<SEC-DOCUMENT>0001193125-24-228530.txt : 20250122
<SEC-HEADER>0001193125-24-228530.hdr.sgml : 20250122
<ACCEPTANCE-DATETIME>20240930093656
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-228530
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Archer-Daniels-Midland Co
		CENTRAL INDEX KEY:			0000007084
		STANDARD INDUSTRIAL CLASSIFICATION:	FATS & OILS [2070]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				410129150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		312-634-8233

	MAIL ADDRESS:	
		STREET 1:		77 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCHER DANIELS MIDLAND CO
		DATE OF NAME CHANGE:	19920703
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">77 West Wacker Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Suite 4600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Chicago, Illinois
60601</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">312-634-8100</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;30, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By
EDGAR Submission </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Mindy Hooker and Kevin Stertzel </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Archer-Daniels-Midland Co </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Form&nbsp;10-K&nbsp;for</FONT> Fiscal Year Ended December&nbsp;31, 2023</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response dated June&nbsp;12, 2024</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-00044</FONT></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Hooker and Mr.&nbsp;Stertzel: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Archer-Daniels-Midland Company (the &#147;<U>Company</U>&#148; or &#147;<U>we</U>&#148; or &#147;<U>our</U>&#148;) is pleased to submit the following response
to the comments of the Commission Staff (the &#147;<U>Staff</U>&#148;) as set forth in your letter to the Company dated September&nbsp;5, 2024, regarding the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended
December&nbsp;31, 2023 (the &#147;<U><FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;), filed on March&nbsp;12, 2024, and the Company&#146;s June&nbsp;12, 2024 response to your comments from May&nbsp;22, 2024. For convenience, each of the
Staff&#146;s comments is set forth herein, followed by the Company&#146;s response in bold. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
Fiscal Year Ended December&nbsp;31, 2023 </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 17. Segment and Geographical Information, page 106 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment:</U></B> We note you disclose an amount of &#147;Gross Revenues&#148; for each of your reportable
segments, in addition to &#147;Revenues from external customers&#148; and &#147;Intersegment Revenues&#148;. Please tell us why you disclose &#147;Gross Revenues&#148; for each of your reportable segments and your basis for disclosure under ASC 280.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response:</U> We presented &#147;Gross Revenues&#148; for each of our reportable segments as a supplemental
revenue disclosure, in addition to &#147;Revenues from external customers&#148; and &#147;Intersegment revenues.&#148; We note that ASC 280 requires the latter two disclosures. The amount of &#147;Gross Revenues&#148; reflects the total amount of
revenues from external customers and intersegment revenues that are generated through each of our reportable segments. In light of the Staff&#146;s comment, though, we have decided to discontinue the reporting of &#147;Gross Revenues&#148; for each
of our reportable segments in future filings. </B></P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">77 West Wacker Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Suite 4600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Chicago, Illinois
60601</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">312-634-8100</FONT></FONT></P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment:</U></B><B> </B>ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">280-10-50-30(b)</FONT></FONT></FONT> requires the total of the reportable segments&#146; measures of profit or loss be reconciled to the public entity&#146;s consolidated income before income taxes and discontinued
operations. In this regard, we note your reconciliations do not total the reportable segments&#146; amounts as the starting point, but present an amount of &#147;Total segment operating profit&#148; that includes the reportable segments,
&#147;Other&#148; and certain reconciling items. Please revise your reconciliations accordingly. Further, &#147;Total segment operating profit&#148; does not appear to be required by US&nbsp;GAAP, and accordingly, appears to be a <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> measure that should be removed. If you intend to continue disclosing this measure outside the financial statements, such as on page 40, tell us how you have complied with Item 10(e) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> and Regulation G, as applicable. Please similarly revise other required reconciliations, such as reportable segments&#146; revenues and assets, to start with the total of the reportable segments&#146; amounts.
See ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-30(a),</FONT></FONT></FONT> (c), and (d). </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response:</U> We respectfully acknowledge the Staff&#146;s comment. We are preparing updates to our segment footnote presentation in
connection with the upcoming effectiveness of the updates to Accounting Standards Codification 280, which we will reflect in our upcoming Form <FONT STYLE="white-space:nowrap">10-K</FONT> for fiscal year 2024. In connection with those updates, we
will further revise our reconciliation of the total of each reportable segment&#146;s measures of operating profit or loss to the Company&#146;s consolidated income before income taxes (presented as &#147;Earnings before income taxes&#148; in the
Company&#146;s consolidated financial statements) by: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>i.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>presenting &#147;Total segment operating profit&#148; as equal to the sum of the three reportable
segments&#146; measures of profit or loss (i.e. as a sum of segment operating profit of each of Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition); and </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>ii.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>then presenting &#147;Other&#148; and certain reconciling items beneath &#147;Total segment operating
profit&#148; to arrive at, and to reconcile &#147;Total segment operating profit&#148; to, &#147;Earnings before income taxes.&#148; </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>We will similarly revise our reconciliations of the reportable segments&#146; amounts for every other significant item of information
disclosed in the segment footnote, including the total reportable segments&#146; revenues, assets and other significant items. For example, we will include a &#147;Total segment revenues&#148; and &#147;Total segment assets&#148; subtotal for the
total of the reportable segments&#146; revenues and assets, respectively, followed by any applicable reconciling items to arrive at, and to reconcile to, corresponding amounts in the Company&#146;s consolidated financial statements. </B></P>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">77 West Wacker Drive</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Suite 4600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Chicago, Illinois
60601</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">312-634-8100</FONT></FONT></P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>As reflected in our most recent Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and
earnings release for the second quarter of 2024, we have revised our presentation of &#147;Total segment operating profit&#148; outside of the financial statements to treat such measure as a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial
measure that is presented after, and reconciled to, &#147;Earnings before income taxes,&#148; the most directly comparable GAAP measure. In our upcoming Form <FONT STYLE="white-space:nowrap">10-K</FONT> for fiscal year 2024, we will, of course, make
any necessary conforming changes to reconciliations of &#147;Total segment operating profit&#148; to &#147;Earnings before income taxes&#148; that are presented outside of the financial statements to align with the reconciliation-related changes
discussed in the preceding paragraph. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I trust that this letter responds adequately to the Staff&#146;s concerns. If we can facilitate the
Staff&#146;s review of this response, or if the Staff has any questions on any of the information set forth herein, please do not hesitate to contact me at <FONT STYLE="white-space:nowrap">217/451-3144</FONT> or Molly.StraderFruit@adm.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Molly Strader Fruit</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Molly Strader Fruit</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vice President</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate Controller</P></TD></TR>
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