Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations are organized, managed, and classified into three reportable business segments: Ag Services and Oilseeds, 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 at amounts approximating market. Operating profit for each 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 included in total segment operating profit and certain corporate items are not allocated to the Company’s individual business segments because operating performance of each business 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 that ADM Ventures has investments in.

For more information about the Company’s business 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 for the year ended December 31, 2022.

	Three Months Ended
	March 31,
(In millions)	2023		2022
Gross revenues
Ag Services and Oilseeds	$	19,914	$	19,132
Carbohydrate Solutions	4,266		4,180
Nutrition	1,944		1,966
Other Business	103		107
Intersegment elimination	(2,155)		(1,735)
Total gross revenues	$	24,072	$	23,650
Intersegment sales
Ag Services and Oilseeds	$	1,335	$	879
Carbohydrate Solutions	729		814
Nutrition	91		42
Total intersegment sales	$	2,155	$	1,735
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	11,695	$	11,847
Crushing	3,683		3,222
Refined Products and Other	3,201		3,184
Total Ag Services and Oilseeds	18,579		18,253
Carbohydrate Solutions
Starches and Sweeteners	2,737		2,498
Vantage Corn Processors	800		868
Total Carbohydrate Solutions	3,537		3,366
Nutrition
Human Nutrition	936		958
Animal Nutrition	917		966
Total Nutrition	1,853		1,924
Other Business	103		107
Total revenues from external customers	$	24,072	$	23,650

	Three Months Ended
	March 31,
(In millions)	2023		2022
Segment operating profit
Ag Services and Oilseeds	$	1,210	$	1,008
Carbohydrate Solutions	273		317
Nutrition	145		189
Other Business	97		42
Specified Items:
Gains on sales of assets(1)	1		1
Impairment, restructuring, and settlement charges(2)	(7)		(18)
Total segment operating profit	1,719		1,539
Corporate	(322)		(268)
Earnings before income taxes	$	1,397	$	1,271

(1) Current and prior-year quarter gains were related to the sale of certain assets.

(2) Current quarter charges were related to the impairment of certain assets and restructuring. Prior-year quarter charges were related to the impairment of certain Ukraine assets, partially offset by an insurance settlement.