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Debt Financing Arrangements | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt Financing Arrangements | Debt Financing Arrangements The Company’s long-term debt consisted of the following:
Debt Instrument |  |  |
Interest Rate | Face Amount |  | Due Date | December 31, 2021 |  | December 31, 2020
|  |  |  | (In millions)
2.5% Notes | $1 billion |  | 2026 | $ | 996 |  |  | $ | 995 |
3.25% Notes | $1 billion |  | 2030 | 988 |  |  | 987 |
1% Notes | €650 million |  | 2025 | 735 |  |  | 789 |
2.700% Notes | $750 million |  | 2051 | 730 |  |  | — |
1.75% Notes | €600 million |  | 2023 | 681 |  |  | 731 |
4.5% Notes | $600 million |  | 2049 | 588 |  |  | 588 |
Fixed to Floating Rate Notes | €500 million |  | 2022 | 569 |  |  | — |
5.375% Debentures | $432 million |  | 2035 | 425 |  |  | 424 |
3.75% Notes | $408 million |  | 2047 | 402 |  |  | 402 |
5.935% Debentures | $336 million |  | 2032 | 333 |  |  | 333 |
0% Bonds | $300 million |  | 2023 | 310 |  |  | 330 |
5.765% Debentures | $297 million |  | 2041 | 297 |  |  | 297 |
4.535% Debentures | $383 million |  | 2042 | 283 |  |  | 281 |
4.016% Debentures | $371 million |  | 2043 | 258 |  |  | 255 |
7% Debentures | $160 million |  | 2031 | 159 |  |  | 159 |
6.95% Debentures | $157 million |  | 2097 | 154 |  |  | 154 |
7.5% Debentures | $147 million |  | 2027 | 147 |  |  | 146 |
6.625% Debentures | $144 million |  | 2029 | 144 |  |  | 144 |
6.75% Debentures | $103 million |  | 2027 | 103 |  |  | 103 |
6.45% Debentures | $103 million |  | 2038 | 102 |  |  | 102 |
2.75% Notes | $500 million |  | 2025 | — |  |  | 493 |
Other |  |  |  | 177 |  |  | 174 |
Total long-term debt including current maturities |  |  | 8,581 |  |  | 7,887 |
Current maturities |  |  |  | (570) |  |  | (2) |
Total long-term debt |  |  |  | $ | 8,011 |  |  | $ | 7,885 |
On September 10, 2021, the Company issued $750 million aggregate principal amount of 2.700% Notes due September 15, 2051 (the “Notes”). Net proceeds before expenses were $732 million. In September 2021, the Company used the proceeds of the Notes to redeem $500 million aggregate principal amount of 2.750% notes due March 27, 2025 and recognized a debt extinguishment charge of $36 million in the year ended December 31, 2021. On March 25, 2021, the Company issued, in a private placement transaction, €500 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due September 25, 2022. On August 26, 2020, ADM Ag issued $300 million aggregate principal amount of zero coupon exchangeable bonds (the “Bonds”) due in 2023 to non-U.S. persons outside of the U.S. Subject to and upon compliance with the terms and conditions of the Bonds and any conditions, procedures, and certifications prescribed thereunder, the Bonds will be exchangeable for ordinary shares of Wilmar International Limited (“Wilmar”) currently held by the Company’s consolidated subsidiaries. Effective September 7, 2021, holders of the Bonds will be entitled to receive 52,840.6571 Wilmar shares (the “Exchange Property per Bond”) for each $200,000 principal amount of the Bonds, on the exercise of their exchange rights, subject to dividend adjustments. Effective February 26, 2022, ADM Ag has the option to call the outstanding Bonds at their principal amount if the value of the Exchange Property per Bond exceeds 120% of the principal amount for 20 consecutive trading days. The Company accounts for the Bond’s exchange feature as an equity-linked embedded derivative that is not clearly and closely related to the host debt instrument since it is indexed to Wilmar’s stock. The Company unconditionally and irrevocably guarantees the payment of all sums payable and the performance of all of ADM Ag’s other obligations under the Bonds. In contemplation of the issuance of the Bonds, Archer Daniels Midland Asia-Pacific Limited, the Company’s wholly-owned subsidiary that holds shares in Wilmar, entered into a stock borrowing and lending agreement with a financial institution. Discount amortization expense, net of premium amortization, of $10 million, $13 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively, are included in interest expense related to the Company’s long-term debt. At December 31, 2021, the fair value of the Company’s long-term debt exceeded the carrying value by $1.5 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). The aggregate maturities of long-term debt for the five years after December 31, 2021, are $570 million, $992 million, $1 million, $736 million, and $997 million, respectively. At December 31, 2021, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $11.2 billion, of which $8.1 billion was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2021 and 2020, were 1.23% and 0.45%, respectively. Of the Company’s total lines of credit, $5.0 billion supported the commercial paper borrowing programs, against which there was $0.8 billion of commercial paper outstanding at December 31, 2021. The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company is in compliance with these covenants as of December 31, 2021. The Company had outstanding standby letters of credit and surety bonds at December 31, 2021 and 2020, totaling $1.2 billion. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.3 billion in funding resulting from the sale of accounts receivable. As of December 31, 2021, the Company utilized $2.2 billion of its facility under the Programs (see Note 19 for more information on the Programs).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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