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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment 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.

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 Consolidated Financial Statements, the Company has restated its Consolidated Financial Statements as of June 30, 2024 and 2023 and for the three and six months ended June 30, 2024 and 2023. As a result, the previously reported financial information as of June 30, 2024 and 2023 and for the three and six months ended June 30, 2024 and 2023 in this Note 13. Segment 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 three and six months ended June 30, 2024 and 2023.

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-Q filed with the SEC on July 30, 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-Q/A. See Note 1. for further information.

Impact of the Restatement on the Ag Services and Oilseeds Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2024
(Restated)
2023
(Restated)
2024
(Restated)
2023
(Restated)
Intersegment revenues, as originally reported$546 $1,020 $1,155 $2,355 
Intersegment pricing adjustments— 1 — 2 
Intersegment classification adjustments— (320)— (915)
Intersegment revenues, as previously reported546 701 1,155 1,442 
Additional intersegment classification adjustments(114)(139)(297)(350)
Intersegment revenues, as restated$432 $562 $858 $1,092 
Segment operating profit, as originally reported$459 $1,054 $1,323 $2,264 
Intersegment pricing adjustments— — — 1 
Segment operating profit, as restated$459 $1,054 $1,323 $2,265 
Impact of the Restatement on the Carbohydrate Solutions Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2024
(Restated)
2023
(Restated)
2024
(Restated)
2023
(Restated)
Intersegment revenues, as originally reported$239 $448 $518 $1,177 
Intersegment pricing adjustments— 16 — 22 
Intersegment classification adjustments— (60)— (290)
Intersegment revenues, as previously reported239 404 518 909 
Additional intersegment classification adjustments(14)(180)(84)(415)
Intersegment revenues, as restated$225 $224 $434 $494 
Segment operating profit, as originally reported$357 $303 $605 $576 
Intersegment pricing adjustments— 16 — 22 
Segment operating profit, as restated$357 $319 $605 $598 

Impact of the Restatement on the Nutrition Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2024
(Restated)
2023
(Restated)
2024
(Restated)
2023
(Restated)
Intersegment revenues, as originally reported$13 $73 $19 $164 
Intersegment pricing adjustments— — — — 
Intersegment classification adjustments— (39)— (94)
Intersegment revenues, as previously reported13 34 19 70 
Additional intersegment classification adjustments5 (22)12 (46)
Intersegment revenues, as restated$18 $12 $31 $24 
Segment operating profit, as originally reported$109 $185 $193 $330 
Intersegment pricing adjustments— (16)— (23)
Segment operating profit, as restated$109 $169 $193 $307 

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/A for the year ended December 31, 2023.
Segment Information for the Three and Six Months ended June 30, 2024 and 2023
Three Months EndedSix Months Ended
June 30,June 30,
(In millions)2024202320242023
Revenues from external customers    
Ag Services and Oilseeds
Ag Services $11,746 $13,366 $22,943 $25,061 
Crushing2,850 3,480 6,177 7,163 
Refined Products and Other2,737 2,998 5,432 6,199 
Total Ag Services and Oilseeds17,333 19,844 34,552 38,423 
Carbohydrate Solutions
Starches and Sweeteners2,211 2,475 4,367 5,212 
Vantage Corn Processors683 906 1,210 1,706 
Total Carbohydrate Solutions2,894 3,381 5,577 6,918 
Nutrition
Human Nutrition1,061 966 2,025 1,902 
Animal Nutrition847 887 1,719 1,804 
Total Nutrition1,908 1,853 3,744 3,706 
Total segment revenues from external customers
22,135 25,078 43,873 49,047 
Other Business113 112 222 215 
Total revenues from external customers$22,248 $25,190 $44,095 $49,262 
Intersegment revenues, as restated
    
Ag Services and Oilseeds$432 $562 $858 $1,092 
Carbohydrate Solutions225 224 434 494 
Nutrition18 12 31 24 
Total intersegment revenues, as restated
$675 $798 $1,323 $1,610 
Segment operating profit, as restated
Ag Services and Oilseeds$459 $1,054 $1,323 $2,265 
Carbohydrate Solutions357 319 605 598 
Nutrition109 169 193 307 
Total segment operating profit, as restated
925 1,542 2,121 3,170 
Other Business earnings (loss)
96 86 217 183 
   Corporate(418)(393)(844)(715)
Specified items:
Gains on sale of assets(1)
— 11 — 12 
Impairment and restructuring charges(2)
(7)(114)(13)(121)
Earnings before income taxes$596 $1,132 $1,481 $2,529 
(1) Prior year period gains were related to the sale of certain assets.
(2) Current and prior year period charges were related to the impairment of certain long-lived assets and restructuring.