XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds (AS&O), 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 segments, as defined by the applicable accounting standard, and are classified as Other Business. Intersegment sales have been recorded using principles consistent with Topic 606. Operating profit for each reportable segment is based on net sales less identifiable operating expenses. Also included in operating profit for each segment is equity in earnings of affiliates based on the equity method of accounting. Specified items and certain corporate items are not allocated to the Company’s individual reportable segments because operating performance of each reportable segment is evaluated by management exclusive of these items. Corporate results principally include unallocated corporate expenses, interest cost net of interest income, and revaluation gains and losses on cost method investments and the share of the results of equity investments in early-stage start-up companies. Restatement of Certain Segment-Specific Historical Financial Information As previously disclosed in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, the Company has restated its Consolidated Financial Statements as of December 31, 2023 and for the year then ended. As a result, previously reported financial information as of September 30, 2023 and for the three and nine months ended September 30, 2023 in this Note 13. Segment Information, has been updated to reflect the restatements. These restatements do not impact ADM’s Consolidated Statements of Earnings, Consolidated Statements of Comprehensive Income (Loss), Consolidated Balance Sheets, Consolidated Statements of Cash Flows or Consolidated Statements of Shareholders’ Equity as of and for the periods presented. The following tables set forth the impact of the restatements on intersegment sales and segment operating profit for each of the Company’s three reportable segments for the three and nine months ended September 30, 2023. Intersegment pricing adjustments include restatements related to intersegment sales that were not in accordance with prior disclosures about presenting such sales at amounts approximating market. Intersegment classification adjustments include restatements related to intrasegment sales (resulting from sales within the segment) previously misclassified and reported as intersegment sales (resulting from sales from one segment to another). In the course of testing new controls implemented as part of the Company’s material weakness remediation plan in the third quarter of 2024, ADM identified additional intrasegment sales previously misclassified and reported as intersegment sales. The Company also identified some intersegment sales that were not accounted for consistently in accordance with revenue recognition and segment reporting standards and should not have been reported as intersegment sales. These amounts are presented in the table below as Additional intersegment classification adjustments. The Company also is correcting certain segment disclosure presentation errors in prior year periods. In this report, the Company is revising its reconciliation and calculation of total segment operating profit. The revised reconciliation in this Note 13. Segment Information and elsewhere in this report presents a subtotal for total segment operating profit that is equal to the sum of the segment operating profit reported for each of the Ag Services and Oilseeds, Carbohydrate Solutions and Nutrition segments. Amounts for other business and specified items, which previously were reflected in the calculation of total segment operating profit, are now reflected as reconciling items, similar to Corporate, between total segment operating profit and earnings before income taxes. The following tables present adjustments to intersegment sales and segment operating profit amounts for the three and nine months ended September 30, 2023 for each reportable segment. Impact of the Restatement on the Ag Services and Oilseeds Segment
|  |  | Three Months Ended |  |  | Nine Months Ended
(In millions) |  |  | September 30, 2023 (Restated) |  |  | September 30, 2023 (Restated)
Intersegment revenues, as originally reported |  |  | $ | 1,164 |  |  |  | $ | 3,519 |
Intersegment pricing adjustments |  |  | — |  |  |  | 2 |
Intersegment classification adjustments |  |  | (532) |  |  |  | (1,447) |
Additional intersegment classification adjustments |  |  | (38) |  |  |  | (388) |
Intersegment revenues, as restated |  |  | $ | 594 |  |  |  | $ | 1,686 |
Segment operating profit, as originally reported |  |  | $ | 848 |  |  |  | $ | 3,112 |
Intersegment pricing adjustments |  |  | — |  |  |  | 1 |
Segment operating profit, as restated |  |  | $ | 848 |  |  |  | $ | 3,113 |
Impact of the Restatement on the Carbohydrate Solutions Segment
|  |  | Three Months Ended |  |  | Nine Months Ended
(In millions) |  |  | September 30, 2023 (Restated) |  |  | September 30, 2023 (Restated)
Intersegment revenues, as originally reported |  |  | $ | 159 |  |  |  | $ | 1,336 |
Intersegment pricing adjustments |  |  | 8 |  |  |  | 30 |
Intersegment classification adjustments |  |  | 278 |  |  |  | (12) |
Additional intersegment revenue classifications |  |  | (213) |  |  |  | (628) |
Intersegment revenues, as restated |  |  | $ | 232 |  |  |  | $ | 726 |
Segment operating profit, as originally reported |  |  | $ | 460 |  |  |  | $ | 1,036 |
Intersegment pricing adjustments |  |  | 8 |  |  |  | 30 |
Segment operating profit, as restated |  |  | $ | 468 |  |  |  | $ | 1,066 |
Impact of the Restatement on the Nutrition Segment
|  |  | Three Months Ended |  |  | Nine Months Ended
(In millions) |  |  | September 30, 2023 (Restated) |  |  | September 30, 2023 (Restated)
Intersegment revenues, as originally reported |  |  | $ | 67 |  |  |  | $ | 231 |
Intersegment pricing adjustments |  |  | — |  |  |  | — |
Intersegment classification adjustments |  |  | (47) |  |  |  | (141) |
Additional intersegment classification adjustments |  |  | (9) |  |  |  | (55) |
Intersegment revenues, as restated |  |  | $ | 11 |  |  |  | $ | 35 |
Segment operating profit, as originally reported |  |  | $ | 138 |  |  |  | $ | 468 |
Intersegment pricing adjustments |  |  | (8) |  |  |  | (31) |
Segment operating profit, as restated |  |  | $ | 130 |  |  |  | $ | 437 |
For more information about the Company’s reportable segments, refer to Note 17 of “Notes to Consolidated Financial Statements” included in Item 8, “Financial Statements and Supplementary Data” included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2023. Segment Information for the Three and Nine Months ended September 30, 2024 and 2023 The following table reflects results of operations of the Company’s reportable segments (in millions).
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from external customers |  |  |  |  |  |  |
Ag Services and Oilseeds |  |  |  |  |  |  |
Ag Services | $ | 9,653 |  |  | $ | 10,198 |  |  | $ | 32,597 |  |  | $ | 35,259 |
Crushing | 2,869 |  |  | 3,352 |  |  | 9,046 |  |  | 10,515 |
Refined Products and Other | 2,567 |  |  | 2,929 |  |  | 7,999 |  |  | 9,128 |
Total Ag Services and Oilseeds | 15,089 |  |  | 16,479 |  |  | 49,642 |  |  | 54,902 |
Carbohydrate Solutions |  |  |  |  |  |  |
Starches and Sweeteners | 2,192 |  |  | 2,448 |  |  | 6,559 |  |  | 7,660 |
Vantage Corn Processors | 716 |  |  | 877 |  |  | 1,925 |  |  | 2,583 |
Total Carbohydrate Solutions | 2,908 |  |  | 3,325 |  |  | 8,484 |  |  | 10,243 |
Nutrition |  |  |  |  |  |  |
Human Nutrition | 1,004 |  |  | 900 |  |  | 3,029 |  |  | 2,802 |
Animal Nutrition | 827 |  |  | 884 |  |  | 2,546 |  |  | 2,688 |
Total Nutrition | 1,831 |  |  | 1,784 |  |  | 5,575 |  |  | 5,490 |
Total segment revenues from external customers | 19,828 |  |  | 21,588 |  |  | 63,701 |  |  | 70,635 |
Other Business | 109 |  |  | 107 |  |  | 331 |  |  | 322 |
Total revenues from external customers | $ | 19,937 |  |  | $ | 21,695 |  |  | $ | 64,032 |  |  | $ | 70,957 |
Intersegment revenues(1) |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 463 |  |  | $ | 594 |  |  | $ | 1,320 |  |  | $ | 1,686 |
Carbohydrate Solutions | 247 |  |  | 232 |  |  | 680 |  |  | 726 |
Nutrition | 23 |  |  | 11 |  |  | 55 |  |  | 35 |
Total intersegment revenues | $ | 733 |  |  | $ | 837 |  |  | $ | 2,055 |  |  | $ | 2,447 |
Segment operating profit(1) |  |  |  |  |  |  |
Ag Services and Oilseeds | $ | 480 |  |  | $ | 848 |  |  | $ | 1,803 |  |  | $ | 3,113 |
Carbohydrate Solutions | 452 |  |  | 468 |  |  | 1,057 |  |  | 1,066 |
Nutrition | 105 |  |  | 130 |  |  | 298 |  |  | 437 |
Total segment operating profit | 1,037 |  |  | 1,446 |  |  | 3,158 |  |  | 4,616 |
Other Business (loss) earnings | (17) |  |  | 46 |  |  | 200 |  |  | 229 |
Corporate(2) | (409) |  |  | (390) |  |  | (1,254) |  |  | (1,105) |
Specified items: |  |  |  |  |  |  |
(Gain) loss on sales of assets | 1 |  |  | (2) |  |  | 1 |  |  | 10 |
Impairment and restructuring charges | (504) |  |  | (69) |  |  | (517) |  |  | (190) |
Earnings before income taxes | $ | 108 |  |  | $ | 1,031 |  |  | $ | 1,588 |  |  | $ | 3,560 |
(1)Amounts presented for Intersegment revenues and Segment operating profit for the three and nine months ended September 30, 2023 reflect the restatements described above. (2)Includes restructuring costs of $12 million and $5 million for the nine months ended September 30, 2024 and 2023, respectively. Includes restructuring costs of $2 million for the three months ended September 30, 2023.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration