Debt And Financing Arrangements

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On April 3, 2023, the Company issued $500 million aggregate principal amount of 4.500% Notes due August 15, 2033. Net proceeds before expenses were $493 million.

In June 2023, the Company redeemed €600 million aggregate principal amount of 1.750% Notes due 2023.

In August 2023, the Company redeemed $300 million aggregate principal amount of zero coupon exchangeable bonds due 2023.

During the nine months ended September 30, 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 general corporate purposes.

At September 30, 2023, the fair value of the Company’s long-term debt was below the carrying value by $0.7 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At September 30, 2023, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $13.5 billion, of which $11.7 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 $10 million of commercial paper outstanding at September 30, 2023.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $3.0 billion in funding resulting from the sale of accounts receivable with $1.3 billion unused capacity as of September 30, 2023.