
Earnings per share (as reported)$1.52 $1.83 
Adjusted earnings per share1
$1.63 $1.86 
Segment operating profit$1,421 $1,559 
Adjusted segment operating profit (loss)1
$1,492 $1,579 
   Ag Services and Oilseeds848 1,075 
   Carbohydrate Solutions460 309 
   Nutrition138 177 
   Other Business46 18 

Q3 2023 EPS as reported of $1.52 includes a $0.10 per share net charge related to impairments and restructuring, net of a contingency loss reversal and a $0.01 per share charge related to acquisition expenses. Adjusted EPS, which excludes these items, was $1.63.1

1 Non-GAAP financial measures; see pages 5, 10, 11 and 12 for explanations and reconciliations, including after-tax amounts.    

Quarterly Results of Operations

Ag Services & Oilseeds results were lower than the third quarter of 2022.

Ag Services results were lower than the strong third quarter of 2022. South American origination results were higher year-over-year, as the team delivered significantly higher volumes and margins on strong export demand. Results for North American origination were lower year-over-year, driven by the shift of exports to South America. Effective risk management and higher volumes and margins in Global Trade led to strong results, however, lower year-over-year. The current quarter also included a $48 million insurance settlement related to damages from Hurricane Ida.

Crushing results were much lower than the prior-year’s record third quarter. Global soy crush margins remained robust, but lower than the very strong levels of a year ago. In EMEA, we continued to optimize our flex capacity to higher margin softseeds, in line with market opportunities. In the quarter, there were large net positive mark-to-market timing effects, which were lower than the net positive impacts in the prior year quarter.

Refined Products and Other results were higher than the prior-year period. EMEA results were higher year-over-year as strong export demand for biodiesel and domestic demand for food oil supported higher margins. In the quarter, there were large net positive mark-to-market timing effects which are expected to reverse as contracts execute in future periods.

Equity earnings from Wilmar were significantly lower versus the third quarter of 2022.









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Carbohydrate Solutions delivered an outstanding third quarter, significantly higher than last year.

The Starches and Sweeteners subsegment results, including ethanol production from our wet mills, were higher year-over-year on a healthy demand environment during the quarter. North American starches and sweeteners delivered higher margins on similar volumes versus the prior year and capitalized on a strong ethanol backdrop. The global wheat milling business posted higher margins on similar volumes, supported by steady customer demand.

Vantage Corn Processors results were significantly higher year-over-year on robust demand and margins for ethanol.

Nutrition results were significantly lower year-over-year.

Human Nutrition results were much lower than the third quarter of 2022. Flavors results were substantially higher than the prior year, driven by pricing actions in EMEA and strong win rates in North America. Specialty Ingredients results were much lower year-over-year due to continued lower market demand for plant-based proteins in meat alternatives, inventory adjustments, and unplanned down time resulting from the recent Decatur incident. In Health & Wellness, a favorable impact related to the revised commercial agreement with Spiber, as well as stronger probiotics sales, led to higher results versus the prior year.

Animal Nutrition results were lower compared to the same quarter last year due to lower contributions from amino acids and persistent demand fulfillment challenges in Pet Solutions, partially offset by cost optimization actions and improving volumes.

Other Business results were significantly higher than the prior-year quarter due to improved ADM Investor Services earnings on higher net interest income. Captive insurance results were slightly lower on higher claim settlements partially offset by premiums from new programs.

Other Items of Note
As additional information to help clarify underlying business performance, the table on page 10 includes reported earnings and EPS as well as adjusted earnings and EPS.

Segment operating profit of $1.4 billion for the quarter includes net charges of $69 million ($0.10 per share) related to impairments and restructuring, net of a contingent loss reversal, and a loss of $2 million ($0.00 per share) related to the sale of certain assets.
In Corporate results, net interest expense for the quarter increased year-over-year primarily on higher short-term interest rates. Unallocated corporate costs increased versus the prior year on higher global technology spend to support our digital transformation efforts. Other Corporate was favorable versus the prior year primarily due to foreign currency hedges.

Note: Additional Facts and Explanations
Additional facts and explanations about results and industry environment can be found at the end of the ADM Q3 Earnings Presentation at www.adm.com/webcast.




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Conference Call Information
ADM will host a webcast on October 24, 2023, at 8 a.m. Central Time to discuss financial results and provide a company update. To listen to the webcast, go to www.adm.com/webcast. A replay of the webcast will also be available for an extended period of time at www.adm.com/webcast.

Forward-Looking Statements
Some of our comments and materials in this presentation constitute forward-looking statements that reflect management’s current views and estimates of future economic circumstances, industry conditions, Company performance and financial results. These statements and materials are based on many assumptions and factors that are subject to risk and uncertainties. ADM has provided additional information in its reports on file with the SEC concerning assumptions and factors that could cause actual results to differ materially from those in this presentation, and you should carefully review the assumptions and factors in our SEC reports. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements as a result of new information or future events.

About ADM
ADM unlocks the power of nature to enrich the quality of life. We’re a premier global human and animal nutrition company, delivering solutions today with an eye to the future. We’re blazing new trails in health and well-being as our scientists develop groundbreaking products to support healthier living. We’re a cutting-edge innovator leading the way to a new future of plant-based consumer and industrial solutions to replace petroleum-based products. We’re an unmatched agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. And we’re a leader in sustainability, scaling across entire value chains to help decarbonize our industry and safeguard our planet. From the seed of the idea to the outcome of the solution, we give customers an edge in solving the nutritional and sustainability challenges of today and tomorrow. Learn more at www.adm.com.


Media RelationsInvestor Relations
Jackie AndersonMegan Britt
312-634-8484872-257-8378

Financial Tables Follow

Source: Corporate Release
Source: ADM
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Segment Operating Profit, Adjusted Segment Operating Profit (a non-GAAP financial measure)
and Corporate Results
(unaudited)
Quarter endedNine months ended
September 30September 30
(In millions)20232022Change20232022Change
Segment Operating Profit$1,421 $1,559 $(138)$4,665 $4,938 $(273)
Specified items:
(Gain) loss on sales of assets(29)31 (10)(30)20 
Impairment and restructuring charges and settlement contingencies 69 49 20 190 76 114 
Adjusted Segment Operating Profit$1,492 $1,579 $(87)$4,845 $4,984 $(139)
Ag Services and Oilseeds$848 $1,075 $(227)$3,112 $3,202 $(90)
Ag Services226 292 (66)954 957 (3)
Crushing250 346 (96)900 1,242 (342)
Refined Products and Other337 295 42 1,026 623 403 
Wilmar35 142 (107)232 380 (148)
Carbohydrate Solutions$460 $309 $151 $1,036 $1,099 $(63)
Starches and Sweeteners395 327 68 987 1,036 (49)
Vantage Corn Processors65 (18)83 49 63 (14)
Nutrition$138 $177 $(39)$468 $605 $(137)
Human Nutrition118 146 (28)440 470 (30)
Animal Nutrition20 31 (11)28 135 (107)
Other Business$46 $18 $28 $229 $78 $151 
Segment Operating Profit$1,421 $1,559 $(138)$4,665 $4,938 $(273)
Corporate Results$(390)$(329)$(61)$(1,105)$(918)$(187)
Interest expense - net(98)(76)(22)(326)(239)(87)
Unallocated corporate costs(298)(251)(47)(808)(727)(81)
Other11 (10)21 34 39 (5)
Specified items:
Expenses related to acquisitions(3)— (3)(6)(2)(4)
Gain on debt conversion option — (8)12 (6)
Loss on sale of assets— — — — (3)
Restructuring (charges) adjustment(2)— (2)(5)(7)
Earnings Before Income Taxes$1,031 $1,230 $(199)$3,560 $4,020 $(460)







Segment operating profit is ADM’s consolidated income from operations before income tax excluding corporate items. Adjusted segment operating profit, a non-GAAP financial measure, is segment operating profit excluding specified items. Management believes that segment operating profit and adjusted segment operating profit are useful measures of ADM’s performance because they provide investors information about ADM’s business unit performance excluding corporate overhead costs as well as specified items. Segment operating profit and adjusted segment operating profit are not measures of consolidated operating results under U.S. GAAP and should not be considered alternatives to income before income taxes, the most directly comparable GAAP financial measure, or any other measure of consolidated operating results under U.S. GAAP.
                                                            5
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Consolidated Statements of Earnings
(unaudited)

Quarter endedNine months ended
September 30September 30
 2023202220232022
 (in millions, except per share amounts)
Revenues$21,695 $24,683 $70,957 $75,617 
Cost of products sold (1)
19,885 22,872 65,184 69,809 
Gross profit1,810 1,811 5,773 5,808 
Selling, general, and administrative expenses (2)
815 818 2,537 2,461 
Asset impairment, exit, and restructuring costs (3)
79 28 146 30 
Equity in (earnings) losses of unconsolidated affiliates(83)(210)(408)(606)
Interest and investment income(152)(85)(428)(176)
Interest expense (4)
155 97 482 262 
Other (income) expense - net (5)
(35)(67)(116)(183)
Earnings before income taxes1,031 1,230 3,560 4,020 
Income tax expense (benefit) (6)
207 193 636 679 
Net earnings including noncontrolling interests824 1,037 2,924 3,341 
Less:  Net earnings (losses) attributable to noncontrolling interests20 
Net earnings attributable to ADM$821 $1,031 $2,918 $3,321 
Diluted earnings per common share$1.52 $1.83 $5.35 $5.87 
Average diluted shares outstanding540 563 546 566 

(1) Includes a net reversal of charges related to inventory writedowns of $5 million and a contingency loss provision of $62 million related to import duties in the current YTD. Includes charges related to inventory writedowns of $11 million and $36 million in the prior-year quarter and YTD, respectively, partially offset by an insurance settlement of $2 million in the prior-year YTD.

(2) Includes acquisition-related expenses of $3 million and $6 million in the current quarter and YTD, respectively, and a contingency loss adjustment of $8 million in the current quarter and YTD. Includes a contingency/settlement of $10 million in the prior-year quarter and YTD. Also includes acquisition-related expenses of $2 million in the prior-year YTD.

(3) Includes charges related to the impairment of certain assets and restructuring.
(4) Includes gains related to the mark-to-market adjustment of the conversion option of the exchangeable bond issued in August 2020 of $6 million in the current YTD and $8 million and $12 million in the prior-year quarter and YTD, respectively.

(5) Includes net (gains) losses related to the sale of certain assets of $2 million and $(10) million in the current quarter and YTD, respectively, and ($29) million and (27) million in the prior-year quarter and YTD, respectively.

(6) Includes the tax expense (benefit) impact of the above specified items and tax discrete items totaling $(17) million and $(38) million in the current quarter and YTD, respectively, and $5 million and ($6) million in the prior-year quarter and YTD, respectively.


                                                            6
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Summary of Financial Condition
(unaudited)
 
September 30,
2023
September 30,
2022
 (in millions)
Net Investment In  
Cash and cash equivalents$1,498 $1,099 
Operating working capital11,036 11,603 
Property, plant, and equipment10,218 9,605 
Investments in affiliates5,469 5,429 
Goodwill and other intangibles6,392 6,364 
Other non-current assets2,492 2,337 
 $37,105 $36,437 
Financed By  
Short-term debt$116 $181 
Long-term debt, including current maturities8,225 8,559 
Deferred liabilities3,183 3,378 
Temporary equity316 290 
Shareholders’ equity25,265 24,029 
 $37,105 $36,437 



                                                            7
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Summary of Cash Flows
(unaudited)
 
Nine months ended
September 30
 20232022
 (in millions)
Operating Activities  
Net earnings$2,924 $3,341 
Depreciation and amortization782 774 
Asset impairment charges120 20 
(Gains) losses on sales/revaluation of assets(33)(77)
Other - net11 599 
Other changes in operating assets and liabilities(1,913)(1,309)
Total Operating Activities1,891 3,348 
Investing Activities  
Purchases of property, plant and equipment(1,055)(841)
Net assets of businesses acquired(11)— 
Proceeds from sale of business/assets21 51 
Investments in affiliates(8)(60)
Other investing activities(8)(98)
Total Investing Activities(1,061)(948)
Financing Activities  
Long-term debt borrowings500 752 
Long-term debt payments(963)(482)
Net borrowings (payments) under lines of credit(379)(751)
Share repurchases(1,118)(1,200)
Cash dividends(738)(677)
Other(102)(6)
Total Financing Activities(2,800)(2,364)
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents(22)— 
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents(1,992)36 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period7,033 7,454 
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period$5,041 $7,490 


                                                            8
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Segment Operating Analysis
(unaudited)


Quarter endedNine months ended
September 30September 30
 2023202220232022
 (in ‘000s metric tons)
Processed volumes (by commodity)    
Oilseeds8,648 7,688 26,058 24,387 
Corn4,507 4,381 13,349 13,969 
Total processed volumes13,155 12,069 39,407 38,356 
Quarter endedNine months ended
 September 30September 30
 2023202220232022
 (in millions)
Revenues    
Ag Services and Oilseeds$16,479 $19,141 $54,902 $58,823 
Carbohydrate Solutions3,325 3,581 10,243 10,698 
Nutrition1,784 1,864 5,490 5,791 
Other Business107 97 322 305 
Total revenues$21,695 $24,683 $70,957 $75,617 























                                                            9
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Adjusted Earnings Per Share
A non-GAAP financial measure
(unaudited)
Quarter ended September 30Nine months ended September 30
 2023202220232022
In millionsPer shareIn millionsPer shareIn millionsPer shareIn millionsPer share
Net earnings and fully diluted EPS$821 $1.52 $1,031 $1.83 $2,918 $5.35 $3,321 $5.87 
Adjustments: 
Loss (gain) on sales of assets and businesses (a)— (22)(0.04)(7)(0.02)(20)(0.04)
Impairment and restructuring charges and settlement contingencies (b)54 0.10 40 0.07 152 0.28 60 0.10 
Expenses related to acquisitions (c)0.01 — — 0.01 — 
Gain on debt conversion option (d)— — (8)(0.01)(6)(0.01)(12)(0.02)
Tax adjustment (e)— — 0.01 0.01 — 
Sub-total adjustments59 0.11 17 0.03 147 0.27 31 0.04 
Adjusted net earnings and adjusted EPS$880 $1.63 $1,048 $1.86 $3,065 $5.62 $3,352 $5.91 

(a)Current quarter and YTD loss (gain) of $2 million and $(10) million pretax ($2 million and $(7) million after tax), respectively, was related to the sale of certain assets, tax effected using the applicable tax rate. Prior-year quarter and YTD gains of $29 million and $27 million pretax ($22 million and $20 million after tax), respectively was related to the sale of certain assets, tax effected using the Company’s U.S. income tax rate.
(b)Current quarter and YTD charges of $79 million and $141 million pretax ($60 million and $111 million after tax), respectively, were related to the impairment of certain assets and restructuring. Also included is a contingency loss reversal of $8 million pretax ($6 million after tax) in the current quarter and YTD and a contingency provision related to import duties of $62 million pretax ($47 million after tax) in the current YTD, tax effected using the applicable tax rates. Prior-year quarter and YTD charges of $49 million and $74 million pretax ($40 million and $60 million after tax), respectively, were related to the impairment of certain assets, restructuring charges, and a contingency/settlement, tax effected using the applicable tax rates. Prior-year YTD charges were also partially offset by an insurance settlement, tax effected using the applicable tax rate.
(c)Current quarter and YTD expenses of $3 million and $6 million pretax ($3 million and $5 million after tax), respectively, were related to certain acquisitions, tax effected using the Company’s U.S. income tax rate. Prior-year YTD expenses of $2 million pretax ($1 million after tax) were related to the Deerland and Sojaprotein acquisitions, tax effected using the applicable tax rates.
(d)Current YTD gain on debt conversion option of $6 million pretax ($6 million after tax) and prior-year quarter and YTD gain on debt conversion of $8 million and $12 million pretax ($8 million and $12 million after tax), respectively, was related to the mark-to-market adjustment of the conversion option of the exchangeable bonds issued in August 2020, tax effected using the applicable tax rate.
(e)Tax expense adjustment due to certain discrete items totaling $3 million in the current YTD and $7 million and $2 million in the prior-year quarter and YTD, respectively.




























Adjusted net earnings reflects ADM’s reported net earnings after removal of the effect on net earnings of specified items as more fully described above. Adjusted EPS reflects ADM’s fully diluted EPS after removal of the effect on EPS as reported of specified items as more fully described above. Management believes that Adjusted net earnings and Adjusted EPS are useful measures of ADM’s performance because they provide investors additional information about ADM’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. These non-GAAP financial measures are not intended to replace or be alternatives to net earnings and EPS as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company’s diluted shares outstanding for each respective period in order to arrive at an adjusted EPS amount for each specified item.
                                                            10
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Adjusted Return on Invested Capital
A non-GAAP financial measure
(unaudited)
Adjusted ROIC Earnings (in millions)
Four Quarters
Quarter EndedEnded
Dec. 31, 2022Mar. 31, 2023Jun. 30, 2023Sep. 30, 2023Sep. 30, 2023
Net earnings attributable to ADM$1,019 $1,170 $927 $821 $3,937 
Adjustments:
   Interest expense134 100 124 97 455 
   Other adjustments 62 (12)130 76 256 
      Total adjustments196 88 254 173 711 
   Tax on adjustments(47)(26)(52)(40)(165)
      Net adjustments149 62 202 133 546 
Total Adjusted ROIC Earnings$1,168 $1,232 $1,129 $954 $4,483 

Adjusted Invested Capital (in millions)
Quarter EndedTrailing Four
Dec. 31, 2022Mar. 31, 2023Jun. 30, 2023Sep. 30, 2023Quarter Average
Equity (1)
$24,284 $24,860 $24,939 $25,228 $24,828 
+ Interest-bearing liabilities (2)
9,187 10,512 8,675 8,346 9,180 
Other adjustments47 (14)108 59 50 
Total Adjusted Invested Capital$33,518 $35,358 $33,722 $33,633 $34,058 
Adjusted Return on Invested Capital13.2 %

(1) Excludes noncontrolling interests
(2) Includes short-term debt, current maturities of long-term debt, finance lease obligations, and long-term debt











Adjusted ROIC is Adjusted ROIC earnings divided by adjusted invested capital. Adjusted ROIC earnings is ADM’s net earnings adjusted for the after-tax effects of interest expense on borrowings, and specified items. Adjusted invested capital is the sum of ADM’s equity (excluding noncontrolling interests) and interest-bearing liabilities adjusted for the after-tax effect of specified items. Management believes Adjusted ROIC is a useful financial measure because it provides investors information about ADM’s returns excluding the impacts of specified items and increases period-to-period comparability of underlying business performance. Management uses Adjusted ROIC to measure ADM’s performance by comparing Adjusted ROIC to its weighted average cost of capital (WACC). Adjusted ROIC, Adjusted ROIC earnings and Adjusted invested capital are non-GAAP financial measures and are not intended to replace or be alternatives to GAAP financial measures.





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Adjusted Earnings Before Taxes, Interest, and Depreciation and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)

The tables below provide a reconciliation of earnings before income taxes to adjusted EBITDA and adjusted EBITDA by segment for the trailing four quarters ended September 30, 2023.
Four Quarters
Quarter EndedEnded
Dec. 31, 2022Mar. 31, 2023Jun. 30, 2023Sep. 30, 2023Sep. 30, 2023
(in millions)
Earnings before income taxes$1,213 $1,397 $1,132 $1,031 $4,773 
Interest expense134 100 124 97 455 
Depreciation and amortization254 259 262 261 1,036 
(Gain) loss on sales of assets and businesses(17)(1)(11)(27)
Impairment and restructuring charges and settlement contingencies74 117 71 269 
Railroad maintenance expense26 — 26 54 
Expenses related to acquisitions— — 6 
Adjusted EBITDA$1,684 $1,762 $1,629 $1,491 $6,566 


Four Quarters
Quarter EndedEnded
Dec. 31, 2022Mar. 31, 2023Jun. 30, 2023Sep. 30, 2023Sep. 30, 2023
(in millions)
Ag Services and Oilseeds$1,271 $1,300 $1,143 $937 $4,651 
Carbohydrate Solutions338 352 381 538 1,609 
Nutrition196 210 253 205 864 
Other Business124 97 84 44 349 
Corporate(245)(197)(232)(233)(907)
Adjusted EBITDA$1,684 $1,762 $1,629 $1,491 $6,566 















Adjusted EBITDA is defined as earnings before taxes, interest on borrowings, and depreciation and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense on borrowings and depreciation and amortization to earnings before income taxes. Management believes that adjusted EBITDA is a useful measure of the Company’s performance because it provides investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to earnings before income taxes, the most directly comparable GAAP financial measure.

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v3.23.3
Cover Page Cover Page
Oct. 24, 2023
Class of Stock [Line Items]  
Entity Central Index Key 0000007084
Amendment Flag false
Document Type 8-K
Document Period End Date Oct. 24, 2023
Entity Registrant Name ARCHER-DANIELS-MIDLAND CO
Entity Incorporation, State or Country Code DE
Entity File Number 1-44
Entity Tax Identification Number 41-0129150
Entity Address, Address Line One 77 West Wacker Drive, Suite 4600
Entity Address, City or Town Chicago,
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60601
City Area Code 312
Local Phone Number 634-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Class of Stock [Line Items]  
Title of 12(b) Security Common Stock, no par value
Trading Symbol ADM
Security Exchange Name NYSE
Debt Securities [Member]  
Class of Stock [Line Items]  
Title of 12(b) Security 1.000% Notes due 2025
No Trading Symbol Flag true
Security Exchange Name NYSE

Archer Daniels Midland (NYSE:ADM)
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Archer Daniels Midland (NYSE:ADM)
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De Fév 2023 à Fév 2024 Plus de graphiques de la Bourse Archer Daniels Midland