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Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment And Geographic Information Segment and Geographic Information - Restated
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.

The Ag Services and Oilseeds segment includes global activities related to the origination, merchandising, transportation, and storage of agricultural raw materials, and the crushing and further processing of oilseeds such as soybeans and soft seeds (cottonseed, sunflower seed, canola, rapeseed, and flaxseed) into vegetable oils and protein meals. Oilseeds products produced and marketed by the segment include ingredients for food, feed, energy, and industrial customers. Crude vegetable oils produced by the segment’s crushing activities are sold “as is” to manufacturers of renewable green diesel and other customers or are further processed by refining, blending, bleaching, and deodorizing into salad oils. Salad oils are sold “as is” or are further processed by hydrogenating and/or interesterifying into margarine, shortening, and other food products. Partially refined oils are used to produce biodiesel and glycols or are sold to other manufacturers for use in chemicals, paints, and other industrial products. Oilseed protein meals are principally sold to third parties to be used as ingredients in commercial livestock and poultry feeds. The Ag Services and Oilseeds segment is also a major supplier of peanuts and peanut-derived ingredients to both the U.S. and export markets. In North America, cotton cellulose pulp is manufactured and sold to the chemical, paper, and other industrial markets. The Ag Services and Oilseeds segment’s grain sourcing, handling, and transportation network (including barge, ocean-going vessel, truck, rail, and container freight services) provides reliable and efficient services to the Company’s customers and agricultural processing operations. The Ag Services and Oilseeds segment also includes agricultural commodity and feed product import, export, and global distribution, and structured trade finance activities. The Company engages in various structured trade finance activities to leverage its global trade flows. This segment also includes the Company’s share of the results of its equity investments in Wilmar, Pacificor, SoyVen, Olenex, Stratas Foods LLC, and Edible Oils Limited.

The Carbohydrate Solutions segment is engaged in corn and wheat wet and dry milling and other activities. The Carbohydrate Solutions segment converts corn and wheat into products and ingredients used in the food and beverage industry including sweeteners, corn and wheat starches, syrup, glucose, wheat flour, and dextrose. Dextrose and starch are used by the Carbohydrate Solutions segment as feedstocks in other downstream processes. By fermentation of dextrose, the Carbohydrate Solutions segment produces alcohol and other food and animal feed ingredients. Ethyl alcohol is produced by the Company for industrial use in products such as hand sanitizers and ethanol for use in gasoline due to its ability to increase octane as an extender and oxygenate. Corn gluten feed and meal, as well as distillers’ grains, are produced for use as animal feed ingredients. Corn germ, a by-product of the wet milling process, is further processed into vegetable oil and protein meal. Other Carbohydrate Solutions products include citric acids which are used in various food and industrial products. The Carbohydrate Solutions segment is a leader in carbon capture and sequestration. This segment also includes the Company’s share of the results of its equity investments in Hungrana Ltd., Almidones Mexicanos S.A., Aston Foods and Food Ingredients, Red Star Yeast Company, LLC, and LSCP, LLLP. In November 2021, the Company sold its ethanol production complex in Peoria, Illinois.

The Nutrition segment serves various end markets including food, beverages, nutritional supplements, and feed and premix for livestock, aquaculture, and pet food. The segment engages in the manufacturing, sale, and distribution of a wide array of ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, postbiotics, enzymes, botanical extracts, and other specialty food and feed ingredients. The Nutrition segment includes the activities related to the procurement, processing, and distribution of edible beans. The segment also includes activities related to the processing and distribution of formula feeds and animal health and nutrition products and the manufacture of contract and private label pet treats and foods. This segment also includes the Company’s share of the results of its equity investments in Vimison S.A. de C.V., ADM Matsutani LLC, Matsutani Singapore Pte. Ltd., ADM Vland Biotech Shandong Co., Ltd., Dusial S.A., and Vitafort ZRT.

Other Business includes the Company’s financial business units related to futures commission and insurance activities.
Intersegment sales have been recorded using principles consistent with ASC 606, Revenue from Contracts with Customers. 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 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.

Restatement of Certain Segment-Specific Historical Financial Information

As described in Note 1 to the Company's Consolidated Financial Statements, the Company has restated its Consolidated Financial Statements as of December 31, 2023 and 2022 and for the fiscal years ended December 31, 2023, 2022 and 2021. As a result, the previously reported financial information as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022, and 2021 in this Note 17. Segment and Geographic Information, has been updated to reflect the restatements.

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 years ended December 31, 2023, 2022, and 2021.

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). Intersegment pricing adjustments and Intersegment classification adjustments are included within the Intersegment sales amounts and segment operating profit amounts previously reported by the Company in the Form 10-K filed with the SEC on March 12, 2024.

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 this Form 10-K/A. See Note 1 for further information.

Impact of the Restatement on the Ag Services and Oilseeds Segment
Year Ended December 31
(In millions)2023
(Restated)		2022
(Restated)		2021
(Restated)
Intersegment revenues, as originally reported$4,031 $4,123 $3,408 
Intersegment pricing adjustments1 15 24 
Intersegment classification adjustments$(1,446)$(1,579)$(1,115)
Intersegment revenues, as previously reported2,586 2,559 2,317 
Additional intersegment classification adjustments(478)(514)(711)
Intersegment revenues, as restated2,108 2,045 1,606 
Segment operating profit, as originally reported$4,066 $4,386 $2,775 
Intersegment pricing adjustments1 15 24 
Segment operating profit, as restated$4,067 $4,401 $2,799 
Impact of the Restatement on the Carbohydrate Solutions Segment
Year Ended December 31
(In millions)2023
(Restated)		2022
(Restated)		2021
(Restated)
Intersegment revenues, as originally reported$1,635 $2,375 $1,562 
Intersegment pricing adjustments30 53 35 
Intersegment classification adjustments$(11)$(487)$(295)
Intersegment revenues, as previously reported1,654 1,941 1,302 
Additional intersegment classification adjustments(736)(973)(347)
Intersegment revenues, as restated918 968 955 
Segment operating profit, as originally reported$1,345 $1,360 $1,283 
Intersegment pricing adjustments30 53 35 
Segment operating profit, as restated$1,375 $1,413 $1,318 


Impact of the Restatement on the Nutrition Segment
Year Ended December 31
(In millions)2023
(Restated)		2022
(Restated)		2021
(Restated)
Intersegment revenues, as originally reported$255 $200 $221 
Intersegment pricing adjustments— — — 
Intersegment classification adjustments(141)(15)(68)
Intersegment revenues, as previously reported114 185 153 
Additional intersegment classification adjustments(66)(123)(105)
Intersegment revenues, as restated$48 $62 $48 
Segment operating profit, as originally reported$458 $736 $691 
Intersegment pricing adjustments(31)(68)(59)
Segment operating profit, as restated$427 $668 $632 
Segment Information for the Years ended December 31, 2023, 2022 and 2021

The following tables present data by segment, adjusted for the matters discussed above, for the years ended December 31, 2023, 2022 and 2021.
(In millions)Year Ended December 31
 202320222021
Revenues from external customers
Ag Services and Oilseeds
Ag Services$47,420 $53,181 $45,017 
Crushing14,020 13,139 11,368 
Refined Products and Other11,986 13,243 10,662 
Total Ag Services and Oilseeds73,426 79,563 67,047 
Carbohydrate Solutions
Starches and Sweeteners9,885 10,251 7,611 
Vantage Corn Processors 2,989 3,710 3,499 
Total Carbohydrate Solutions12,874 13,961 11,110 
Nutrition
Human Nutrition3,634 3,769 3,189 
Animal Nutrition3,577 3,867 3,523 
Total Nutrition7,211 7,636 6,712 
Total segment revenues from external customers
93,511 101,160 84,869 
Other Business
424 396 380 
Total revenues from external customers$93,935 $101,556 $85,249 
Intersegment revenues, as restated
 
Ag Services and Oilseeds$2,108 $2,045 $1,606 
Carbohydrate Solutions918 968 955 
Nutrition48 62 48 
Total intersegment revenues, as restated
$3,074 $3,075 $2,609 
Segment operating profit, as restated
Ag Services and Oilseeds$4,067 $4,401 $2,799 
Carbohydrate Solutions1,375 1,413 1,318 
Nutrition427 668 632 
Total segment operating profit, as restated
5,869 6,482 4,749 
Other Business earnings (loss)
375 167 25 
Corporate(1,606)(1,316)(1,325)
Specified Items:
Gains on sales of assets and businesses(1)
17 47 77 
Impairment, restructuring, and net settlement contingencies(2)
(361)(147)(213)
Earnings before income taxes$4,294 $5,233 $3,313 
(1) The gains in 2023 and 2022 were related to the sale of certain assets. The gains in 2021 were related to the sale of ethanol and certain other assets.
(2) The charges in 2023 were related to the impairment of certain long-lived assets, goodwill, intangibles, and an equity investment, restructuring, and a contingency related to import duties, partially offset by settlement/contingency adjustments. The charges in 2022 were related to the impairment of certain assets, restructuring, and settlement contingencies. The charges in 2021 were related to the impairment of certain long-lived assets, goodwill, and other intangibles, restructuring, and a legal settlement.
(In millions)Year Ended December 31
 202320222021
Depreciation
Ag Services and Oilseeds$350 $334 $349 
Carbohydrate Solutions304 307 322 
Nutrition132 120 101 
Total segment depreciation
786 761 772 
Other Business
10 9 8 
Corporate29 24 27 
Total depreciation
$825 $794 $807 
Long-lived asset impairments(1)
Ag Services and Oilseeds$11 $— $10 
Carbohydrate Solutions32 14 13 
Nutrition65 21 50 
Total segment long-lived asset impairments(1)
$108 $35 $73 
Interest and investment income
Ag Services and Oilseeds$54 $52 $27 
Nutrition(18)2 1 
Total segment interest and investment income
36 54 28 
Other Business
499 185 16 
Corporate(36)54 52 
Total interest and investment income
$499 $293 $96 
Equity in earnings of affiliates
Ag Services and Oilseeds$459 $714 $500 
Carbohydrate Solutions76 94 70 
Nutrition21 23 24 
Total segment equity in earnings of affiliates
556 831 594 
Corporate(5)1 1 
Total equity in earnings of affiliates
$551 $832 $595 
(1) See Note 18 for total asset impairment, exit, and restructuring costs.
(In millions)December 31
20232022
Investments in and advances to affiliates
Ag Services and Oilseeds$4,888 $4,863 
Carbohydrate Solutions380 365 
Nutrition145 111 
Total segment investments in and advances to affiliates
5,413 5,339 
Corporate87 128 
Total investments in and advances to affiliates
$5,500 $5,467 
Identifiable assets
Ag Services and Oilseeds$25,473 $28,657 
Carbohydrate Solutions6,334 6,801 
Nutrition10,341 10,615 
Total segment identifiable assets
42,148 46,073 
Other Business
8,701 10,569 
Corporate3,782 3,132 
Total identifiable assets
$54,631 $59,774 
(In millions)Year Ended December 31
 20232022
Gross additions to property, plant, and equipment 
Ag Services and Oilseeds$732 $568 
Carbohydrate Solutions351 261 
Nutrition262 314 
Total segment gross additions to property, plant, and equipment
1,345 1,143 
Other Business
1 15 
Corporate37 53 
Total gross additions to property, plant, and equipment
$1,383 $1,211 
Geographic Information for the Years ended December 31, 2023, 2022 and 2021

The following geographic data include revenues attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant, and equipment.
Year Ended
(In millions)December 31
 202320222021
Revenues 
United States$38,783 $43,272 $35,396 
Switzerland19,898 21,821 18,453 
Cayman Islands7,646 5,883 5,515 
Brazil3,361 4,004 3,213 
Mexico3,185 3,709 2,934 
Canada2,400 2,272 1,818 
United Kingdom2,219 2,231 1,848 
Other Foreign16,443 18,364 16,072 
 $93,935 $101,556 $85,249 
(In millions)December 31
20232022
Long-lived assets
United States$6,660 $6,322 
Brazil874 801 
Other Foreign2,974 2,810 
 $10,508 $9,933