Debt And Financing Arrangements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

During the quarter ended March 31, 2023, Archer Daniels Midland Singapore, Pte. Ltd., a wholly-owned subsidiary of the Company, increased its revolving credit facility from $500 million to $750 million. The facility is used to finance working capital requirements and for and general corporate purposes.

At March 31, 2023, the fair value of the Company’s long-term debt was below the carrying value by $0.1 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2023, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $13.3 billion, of which $8.9 billion was unused. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $0.8 billion commercial paper outstanding at March 31, 2023.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.9 billion in funding resulting from the sale of accounts receivable with $0.3 billion unused capacity as of March 31, 2023.