10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C.  20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-44

ARCHER-DANIELS-MIDLAND COMPANY

(Exact name of registrant as specified in its charter)

Delaware		41-0129150
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)
77 West Wacker Drive, Suite 4600
Chicago,	Illinois	60601
(Address of principal executive offices)		(Zip Code)

(312) 634-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	ADM	NYSE
1.000% Notes due 2025		NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         Yes  ☒  No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒  No  ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐	Emerging Growth Company	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  ☒.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value – 562,707,786 shares

(April 25, 2022)

SAFE HARBOR STATEMENT

This Form 10-Q contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 that is subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking information.  Risks and uncertainties that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A, “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2021, as may be updated in our subsequent Quarterly Reports on Form 10-Q. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements as a result of new information or future events.

PART I - FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

Archer-Daniels-Midland Company

Consolidated Statements of Earnings

(Unaudited)

	Three Months Ended March 31,
	2022		2021
	(In millions, except per share amounts)
Revenues	$	23,650	$	18,893
Cost of products sold	21,753		17,345
Gross Profit	1,897		1,548
Selling, general, and administrative expenses	829		749
Asset impairment, exit, and restructuring costs	1		59
Equity in earnings of unconsolidated affiliates	(204)		(125)
Investment income	(59)		(13)
Interest expense	92		87
Other income – net	(33)		(33)
Earnings Before Income Taxes	1,271		824
Income tax expense	207		131
Net Earnings Including Noncontrolling Interests	1,064		693
Less: Net earnings attributable to noncontrolling interests	10		4
Net Earnings Attributable to Controlling Interests	$	1,054	$	689
Average number of shares outstanding – basic	566		563
Average number of shares outstanding – diluted	568		564
Basic earnings per common share	$	1.86	$	1.22
Diluted earnings per common share	$	1.86	$	1.22
Dividends per common share	$	0.40	$	0.37

See notes to consolidated financial statements.

3

Archer-Daniels-Midland Company

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended March 31,
	2022		2021
	(In millions)
Net earnings including noncontrolling interests	$	1,064	$	693
Other comprehensive income (loss):
Foreign currency translation adjustment	149		294
Tax effect	(31)		(56)
Net of tax amount	118		238
Pension and other postretirement benefit liabilities adjustment	37		18
Tax effect	(7)		(5)
Net of tax amount	30		13
Deferred gain (loss) on hedging activities	282		101
Tax effect	(47)		(25)
Net of tax amount	235		76
Unrealized gain (loss) on investments	(5)		(1)
Tax effect	—		—
Net of tax amount	(5)		(1)
Other comprehensive income (loss)	378		326
Comprehensive income (loss) including noncontrolling interests	1,442		1,019
Less: Comprehensive income (loss) attributable to noncontrolling interests	5		4
Comprehensive income (loss) attributable to controlling interests	$	1,437	$	1,015

See notes to consolidated financial statements.

4

Archer-Daniels-Midland Company

Consolidated Balance Sheets

(In millions)	March 31, 2022		December 31, 2021
	(Unaudited)
Assets
Current Assets
Cash and cash equivalents	$	1,079	$	943
Segregated cash and investments	10,132		8,016
Trade receivables	4,235		3,311
Inventories	17,290		14,481
Other current assets	7,717		5,158
Total Current Assets	40,453		31,909
Investments and Other Assets
Investments in and advances to affiliates	5,404		5,285
Goodwill and other intangible assets	6,750		6,747
Right of use assets	999		1,023
Other assets	1,466		1,369
Total Investments and Other Assets	14,619		14,424
Property, Plant, and Equipment
Land and land improvements	552		554
Buildings	5,614		5,597
Machinery and equipment	19,096		19,112
Construction in progress	1,086		960
	26,348		26,223
Accumulated depreciation	(16,554)		(16,420)
Net Property, Plant, and Equipment	9,794		9,803
Total Assets	$	64,866	$	56,136
Liabilities, Temporary Equity, and Shareholders’ Equity
Current Liabilities
Short-term debt	$	3,777	$	958
Trade payables	6,135		6,388
Payables to brokerage customers	11,425		8,965
Accrued expenses and other payables	6,363		4,790
Current lease liabilities	280		277
Current maturities of long-term debt	543		570
Total Current Liabilities	28,523		21,948
Long-Term Liabilities
Long-term debt	8,752		8,011
Deferred income taxes	1,604		1,412
Non-current lease liabilities	739		765
Other	1,231		1,233
Total Long-Term Liabilities	12,326		11,421
Temporary Equity - Redeemable noncontrolling interest	262		259
Shareholders’ Equity
Common stock	3,028		2,994
Reinvested earnings	22,483		21,655
Accumulated other comprehensive income (loss)	(1,789)		(2,172)
Noncontrolling interests	33		31
Total Shareholders’ Equity	23,755		22,508
Total Liabilities, Temporary Equity, and Shareholders’ Equity	$	64,866	$	56,136

See notes to consolidated financial statements.

5

Archer-Daniels-Midland Company

Consolidated Statements of Cash Flows

(Unaudited)

(In millions)	Three Months Ended March 31,
	2022		2021
Operating Activities
Net earnings including noncontrolling interests	$	1,064	$	693
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation and amortization	257		249
Asset impairment charges	1		31
Deferred income taxes	144		(7)
Equity in earnings of affiliates, net of dividends	(159)		(81)
Stock compensation expense	69		76
Deferred cash flow hedges	283		102
Gains on sales of assets and businesses/investment revaluation	(34)		(11)
Other – net	(9)		150
Changes in operating assets and liabilities
Segregated investments	(482)		666
Trade receivables	(937)		(515)
Inventories	(2,881)		(1,138)
Other current assets	(2,141)		413
Trade payables	(245)		(441)
Payables to brokerage customers	2,501		561
Accrued expenses and other payables	1,363		(450)
Total Operating Activities	(1,206)		298
Investing Activities
Purchases of property, plant, and equipment	(217)		(174)
Proceeds from sales of assets and businesses	5		14
Investments in and advances to affiliates	(36)		(4)
Distributions from affiliates	—		5
Other – net	(94)		(10)
Total Investing Activities	(342)		(169)
Financing Activities
Long-term debt borrowings	750		593
Net borrowings (payments) under short-term credit agreements	2,824		729
Cash dividends	(226)		(208)
Other – net	(30)		(37)
Total Financing Activities	3,318		1,077
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	1,770		1,206
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period	7,454		4,646
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period	$	9,224	$	5,852
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
Cash and cash equivalents	$	1,079	$	694
Restricted cash and restricted cash equivalents included in segregated cash and investments	8,145		5,158
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	9,224	$	5,852

See notes to consolidated financial statements.

6

Archer-Daniels-Midland-Company

Consolidated Statements of Shareholders’ Equity

(Unaudited)

	Common Stock			Reinvested Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Shareholders’ Equity
(In millions, except per share amounts)	Shares	Amount
Balance, December 31, 2021	560	$	2,994	$	21,655	$	(2,172)	$	31	$	22,508
Comprehensive income
Net earnings				1,054				10
Other comprehensive income (loss)						383		(5)
Total comprehensive income										1,442
Dividends paid - $0.40 per share				(226)						(226)
Stock compensation expense	3	69								69
Stock option exercises net of taxes	—	(36)								(36)
Other	—	1		—				(3)		(2)
Balance, March 31, 2022	563	$	3,028	$	22,483	$	(1,789)	$	33	$	23,755
Balance, December 31, 2020	556	$	2,824	$	19,780	$	(2,604)	$	22	$	20,022
Comprehensive income
Net earnings				689				4
Other comprehensive income (loss)						326		—
Total comprehensive income										1,019
Dividends paid - $0.37 per share				(208)						(208)
Stock compensation expense	3	76								76
Stock option exercises net of taxes	—	(37)								(37)
Other	—	(5)		—		—		(6)		(11)
Balance, March 31, 2021	559	$	2,858	$	20,261	$	(2,278)	$	20	$	20,861

See notes to consolidated financial statements.

7

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements

(Unaudited)

Note 1.    Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.  For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the consolidated statements of cash flows.

Receivables

The Company records receivables at net realizable value in trade receivables, other current assets, and other assets.  These amounts included allowances for estimated uncollectible accounts totaling $137 million and $122 million at March 31, 2022 and December 31, 2021, respectively, to reflect any loss anticipated on the accounts receivable balances including any accrued interest receivables thereon. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.

The Company recorded bad debt expense in selling, general, and administrative expenses of $22 million and $4 million in the three months ended March 31, 2022 and 2021, respectively.

Cost Method Investments

Cost method investments of $434 million and $297 million as of March 31, 2022 and December 31, 2021, respectively, were included in Other Assets in the Company’s consolidated balance sheets. Revaluation gains of $34 million in the quarter ended March 31, 2022, in connection with observable third-party transactions, were recorded in investment income in the Company's consolidated statement of earnings. There were no revaluation gains in the quarter ended March 31, 2021.

8

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 1.    Basis of Presentation (Continued)

Operations in Ukraine and Russia

ADM employs approximately 650 people in Ukraine and operates an oilseeds crushing plant, a grain port terminal, inland and river silos, and a trading office. Most of the facilities have been temporarily idled since February 24, 2022. The Company’s footprint in Russia is limited and operations have been recently scaled down to those related to the production and transport of essential food commodities and ingredients.

As a result of the recent events in Ukraine, the Company reviewed the valuation of its assets and recorded immaterial charges in the quarter ended March 31, 2022 related to receivables and inventories. As of March 31, 2022, ADM concluded that 1) receivables, net of allowances, are deemed collectible; and 2) market inventories presented as level 3 in the fair value measurements table in Note 4 are valued appropriately at the February 24, 2022 market price due to the temporary lack of a more recent market price. The temporarily idled property, plant, and equipment, which was immaterial, was not considered impaired. As the conflict in Ukraine evolves, the Company will continue to review the valuation of these assets and make any required adjustments, which are not expected to be material to the Company’s consolidated financial statements.

Note 2.    Pending Accounting Standards

Through December 31, 2022, the Company has the option to adopt the amended guidance of ASC Topic 848, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amended guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.  The Company plans to adopt the expedients and exceptions provided by the amended guidance before the December 31, 2022 expiry date and does not expect the adoption of the amended guidance to have an impact on its consolidated financial statements.

Effective January 1, 2023, the Company will be required to adopt the amended guidance of ASC Topic 805, Business Combinations, which improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amended guidance requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. Early adoption is permitted. The Company does not expect the adoption of this amended guidance to have a significant impact on its consolidated financial statements.

Note 3.    Revenues

Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $175 million and $104 million for the three months ended March 31, 2022 and 2021, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20).

9

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 3.    Revenues (Continued)

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Taxes Collected from Customers and Remitted to Governmental Authorities

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.

Contract Liabilities

Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $574 million and $581 million as of March 31, 2022 and December 31, 2021, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Contract liabilities recognized as revenues were $324 million and $282 million for the three months ended March 31, 2022 and 2021, respectively.

Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31, 2022
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Ag Services and Oilseeds
Ag Services	$	970	$	175	$	1,145	$	10,702	$	11,847
Crushing	125		—		125		3,097		3,222
Refined Products and Other	632		—		632		2,552		3,184
Total Ag Services and Oilseeds	1,727		175		1,902		16,351		18,253
Carbohydrate Solutions
Starches and Sweeteners	1,930		—		1,930		568		2,498
Vantage Corn Processors	868		—		868		—		868
Total Carbohydrate Solutions	2,798		—		2,798		568		3,366
Nutrition
Human Nutrition	958		—		958		—		958
Animal Nutrition	966		—		966		—		966
Total Nutrition	1,924		—		1,924		—		1,924
Other Business	107		—		107		—		107
Total Revenues	$	6,556	$	175	$	6,731	$	16,919	$	23,650

10

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 3.    Revenues (Continued)

	Three Months Ended March 31, 2021
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Ag Services and Oilseeds
Ag Services	$	662	$	104	$	766	$	9,380	$	10,146
Crushing	124		—		124		2,618		2,742
Refined Products and Other	512		—		512		1,607		2,119
Total Ag Services and Oilseeds	1,298		104		1,402		13,605		15,007
Carbohydrate Solutions
Starches and Sweeteners	1,361		—		1,361		384		1,745
Vantage Corn Processors	478		—		478		—		478
Total Carbohydrate Solutions	1,839		—		1,839		384		2,223
Nutrition
Human Nutrition	754		—		754		—		754
Animal Nutrition	809		—		809		—		809
Total Nutrition	1,563		—		1,563		—		1,563
Other Business	100		—		100		—		100
Total Revenues	$	4,800	$	104	$	4,904	$	13,989	$	18,893

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities. Revenue is measured based on the consideration specified in the contract and excludes any sales incentives and amounts collected on behalf of third parties. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

11

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 3.    Revenues (Continued)

Nutrition

The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed. Other Business also includes the Company’s captive insurance business which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

Note 4.    Fair Value Measurements

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.

	Fair Value Measurements at March 31, 2022
	Quoted Prices in  Active Markets  for Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable Inputs (Level 3)		Total
	(In millions)
Assets:
Inventories carried at market	$	—	$	8,033	$	3,959	$	11,992
Unrealized derivative gains:
Commodity contracts	—		1,578		828		2,406
Foreign currency contracts	—		461		—		461
Interest rate contracts	—		67		—		67
Cash equivalents	419		—		—		419
Segregated investments	1,548		—		—		1,548
Total Assets	$	1,967	$	10,139	$	4,787	$	16,893
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	1,544	$	1,856	$	3,400
Foreign currency contracts	—		238		—		238
Interest rate contracts	—		1		—		1
Debt conversion option	—		—		30		30
Inventory-related payables	—		1,860		53		1,913
Total Liabilities	$	—	$	3,643	$	1,939	$	5,582

12

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4.    Fair Value Measurements (Continued)

	Fair Value Measurements at December 31, 2021
	Quoted Prices in  Active Markets  for Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable Inputs (Level 3)		Total
	(In millions)
Assets:
Inventories carried at market	$	—	$	6,765	$	3,004	$	9,769
Unrealized derivative gains:
Commodity contracts	—		902		460		1,362
Foreign currency contracts	—		238		—		238
Interest rate contracts	—		46		—		46
Cash equivalents	448		—		—		448
Segregated investments	1,338		—		—		1,338
Total Assets	$	1,786	$	7,951	$	3,464	$	13,201
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	944	$	815	$	1,759
Foreign currency contracts	—		191		—		191
Debt conversion option	—		—		15		15
Inventory-related payables	—		859		106		965
Total Liabilities	$	—	$	1,994	$	936	$	2,930

Estimated fair values for inventories and inventory-related payables carried at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using the inputs from competitor and broker quotations or market transactions in either the listed or over the counter (OTC) markets and are considered observable. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold.

13

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4.    Fair Value Measurements (Continued)

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.  Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1.  The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.  Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets.  Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions in either the listed or OTC markets and are considered observable. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2.  When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the consolidated statements of earnings as a component of cost of products sold.  Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, or other (income) expense - net, depending upon the purpose of the contract. The changes in the fair value of derivatives designated as effective cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified in Level 1.

The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.

The debt conversion option is the equity-linked embedded derivative related to the exchangeable bonds issued in August 2020. The fair value of the embedded derivative is included in long-term debt, with changes in fair value recognized as interest, and is valued with the assistance of a third-party pricing service (a level 3 measurement).

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2022.

	Level 3 Fair Value Asset Measurements at
	March 31, 2022
	Inventories  Carried at  Market		Commodity Derivative Contracts Gains		Total  Assets
	(In millions)
Balance, December 31, 2021	$	3,004	$	460	$	3,464
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	647		633		1,280
Purchases	9,552		—		9,552
Sales	(9,315)		—		(9,315)
Settlements	—		(276)		(276)
Transfers into Level 3**	327		23		350
Transfers out of Level 3	(256)		(12)		(268)
Ending balance, March 31, 2022	$	3,959	$	828	$	4,787

* Includes increase in unrealized gains of $1.4 billion relating to Level 3 assets still held at March 31, 2022.

** Inventories carried at market includes Ukraine inventory as discussed in Note 1.

14

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4.    Fair Value Measurements (Continued)

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2022.

	Level 3 Fair Value Liability Measurements at
	March 31, 2022
	Inventory-  related  Payables		Commodity Derivative Contracts Losses		Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, December 31, 2021	$	106	$	815	$	15	$	936
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	(2)		1,376		15		1,389
Purchases	2		—		—		2
Sales	(53)		—		—		(53)
Settlements	—		(478)		—		(478)
Transfers into Level 3	—		161		—		161
Transfers out of Level 3	—		(18)		—		(18)
Ending balance, March 31, 2022	$	53	$	1,856	$	30	$	1,939

* Includes increase in unrealized losses of $1.4 billion relating to Level 3 liabilities still held at March 31, 2022.

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021.

	Level 3 Fair Value Asset Measurements at
	March 31, 2021
	Inventories  Carried at  Market		Commodity Derivative Contracts Gains		Total  Assets
	(In millions)
Balance, December 31, 2020	$	2,183	$	859	$	3,042
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	730		243		973
Purchases	6,385		—		6,385
Sales	(6,632)		—		(6,632)
Settlements	—		(428)		(428)
Transfers into Level 3	516		23		539
Transfers out of Level 3	(112)		(13)		(125)
Ending balance, March 31, 2021	$	3,070	$	684	$	3,754

* Includes increase in unrealized gains of $847 million relating to Level 3 assets still held at March 31, 2021.

15

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4.    Fair Value Measurements (Continued)

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021.

	Level 3 Fair Value Liability Measurements at
	March 31, 2021
	Inventory-  related  Payables		Commodity Derivative Contracts Losses		Foreign Currency Derivative Contracts Losses		Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, December 31, 2020	$	11	$	918	$	—	$	34	$	963
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	—		381		—		20		401
Purchases	12		—		—		—		12
Sales	(2)		—		—		—		(2)
Settlements	—		(566)		—		—		(566)
Transfers into Level 3	—		54		11		—		65
Transfers out of Level 3	—		(139)		—		—		(139)
Ending balance, March 31, 2021	$	21	$	648	$	11	$	54	$	734

* Includes increase in unrealized losses of $383 million relating to Level 3 liabilities still held at March 31, 2021.

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

16

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 4.    Fair Value Measurements (Continued)

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of March 31, 2022 and December 31, 2021. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of March 31, 2022 is a weighted average 28.9% of the total price for assets and 13.9% of the total price for liabilities.

	Weighted Average % of Total Price
	March 31, 2022				December 31, 2021
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	28.9	%	13.9	%	28.7	%	13.1	%
Transportation cost	11.4	%	—	%	13.0	%	—	%
Commodity Derivative Contracts
Basis	22.1	%	22.5	%	30.0	%	27.1	%
Transportation cost	9.1	%	2.6	%	8.1	%	0.7	%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.

Note 5.    Derivative Instruments and Hedging Activities

Derivatives Not Designated as Hedging Instruments

The majority of the Company’s derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.  The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value or market value.  Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.

17

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5.    Derivative Instruments and Hedging Activities (Continued)

The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2022 and December 31, 2021.

	March 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	437	$	190	$	217	$	116
Interest Rate Contracts	2		1		—		—
Commodity Contracts	2,280		3,400		1,276		1,759
Debt Conversion Option	—		30		—		15
Total	$	2,719	$	3,621	$	1,493	$	1,890

The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2022 and 2021.

					Other expense (income) - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753	$	(33)	$	92
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(38)	$	443	$	23	$	—
Commodity Contracts	—		(1,101)		—		—
Debt Conversion Option	—		—		—		(15)
Total gain (loss) recognized in earnings	$	(38)	$	(658)	$	23	$	(15)	$	(688)
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345	$	(33)	$	87
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	30	$	(262)	$	120	$	—
Commodity Contracts	—		(782)		—		—
Debt Conversion Option	—		—		—		(20)
Total gain (loss) recognized in earnings	$	30	$	(1,044)	$	120	$	(20)	$	(914)

Changes in the market value of inventories of certain merchandisable agricultural commodities, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately as a component of cost of products sold.

Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense - net depending on the purpose of the contract.

18

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5.    Derivative Instruments and Hedging Activities (Continued)

Derivatives Designated as Cash Flow and Net Investment Hedging Strategies

The Company had certain derivatives designated as cash flow and net investment hedges as of March 31, 2022 and December 31, 2021.

For derivative instruments that are designated and qualify as net investment hedges, foreign exchange gains and losses related to changes in foreign currency exchange rates are deferred in AOCI until the underlying investment is divested.

The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in a foreign subsidiary against changes in foreign currency exchange rates. The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $0.8 billion and $1.2 billion as of March 31, 2022 and December 31, 2021, respectively, and foreign exchange forwards with an aggregate notional amount of $2.3 billion and $2.6 billion as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, the Company had after-tax losses of $24 million and $44 million in AOCI, respectively, related to foreign exchange gains and losses from these net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of AOCI and as an operating activity in the statement of cash flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings.  Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period.

The Company’s structured trade finance programs use interest rate swaps designated as cash flow hedges to hedge the forecasted interest payments on certain letters of credit from banks. The terms of the interest rate swaps match the terms of the forecasted interest payments. The deferred gains and losses are recognized in revenues over the period in which the related interest payments are paid to the banks. The amounts are recorded in revenues as the related results are also recorded in revenues. As of March 31, 2022 and December 31, 2021, the Company had interest rate swaps maturing on various dates with aggregate notional amounts of $1.0 billion.

The Company also uses swap locks designated as cash flow hedges to hedge the changes in the forecasted interest payments due to changes in the benchmark rate leading up to future bond issuance dates. The terms of the swap locks match the terms of the forecasted interest payments. The deferred gains and losses will be recognized in interest expense over the period in which the related interest payments will be paid. As of March 31, 2022 and December 31, 2021, the Company executed swap locks maturing on various dates with an aggregate notional amount of $400 million.

As of March 31, 2022 and December 31, 2021, the Company had after-tax gains of $49 million and $35 million in AOCI, respectively, related to the interest rate swaps and swap locks. The Company expects to recognize amounts deferred in AOCI in its consolidated statement of earnings during the life of the debt instruments.

For each of the hedge programs described below, the derivatives are designated as cash flow hedges.  The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.  Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either revenues or cost of products sold, as applicable. As of March 31, 2022 and December 31, 2021, the Company had after-tax gains of $370 million and $161 million in AOCI, respectively, related to gains and losses from these programs.  The Company expects to recognize $370 million of the March 31, 2022 after-tax gains in its consolidated statement of earnings during the next 12 months.

19

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5.    Derivative Instruments and Hedging Activities (Continued)

The Company uses futures or options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month.  The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn.  The Company’s corn processing plants normally grind approximately 65 million bushels of corn per month. During the past 12 months, the Company hedged between 17% and 42% of its monthly grind. At March 31, 2022, the Company had designated hedges representing between 0% and 29% of its anticipated monthly grind of corn for the next 12 months.

The Company, from time to time, also uses futures, options, and swaps to hedge the sales price of certain ethanol sales contracts.  The Company has established hedging programs for ethanol sales contracts that are indexed to unleaded gasoline prices and to various exchange-traded ethanol contracts. The objective of these hedging programs is to reduce the variability of cash flows associated with the Company’s sales of ethanol.  During the past 12 months and as of March 31, 2022, the Company had no hedges related to ethanol sales under these programs.

The Company uses futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses futures or options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged between 57% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities. At March 31, 2022, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities over the next 12 months.

The Company uses futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits. During the past 12 months, the Company hedged between 0% and 84% of the anticipated monthly natural gas consumption at the designated facilities. At March 31, 2022, the Company had designated hedges representing between 0% and 95% of the anticipated monthly natural gas consumption over the next 12 months.

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2022 and December 31, 2021.

	March 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	126	$	—	$	86	$	—
Foreign Currency Contracts	24		48		21		$	75
Interest Rate Contracts	65		—		46		—
Total	$	215	$	48	$	153	$	75

20

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 5.    Derivative Instruments and Hedging Activities (Continued)

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2022 and 2021.

			Cost of products sold
(In millions)	Revenues
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	98
Total gain (loss) recognized in earnings	$	—	$	98	$	98
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	89
Interest Contracts	(14)		—
Total gain (loss) recognized in earnings	$	(14)	$	89	$	75

Other Net Investment Hedging Strategies

The Company has designated €2.6 billion and €1.8 billion of its outstanding long-term debt and commercial paper borrowings at March 31, 2022 and December 31, 2021, respectively, as hedges of its net investment in a foreign subsidiary. As of March 31, 2022 and December 31, 2021, the Company had after-tax gains of $113 million and $55 million in AOCI, respectively, related to foreign exchange gains and losses from these net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

21

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 6.     Other Current Assets

The following table sets forth the items in other current assets:

	March 31,		December 31,
	2022		2021
	(In millions)
Unrealized gains on derivative contracts	$	2,934	$	1,646
Margin deposits and grain accounts	1,112		600
Customer omnibus receivable	1,539		1,179
Financing receivables - net (1)	233		189
Insurance premiums receivable	26		20
Prepaid expenses	377		370
Biodiesel tax credit	70		79
Tax receivables	764		708
Non-trade receivables (2)	421		285
Other current assets	241		82
	$	7,717	$	5,158

(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $5 million and $4 million at March 31, 2022 and December 31, 2021, respectively. Interest earned on financing receivables of $4 million for the three months ended March 31, 2022 and 2021, respectively, is included in investment income in the consolidated statements of earnings.

(2) Non-trade receivables included $27 million of reinsurance recoverables as of March 31, 2022 and December 31, 2021, respectively.

22

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 7.     Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables:

	March 31,		December 31,
	2022		2021
	(In millions)
Unrealized losses on derivative contracts	$	3,639	$	1,950
Accrued compensation	332		445
Income tax payable	211		132
Other taxes payable	178		168
Insurance claims payable	235		220
Contract liability	574		581
Other accruals and payables	1,194		1,294
	$	6,363	$	4,790

Note 8.    Debt and Financing Arrangements

On February 28, 2022, the Company issued its first sustainability bond of $750 million aggregate principal amount of 2.900% notes due March 1, 2032. Net proceeds before expenses were $748 million. The Company expects to apply an amount equal to the net proceeds to finance or refinance eligible green projects and/or eligible social projects.

At March 31, 2022, the fair value of the Company’s long-term debt exceeded the carrying value by $1.0 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2022, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $14.3 billion, of which $8.2 billion was unused. During the quarter ended March 31, 2022, the Company expanded its combined U.S. and European commercial paper borrowing programs from $5.0 billion to $6.5 billion under the same terms, against which there was $0.7 billion commercial paper outstanding at March 31, 2022. During the quarter ended March 31, 2022, the Company also added $1.5 billion of short-term borrowings at an average interest rate of 1.64% due in September 2022.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.3 billion in funding resulting from the sale of accounts receivable with $24 million unused capacity as of March 31, 2022 (see Note 14 for more information about the Programs).

23

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 9.    Income Taxes

The Company’s effective tax rate was 16.3% for the three months ended March 31, 2022 compared to 15.9% for the three months ended March 31, 2021. The change in the rate was primarily due to changes in the geographic mix of earnings.

The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due.  These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various tax jurisdictions.  In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards. Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions and the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations. However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months. Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period.

The Company’s subsidiary in Argentina, ADM Agro SRL (formerly ADM Argentina SA and Alfred C. Toepfer Argentina SRL), received tax assessments challenging transfer prices used to price grain exports for the tax years 1999 through 2011 and 2014. As of March 31, 2022, these assessments totaled $8 million in tax and up to $36 million in interest (adjusted for variation in currency exchange rates). The Argentine tax authorities conducted a review of income and other taxes paid by large exporters and processors of cereals and other agricultural commodities resulting in allegations of income tax evasion. The Company strongly believes that it has complied with all Argentine tax laws. To date, the Company has not received assessments for closed years subsequent to 2014. While the statute of limitations has expired for tax years 2012 and 2013, the Company cannot rule out receiving additional assessments challenging transfer prices used to price grain exports for years subsequent to 2014, and estimates that these potential assessments could be approximately $104 million in tax and $42 million in interest (adjusted for variation in currency exchange rates as of March 31, 2022). The Company believes that it has appropriately evaluated the transactions underlying these assessments, and has concluded, based on Argentine tax law, that its tax position would be sustained, and accordingly, has not recorded a tax liability for these assessments. In accordance with the accounting requirements for uncertain tax positions, the Company has not recorded an uncertain tax liability for this assessment because it has concluded that it is more likely than not to prevail on the matter based upon its technical merits and because the taxing jurisdiction’s process does not provide a mechanism for settling at less than the full amount of the assessment. The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2014.

In 2014, the Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., received a tax assessment from the Netherlands tax authority challenging the transfer pricing aspects of a 2009 business reorganization, which involved two of its subsidiary companies in the Netherlands. As of March 31, 2022, this assessment was $90 million in tax and $32 million in interest (adjusted for variation in currency exchange rates). On April 23, 2020, the court issued an unfavorable ruling and in October 2020, assigned a third party expert to establish a valuation by early 2021. During the second quarter of 2021, the third party expert issued a final valuation. The Company expects the court to issue a ruling on this matter in the second quarter of 2022. Subsequent appeals may take an extended period of time and could result in additional financial impacts of up to the entire amount of the assessment. The Company has carefully evaluated the underlying transactions and has concluded that the amount of gain recognized on the reorganization for tax purposes was appropriate. As of March 31, 2022, the Company has accrued its best estimate of what it believes will be the likely outcome of the litigation.

24

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 10.     Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three months ended March 31, 2022 and the reclassifications out of AOCI for the three months ended March 31, 2022 and 2021:

	Three months ended March 31, 2022
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension Liability Adjustment		Unrealized Gain (Loss) on Investments		Total
	(In millions)
Balance at December 31, 2021	$	(2,248)	$	225	$	(147)	$	(2)	$	(2,172)
Other comprehensive income (loss) before reclassifications	31		380		6		(5)		412
Gain (loss) on net investment hedges	123		—		—		—		123
Amounts reclassified from AOCI	—		(98)		31		—		(67)
Tax effect	(31)		(47)		(7)		—		(85)
Net of tax amount	123		235		30		(5)		383
Balance at March 31, 2022	$	(2,125)	$	460	$	(117)	$	(7)	$	(1,789)

	Amount reclassified from AOCI
	Three months ended March 31,				Affected line item in the consolidated statements of earnings
Details about AOCI components	2022		2021
	(In millions)
Deferred loss (gain) on hedging activities
	$	—	$	14	Revenues
	(98)		(89)		Cost of products sold
	(98)		(75)		Total before tax
	19		21		Tax
	$	(79)	$	(54)	Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service loss (credit)	$	8	$	(6)	Other (income) expense-net
Actuarial losses	23		16		Other (income) expense-net
	31		10		Total before tax
	(6)		(4)		Tax
	$	25	$	6	Net of tax

The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.

25

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 11.    Other (Income) Expense - Net

The following table sets forth the items in other (income) expense:

	Three Months Ended
	March 31,
	2022		2021
	(In millions)
Gains on sales of assets	$	—	$	(11)
Other – net	(33)		(22)
Other (Income) Expense - Net	$	(33)	$	(33)

Gains on sales of assets in the three months ended March 31, 2021 consisted of gains on disposals of individually insignificant assets in the ordinary course of business.

Other - net included the non-service components of net pension benefit income of $6 million, foreign exchange gains, and other income in the three months ended March 31, 2022 and 2021.

Note 12.     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 and interest expense net of interest income. Corporate results also include 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, 2021.

26

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 12.    Segment Information (Continued)

	Three Months Ended
	March 31,
(In millions)	2022		2021
Gross revenues
Ag Services and Oilseeds	$	19,132	$	15,939
Carbohydrate Solutions	4,180		2,634
Nutrition	1,966		1,624
Other Business	107		100
Intersegment elimination	(1,735)		(1,404)
Total gross revenues	$	23,650	$	18,893
Intersegment sales
Ag Services and Oilseeds	$	879	$	932
Carbohydrate Solutions	814		411
Nutrition	42		61
Total intersegment sales	$	1,735	$	1,404
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	11,847	$	10,146
Crushing	3,222		2,742
Refined Products and Other	3,184		2,119
Total Ag Services and Oilseeds	18,253		15,007
Carbohydrate Solutions
Starches and Sweeteners	2,498		1,745
Vantage Corn Processors	868		478
Total Carbohydrate Solutions	3,366		2,223
Nutrition
Human Nutrition	958		754
Animal Nutrition	966		809
Total Nutrition	1,924		1,563
Other Business	107		100
Total revenues from external customers	$	23,650	$	18,893

27

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 12.    Segment Information (Continued)

	Three Months Ended
	March 31,
(In millions)	2022		2021
Segment operating profit
Ag Services and Oilseeds	$	1,008	$	777
Carbohydrate Solutions	317		259
Nutrition	189		154
Other Business	42		9
Specified Items:
Gains on sales of assets and businesses	1		—
Impairment, restructuring, and settlement charges(1)	(18)		(94)
Total segment operating profit	1,539		1,105
Corporate	(268)		(281)
Earnings before income taxes	$	1,271	$	824

(1) Current charges related to the impairment of certain Ukraine assets partially offset by an insurance settlement. Prior quarter charges were related to the impairment of certain long-lived assets, restructuring, and a legal settlement.

Note 13.     Asset Impairment, Exit, and Restructuring Costs

Asset impairment, exit, and restructuring costs in the three months ended March 31, 2022 consisted of immaterial charges.

Asset impairment, exit, and restructuring costs in the three months ended March 31, 2021 consisted of $31 million of impairments related to certain long-lived assets and $23 million of restructuring charges, presented as specified items within segment operating profit, and $5 million of restructuring charges in Corporate.

Note 14.     Sale of Accounts Receivable

The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”).  Under the First Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.6 billion for the accounts receivable transferred. The First Program terminates on May 18, 2022, unless extended.

The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (ADM Ireland Receivables). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $0.7 billion (€0.6 billion) for the accounts receivables transferred. The Second Program terminates on February 16, 2023, unless extended.

Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales. The Company acts as a servicer for the transferred receivables. At March 31, 2022 and December 31, 2021, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold.

28

Archer-Daniels-Midland Company

Notes to Consolidated Financial Statements (Continued)

(Unaudited)

Note 14.     Sale of Accounts Receivable (Continued)

As of March 31, 2022 and December 31, 2021, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheets was $2.3 billion and $2.2 billion, respectively. Total receivables sold were $14.3 billion and $12.1 billion for the three months ended March 31, 2022 and 2021, respectively. Cash collections from customers on receivables sold were $13.7 billion and $10.5 billion for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, receivables pledged as collateral to the Purchasers were $0.8 billion and $0.5 billion, respectively.

Transfers of receivables under the Programs resulted in an expense for the loss on sale of $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings.

All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables.

29

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Company Overview

This MD&A should be read in conjunction with the accompanying unaudited consolidated financial statements.

ADM is a global leader in human and animal nutrition and one of the world’s premier agricultural origination and processing companies. It is one of the world’s leading producers of ingredients for human and animal nutrition, and other products made from nature. The Company uses its significant global asset base to originate and transport agricultural commodities, connecting to markets in 200 countries.  The Company also processes corn, oilseeds, and wheat into products for food, animal feed, chemical and energy uses.  The Company also engages in the manufacturing, sale, and distribution of specialty products including natural flavor ingredients, flavor systems, natural colors, proteins, emulsifiers, soluble fiber, polyols, hydrocolloids, natural health and nutrition products, and other specialty food and feed ingredients. The Company uses its global asset network, business acumen, and its relationships with suppliers and customers to efficiently connect the harvest to the home thereby generating returns for our shareholders, principally from margins earned on these activities.

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 business segments, as defined by the applicable accounting standard, and are classified as Other Business. Financial information with respect to the Company’s reportable business segments is set forth in Note 12 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements”.

The Company’s recent significant portfolio actions and announcements include:

•the acquisition in February 2022 of Comhan, a leading South African flavor distributor;

•the announcement in April 2022 of a growth investment in the Company’s oilseed facility in Mainz, Germany, which is expected to be completed in Q3 2023;

•the announcement in April 2022 of a $300 million investment in Decatur, IL to expand alternative protein production and the opening of a new, state-of-the-art protein innovation center; and

•the announcement in April 2022 of a commitment to achieve 100% deforestation-free supply chains by 2025, five years earlier than previously targeted.

Sustainability is a key driver in ADM’s expanding portfolio of environmentally responsible, plant-derived products. Consumers today increasingly expect their food and drink to come from sustainable ingredients, produced by companies that share their values, and ADM is continually finding new ways to meet those needs through its portfolio actions.

The current phase of the Company’s strategic transformation is focused on two strategic pillars: Productivity and Innovation.

The Productivity pillar includes (1) advancing the roles of the Company’s Centers of Excellence in procurement, supply chain, and operations to deliver additional efficiencies across the enterprise; (2) continued roll out of the 1ADM business transformation program and implementation of improved standardized business processes; and (3) increased use of technology, analytics, and automation at production facilities, in offices, and with customers.

Innovation activities include expansions and investments in (1) improving the customer experience, including leveraging producer relationships and enhancing the use of state-of-the-art digital technology to help customers grow; (2) sustainability-driven innovation, which encompasses the full range of products, solutions, capabilities, and commitments to serve customers’ needs; and (3) growth initiatives, including organic growth to support additional capacity and meet growing demand, and mergers and acquisitions opportunities.

ADM will support both pillars with investments in technology, which include expanding digital capabilities and investing further in product research and development. All of these efforts will continue to be strengthened by the Company’s ongoing commitment to Readiness.

30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Environmental and Social Responsibility

The Company’s policy to protect forests, biodiversity, and communities includes provisions that promote conservation of water resources and biodiversity in agricultural landscapes, promote solutions to reduce climate change and greenhouse gas emissions, and support agriculture as a means to advance sustainable development by reducing poverty and increasing food security. Additionally, the policy confirms ADM’s commitment to protect human rights defenders, whistleblowers, complainants, and community spokespersons; ADM’s aspiration to cooperate with all parties necessary to enable access to fair and just remediation; and the Company’s non-compliance protocol for suppliers. By the end of 2022, the Company expects to achieve full traceability of its direct and indirect sourcing throughout its soy supply chains in Brazil, Paraguay, and Argentina. ADM aims to eliminate deforestation from all of the Company’s supply chains by 2025.

In 2020, ADM announced its environmental stewardship goals, collectively called “Strive 35” – an ambitious plan to, by 2035, reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 25 percent from a 2019 baseline, reduce energy intensity by 15 percent, reduce water intensity by 10 percent, and achieve a 90 percent landfill diversion rate.

In 2021, ADM added 5-year interim targets to ensure the Company stays on track to meet its 2035 goals. By 2025, the Company aims to reduce absolute GHG emissions by 1.5%, reduce energy and water intensity by 6% and 5%, respectively, and achieve 87% of its waste diverted from landfill.

In 2021, the Company announced its Scope 3 GHG reduction goal, focused upon the five most material Scope 3 categories for the Company; purchased goods and services; fuel and energy related emissions; upstream transportation and distribution; waste; and processing of solid products/goods. ADM aims to reduce its absolute Scope 3 emissions by 25% from a 2019 baseline by 2035.

Operating Performance Indicators

The Company is exposed to certain risks inherent to an agricultural-based commodity business. These risks are further described in Part I Item 1A, “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in Part II Item 1A “Risk Factors” on page 44.

The Company’s Ag Services and Oilseeds operations are principally agricultural commodity-based businesses where changes in

selling prices move in relationship to changes in prices of the commodity-based agricultural raw materials. As a result, changes in agricultural commodity prices have relatively equal impacts on both revenues and cost of products sold. Therefore, changes in revenues of these businesses do not necessarily correspond to changes in margins or gross profit. Thus, gross margins per volume or metric ton are more meaningful than gross margins as percentage of revenues.

The Company’s Carbohydrate Solutions operations and Nutrition businesses also utilize agricultural commodities (or products derived from agricultural commodities) as raw materials. However, in these operations, agricultural commodity market price changes do not necessarily correlate to changes in cost of products sold. Therefore, changes in revenues of these businesses may correspond to changes in margins or gross profit. Thus, gross margin rates are more meaningful as a performance indicator in these businesses.

The Company has consolidated subsidiaries in more than 70 countries. For the majority of the Company’s subsidiaries located outside the United States, the local currency is the functional currency except for certain significant subsidiaries in Switzerland where Euro is the functional currency, and Brazil and Argentina where U.S. dollar is the functional currency. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the weighted average exchange rates for the applicable periods. For the majority of the Company’s business activities in Brazil and Argentina, the functional currency is the U.S. dollar; however, certain transactions, including taxes, occur in local currency and require remeasurement to the functional currency. Changes in revenues are expected to be correlated to changes in expenses reported by the Company caused by fluctuations in the exchange rates of foreign currencies, primarily the Euro, British pound, Canadian dollar, and Brazilian real, as compared to the U.S. dollar. Effective April 1, 2022, the Company changed the functional currency of its Turkish entities to the U.S. dollar which is not expected to have a material impact on the Company’s consolidated financial statements.

31

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The Company measures its performance using key financial metrics including net earnings, gross margins, segment operating profit, adjusted segment operating profit, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, manufacturing expenses, selling, general, and administrative expenses, return on invested capital, and economic value added. Some of these metrics are not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. For more information, see “Non-GAAP Financial Measures” on page 38. The Company’s financial results can vary significantly due to changes in factors such as fluctuations in energy prices, weather conditions, crop plantings, government programs and policies, trade policies, changes in global demand, general global economic conditions, changes in standards of living, global production of similar and competitive crops, and geopolitics. Due to these unpredictable factors, the Company undertakes no responsibility for updating any forward-looking information contained within “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Operations in Ukraine and Russia

ADM employs approximately 650 people in Ukraine and operates an oilseeds crushing plant, a grain port terminal, inland and river silos, and a trading office. Most of the facilities have been temporarily idled since February 24, 2022. The Company’s footprint in Russia is limited and operations have been recently scaled down to those related to the production and transport of essential food commodities and ingredients.

On February 24, 2022, Russian troops invaded Ukraine. While the Company’s Ukraine and Russian operations have historically represented less than 0.1% of consolidated revenues, the direct and indirect impacts of the ongoing military action could negatively affect ADM’s future operating results. The conflict in Ukraine has created disruptions in global supply chains and is expected to create dislocations of key agricultural commodities. The indirect impact of these dislocations on the Company’s operating results will be a function of a number of variables including supply and demand responses from the rest of the world as well as the length of the conflict and the condition of the agricultural industry and export infrastructure after the conflict ends. For more information, refer to Part II, Item 1A, “Risk Factors”.

As of March 31, 2022, ADM’s assets in Ukraine consisted primarily of current assets that were less than 1% of the Company’s total current assets. Of the total current assets in Ukraine, 79% were inventories that represented less than 2% of ADM’s total inventories.

Market Factors Influencing Operations or Results in the Three Months Ended March 31, 2022

The Company is subject to a variety of market factors which affect the Company's operating results. In Ag Services and Oilseeds, tight global stocks driven by a short crop in South America and good global demand drove commodity prices higher. The conflict in Ukraine resulted in even tighter global stocks of commodities and created high volatility which had a positive impact on South American origination prices. Global Trade results were driven by tight supply, strong destination marketing volumes and margins, and firm ocean freight rates. North American origination was negatively impacted by weather-related supply disruption. Crushing margins benefited from strong protein and renewable diesel demand and tight oilseeds stocks. Refined oil margins were driven by strong oil demand with volatile energy markets driving premiums up. In Carbohydrate Solutions, demand in starches and sweeteners was strong with margins remaining fairly steady on higher input costs. Domestic ethanol demand improved significantly from the prior year, but remained below pre-pandemic levels. Industry production of ethanol returned to pre-pandemic levels, with ethanol margins under pressure due to persistently high industry stocks. Corn milling margins benefited from strong co-product results, as prices for oil and feed products rose in line with higher underlying corn prices. Corn costs were volatile and higher, in part due to a relatively low projected corn stocks-to-use ratio and uncertainty caused by the conflict in Ukraine and other inflationary pressures. Nutrition benefited from overall strong demand in various product categories. In Human Nutrition, demand for flavors, flavor systems, specialty proteins, bioactives, and fibers was strong, but increased energy and raw material costs adversely impacted results. In Animal Nutrition, amino acids pricing and margins improved due to a tighter global supply environment. Growing demand in complete food for petfood was partially offset by weak demand in other product lines with some customers cutting products out of formulation due to increased ingredient, freight, and energy costs.

32

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021

Net earnings attributable to controlling interests increased $0.4 billion from $0.7 billion to $1.1 billion. Segment operating profit increased $0.4 billion from $1.1 billion to $1.5 billion and included a net charge of $17 million consisting of asset impairment, restructuring, and settlement charges of $18 million and a gain on sale of assets of $1 million. Included in segment operating profit in the prior year quarter was $94 million of asset impairment, restructuring, and legal settlement charges. Adjusted segment operating profit (a non-GAAP measure) increased $0.4 billion to $1.6 billion due primarily to higher results in all businesses except in Vantage Corn Processors. Corporate results in the current quarter were a net charge of $268 million and included a mark-to-market loss of $15 million on the conversion option of the exchangeable bonds issued in August 2020. Corporate results in the prior year quarter were a net charge of $281 million and included a mark-to-market loss of $20 million on the conversion option of the exchangeable bonds issued in August 2020 and a restructuring charge of $5 million.

Income tax expense increased $76 million to $207 million. The effective tax rate for the quarter ended March 31, 2022 was 16.3% compared to 15.9% for the quarter ended March 31, 2021. The change in the rate was due primarily to changes in the geographic mix of earnings.

Analysis of Statements of Earnings

Processed volumes by product for the quarter are as follows (in metric tons):

	Three Months Ended
	March 31,
(In thousands)	2022	2021	Change
Oilseeds	8,491	8,960	(469)
Corn	4,812	3,650	1,162
Total	13,303	12,610	693

The Company generally operates its production facilities, on an overall basis, at or near capacity, adjusting facilities individually, as needed, to react to the current margin environment and seasonal local supply and demand conditions. The overall decrease in oilseeds processed volumes was primarily related to decreased crush rates resulting from the decline in global demand for canola oil and the indefinite shutdown of a Ukraine facility since February 2022. The overall increase in corn was primarily related to two dry mill facilities that were idled since April 2020 and restarted in April 2021, partially offset by the sale of the Peoria, IL facility in November 2021.

33

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Revenues by segment for the quarter are as follows:

	Three Months Ended
	March 31,
	2022		2021		Change
	(In millions)
Ag Services and Oilseeds
Ag Services	$	11,847	$	10,146	$	1,701
Crushing	3,222		2,742		480
Refined Products and Other	3,184		2,119		1,065
Total Ag Services and Oilseeds	18,253		15,007		3,246
Carbohydrate Solutions
Starches and Sweeteners	2,498		1,745		753
Vantage Corn Processors	868		478		390
Total Carbohydrate Solutions	3,366		2,223		1,143
Nutrition
Human Nutrition	958		754		204
Animal Nutrition	966		809		157
Total Nutrition	1,924		1,563		361
Other Business	107		100		7
Total	$	23,650	$	18,893	$	4,757

Revenues and cost of products sold in agricultural merchandising and processing business are significantly correlated to the underlying commodity prices and volumes. During periods of significant changes in commodity prices, the underlying performance of the Company is better evaluated by looking at margins because both revenues and cost of products sold, particularly in Ag Services and Oilseeds, generally have a relatively equal impact from market price changes which generally result in an insignificant impact to gross profit.

Revenues increased $4.8 billion to $23.7 billion due to higher sales prices ($4.6 billion) and higher sales volumes ($0.2 billion). Higher sales prices of oils, corn, soybeans, animal feeds, wheat, biodiesel, farming materials, alcohol, and flour, and higher volumes of alcohol and milled rice, were partially offset by lower sales volumes of oils and wheat. Ag Services and Oilseeds revenues increased 22% to $18.3 billion due to higher sales prices ($3.6 billion) partially offset by lower sales volumes ($0.3 billion). Carbohydrate Solutions revenues increased 51% to $3.4 billion due to higher sales prices ($0.7 billion) and higher sales volumes ($0.4 billion) despite the loss of USD-grade industrial alcohol volumes from the divested Peoria, IL facility. Nutrition revenues increased 23% to $1.9 billion due to higher sales prices ($0.3 billion) and higher sales volumes ($0.1 billion).

Cost of products sold increased $4.4 billion to $21.8 billion due principally to higher average commodity costs. Manufacturing expenses increased $0.3 billion to $1.7 billion due principally to higher energy costs, maintenance, and operating supplies.

Foreign currency translation decreased revenues and cost of products sold by $0.5 billion and $0.4 billion, respectively.

Gross profit increased $349 million or 23%, to $1.9 billion due principally to higher results in Ag Services and Oilseeds ($182 million), Starches and Sweeteners ($106 million), Nutrition ($82 million), and Other ($13 million), partially offset by lower results in Vantage Corn Processors ($33 million). These factors are explained in the segment operating profit discussion on page 37.

34

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Selling, general, and administrative expenses increased $80 million to $829 million due primarily to higher IT expenses and insurance costs, increased provisions for bad debt, and amortization of intangibles from new acquisitions.

Asset impairment, exit, and restructuring costs decreased $58 million to $1 million. Charges in the current quarter were not material. Charges in the prior year quarter consisted of $31 million of impairments related to certain long-lived assets and $23 million of restructuring charges, presented as specified items within segment operating profit, and $5 million of restructuring charges in Corporate.

Equity in earnings of unconsolidated affiliates increased $79 million to $204 million due primarily to higher earnings from the Company’s investments in Wilmar, Almidones Mexicanos S.A., SoyVen, and Stratas Foods LLC.

Investment income increased $46 million to $59 million due primarily to revaluation gains of $34 million and interest income of $11 million related to a tax item in the current quarter.

Interest expense increased $5 million to $92 million due to higher debt balances and interest related to a tax item. Interest expense in the current quarter also included a $15 million mark-to-market loss adjustment related to the conversion option of the exchangeable bonds issued in August 2020, compared to a $20 million mark-to-market loss adjustment in the prior year quarter.

Other income-net of $33 million was comparable to the prior period. Income in the current quarter included the non-service components of net pension benefit income, foreign exchange gains, and other income. Income in the prior year quarter included gains on disposals of individually insignificant assets in the ordinary course of business, the non-service components of net pension benefit income, foreign exchange gains, and other income.

35

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Segment operating profit (loss), adjusted segment operating profit (a non-GAAP measure), and earnings before income taxes for the quarter are as follows:

	Three Months Ended
	March 31,
Segment Operating Profit (Loss)	2022		2021		Change
	(In millions)
Ag Services and Oilseeds
Ag Services	$	258	$	209	$	49
Crushing	428		382		46
Refined Products and Other	198		101		97
Wilmar	124		85		39
Total Ag Services and Oilseeds	1,008		777		231
Carbohydrate Solutions
Starches and Sweeteners	316		222		94
Vantage Corn Processors	1		37		(36)
Total Carbohydrate Solutions	317		259		58
Nutrition
Human Nutrition	141		128		13
Animal Nutrition	48		26		22
Total Nutrition	189		154		35
Other Business	42		9		33
Specified Items:
Gains on sales of assets and businesses	1		—		1
Asset impairment, restructuring, and settlement charges	(18)		(94)		76
Total Specified Items	(17)		(94)		77
Total Segment Operating Profit	$	1,539	$	1,105	$	434
Adjusted Segment Operating Profit(1)	$	1,556	$	1,199	$	357
Segment Operating Profit	$	1,539	$	1,105	$	434
Corporate	(268)		(281)		13
Earnings Before Income Taxes	$	1,271	$	824	$	447

(1) Adjusted segment operating profit is segment operating profit excluding the above specified items.

36

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Ag Services and Oilseeds operating profit increased 30%. Ag Services and Oilseeds delivered substantially higher year-over-year results, effectively managing risk and executing well in a dynamic environment of robust global demand and tight supply, driven primarily by the short South American crop. Ag Services results were significantly higher versus the first quarter of 2021. Global trade results were higher, driven by strong performances in destination marketing and global ocean freight. North American origination margins and volumes were lower year-over-year, including negative timing effects. Crushing was higher year over year in a strong global margin environment driven by robust protein and vegetable oil demand. Improving margins in the quarter resulted in negative timing effects versus positive timing effects in the prior-year quarter. Refined Products and Other results were much higher than the prior-year quarter, driven by healthy refining premiums and good refined oils demand in North America, as well as strong biodiesel margins in Europe, Middle East, and Africa (EMEA) biodiesel as well as healthy refining premiums and good demand in North American refined oils. Equity earnings from Wilmar were significantly higher versus the first quarter of 2021.

Carbohydrate Solutions operating profit increased 22%. Carbohydrate Solutions delivered results that were substantially higher year-over-year. Starches and Sweeteners, including ethanol production from the wet mills, delivered much higher results versus the prior-year quarter, driven by higher corn co-product revenues and improved citric acid profits in North America; higher volumes and margins in EMEA; and higher volumes and margins in wheat milling. Sales volumes for starches and sweeteners continued their recovery. The biosolutions platform continued to deliver revenue growth as demand for plant-based products expands into more diverse applications. Vantage Corn Processors delivered solid execution margins but position losses on ethanol inventory as prices fell early in the quarter drove lower results versus the prior-year quarter, which benefited from demand for USP-grade industrial alcohol from the Peoria facility that was divested in November 2021.

Nutrition operating profit increased 23%. Nutrition delivered strong revenue growth of 23% and maintained healthy margins, driving substantially higher results. Human Nutrition delivered higher year-over-year results. Flavors continued to deliver solid revenue growth, offset by some higher costs. Strong sales growth in alternative proteins, including contribution from the Sojaprotein acquisition, and positive currency timing impacts in South America, offset some higher operating costs to help deliver better year-over-year results in Specialty Ingredients. Health and Wellness was also higher year-over-year, powered by probiotics, including contribution from the November 2021 Deerland Probiotics and Enzymes acquisition, and robust demand for fiber. Animal Nutrition profits were nearly double the prior-year quarter, due primarily to strength in amino acids, which was driven by a combination of product mix changes, improved North American demand and global supply chain disruptions.

Other Business operating profit increased $33 million, driven primarily by better performance in captive insurance, including reduced claim settlements versus the prior-year quarter.

Corporate results for the quarter are as follows:

	Three Months Ended
	March 31,
	2022		2021		Change
	(In millions)
Interest expense-net	$	(76)	$	(64)	$	(12)
Unallocated corporate costs	(209)		(202)		(7)
Loss on sale of assets	(3)		—		(3)
Expenses related to acquisitions	(2)		—		(2)
Loss on debt conversion option	(15)		(20)		5
Restructuring adjustment (charges)	1		(5)		6
Other income	36		10		26
Total Corporate	$	(268)	$	(281)	$	13

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Corporate results were a net charge of $268 million in the current quarter compared to a net charge of $281 million in the prior year quarter. Interest expense-net increased $12 million due to higher debt balances and interest related to a tax item. Unallocated corporate costs increased $7 million due primarily to higher IT operating and project-related costs and higher costs in the Company’s centers of excellence, partially offset by lower incentive compensation accruals. Loss on debt conversion option was related to the mark-to-market adjustment of the conversion option of the exchangeable bonds issued in August 2020. Other income in the current quarter included the non-service components of net pension benefit income of $6 million and an investment revaluation gain of $34 million, partially offset by foreign exchange losses. Other income in the prior year quarter included the non-service components of net pension benefit income of $6 million and foreign exchange gains.

Non-GAAP Financial Measures

The Company uses adjusted earnings per share (EPS), adjusted EBITDA, and adjusted segment operating profit, non-GAAP financial measures as defined by the Securities and Exchange Commission, to evaluate the Company’s financial performance. These performance measures are not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.

Adjusted EPS is defined as diluted EPS adjusted for the effects on reported diluted EPS of specified items. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for specified items. The Company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. Adjusted segment operating profit is segment operating profit adjusted, where applicable, for specified items.

Management believes that adjusted EPS, adjusted EBITDA, and adjusted segment operating profit are useful measures of the Company’s performance because they provide investors additional information about the Company’s operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EPS, adjusted EBITDA, and adjusted segment operating profit are not intended to replace or be an alternative to diluted EPS, earnings before income taxes, and segment operating profit, respectively, the most directly comparable amounts reported under GAAP.

The table below provides a reconciliation of diluted EPS to adjusted EPS for the three months ended March 31, 2022 and 2021.

	Three months ended March 31,
	2022				2021
	In millions		Per share		In millions		Per share
Average number of shares outstanding - diluted	568				564
Net earnings and reported EPS (fully diluted)	$	1,054	$	1.86	$	689	$	1.22
Adjustments:
Losses on sales of assets and businesses - net of tax of $0 million in 2022(1)	2		—		—		—
Loss on debt conversion option - net of tax of $0 (1)	15		0.03		20		0.04
Asset impairment, restructuring, and settlement charges - net of tax of $3 million in 2022 and $25 million in 2021 (1)	14		0.02		74		0.13
Expenses related to acquisitions - net of tax of $1 million in 2022 (1)	1		—		—		—
Certain discrete tax adjustments	(4)		(0.01)		—		—
Total adjustments	28		0.04		94		0.17
Adjusted net earnings and adjusted EPS	$	1,082	$	1.90	$	783	$	1.39

(1) Tax effected using the U.S. and other applicable tax rates.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The tables below provide a reconciliation of earnings before income taxes to adjusted EBITDA and adjusted EBITDA by segment for the three months ended March 31, 2022 and 2021.

	Three months ended
	March 31,
(In millions)	2022		2021		Change
Earnings before income taxes	$	1,271	$	824	$	447
Interest expense	92		87		5
Depreciation and amortization	257		249		8
Losses on sales of assets and businesses	2		—		2
Expenses related to acquisition	2		—		2
Asset impairment, restructuring, and settlement charges	17		99		(82)
Adjusted EBITDA	$	1,641	$	1,259	$	382
	Three months ended
	March 31,
(In millions)	2022		2021		Change
Ag Services and Oilseeds	$	1,096	$	871	$	225
Carbohydrate Solutions	396		342		54
Nutrition	254		209		45
Other Business	44		11		33
Corporate	(149)		(174)		25
Adjusted EBITDA	$	1,641	$	1,259	$	382

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Liquidity and Capital Resources

A Company objective is to have sufficient liquidity, balance sheet strength, and financial flexibility to fund the operating and capital requirements of a capital-intensive agricultural commodity-based business.  The Company depends on access to credit markets, which can be impacted by its credit rating and factors outside of ADM’s control, to fund its working capital needs and capital expenditures. The primary source of funds to finance ADM’s operations, capital expenditures, and advancement of its growth strategy is cash generated by operations and lines of credit, including a commercial paper borrowing facility and accounts receivable securitization programs.  In addition, the Company believes it has access to funds from public and private equity and debt capital markets in both U.S. and international markets.

Cash used in operating activities was $1.2 billion for the three months ended March 31, 2022 compared to cash provided of $0.3 billion for the same period last year. Working capital changes decreased cash by $2.8 billion for the three months ended March 31, 2022 compared to a decrease of $0.9 billion for the same period last year. Trade receivables increased $0.9 billion due to higher revenues. Inventories increased approximately $2.9 billion due to higher inventory prices partially offset by lower inventory volumes. Other current assets increased $2.1 billion primarily due to increases in contracts and futures gains and margin deposits and grain accounts. Brokerage payables increased approximately $2.5 billion due to increased customer trading activity in the Company’s futures commission and brokerage business. Accrued expenses and other payables increased $1.4 billion primarily due to increases in contracts and futures losses.

Cash used in investing activities was $0.3 billion for the three months ended March 31, 2022 compared to $0.2 billion for the same period last year. Capital expenditures for the three months ended March 31, 2022 of $0.2 billion were comparable to the same period last year. Other-net for the three months ended March 31, 2022 of $0.1 billion consisted of new and additional cost method equity investments.

Cash provided by financing activities was $3.3 billion for the three months ended March 31, 2022 compared to $1.1 billion for the same period last year. Long-term debt borrowings for the three months ended March 31, 2022 of $0.8 billion consisted of the $750 million aggregate principal amount of 2.900% notes due 2032, compared to long-term debt borrowings for the same period last year of $0.6 billion which consisted of the €0.5 billion aggregate principal amount of fixed-to-floating rate senior notes due 2022 issued in a private placement on March 25, 2021. The Company expects to apply an amount equal to the proceeds from the borrowings in the current period to finance or refinance eligible green projects and/or eligible social projects. Proceeds from the borrowings in the prior period were used for general corporate purposes. Net borrowings from short-term credit agreements for the three months ended March 31, 2022 were $2.8 billion compared to $0.7 billion for the same period last year. Proceeds from short-term borrowings were used to fund working capital needs. Dividends of $0.2 billion for the three months ended March 31, 2022 were comparable to the same period last year.

At March 31, 2022, the Company had $1.1 billion of cash and cash equivalents and a current ratio, defined as current assets divided by current liabilities, of 1.4 to 1. Included in working capital was $12.0 billion of readily marketable commodity inventories. At March 31, 2022, the Company’s capital resources included shareholders’ equity of $23.8 billion and lines of credit, including the accounts receivable securitization programs described below, totaling $14.3 billion, of which $8.2 billion was unused. The Company’s ratio of long-term debt to total capital (the sum of the Company’s long-term debt and shareholders’ equity) was 27% and 26% at March 31, 2022 and December 31, 2021, respectively. The Company uses this ratio as a measure of the Company’s long-term indebtedness and an indicator of financial flexibility. The Company’s ratio of net debt (the sum of short-term debt, current maturities of long-term debt, and long-term debt less the sum of cash and cash equivalents and short-term marketable securities) to capital (the sum of net debt and shareholders’ equity) was 34% and 28% at March 31, 2022 and December 31, 2021, respectively. Of the Company’s total lines of credit, $6.5 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $0.7 billion commercial paper outstanding at March 31, 2022.

As of March 31, 2022, the Company had $1.1 billion of cash and cash equivalents, $0.4 billion of which was cash held by foreign subsidiaries whose undistributed earnings are considered indefinitely reinvested. Based on the Company’s historical ability to generate sufficient cash flows from its U.S. operations and unused and available U.S. credit capacity of $6.5 billion, the Company has asserted that these funds are indefinitely reinvested outside the U.S.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The Company has accounts receivable securitization programs (the “Programs”) with certain commercial paper conduit purchasers and committed purchasers. The Programs provide the Company with up to $2.3 billion in funding against accounts receivable transferred into the Programs and expands the Company’s access to liquidity through efficient use of its balance sheet assets (see Note 14 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements” for more information and disclosures on the Programs). As of March 31, 2022, the Company had $24 million unused capacity of its facility under the Programs.

As of March 31, 2022, the Company has total available liquidity of $9.3 billion comprised of cash and cash equivalents and unused lines of credit.

For the three months ended March 31, 2022, the Company spent approximately $0.2 billion in capital expenditures and $0.2 billion in dividends. The Company has a stock repurchase program. Under the program, the Company has 104.5 million shares remaining as of March 31, 2022 that may be repurchased until December 31, 2024.

In 2022, the Company expects total capital expenditures of $1.3 billion and additional cash outlays of approximately $0.9 billion in dividends and up to $150 million in share repurchases, subject to other strategic uses of capital and the evolution of operating cash flows and the working capital position throughout the year.

Contractual Obligations and Commercial Commitments

The Company’s purchase obligations as of March 31, 2022 and December 31, 2021 were $22.9 billion and $18.6 billion, respectively.  The increase is primarily related to obligations to purchase agricultural commodity inventories at higher prices. As of March 31, 2022, the Company expects to make payments related to purchase obligations of $21.8 billion within the next twelve months. There were no other material changes in the Company’s contractual obligations during the quarter ended March 31, 2022.

Off Balance Sheet Arrangements

There were no material changes in the Company’s off balance sheet arrangements during the quarter ended March 31, 2022.

Critical Accounting Policies

There were no material changes in the Company’s critical accounting policies during the quarter ended March 31, 2022.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The market risk inherent in the Company’s market risk sensitive instruments and positions is the potential loss arising from adverse changes in: commodity market prices as they relate to the Company’s net commodity position, foreign currency exchange rates, and interest rates.  Significant changes in market risk sensitive instruments and positions for the quarter ended March 31, 2022 are described below.  There were no material changes during the period in the Company’s potential loss arising from changes in foreign currency exchange rates and interest rates.

For detailed information regarding the Company’s market risk sensitive instruments and positions, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Commodities

The availability and prices of agricultural commodities are subject to wide fluctuations due to factors such as changes in weather conditions, crop disease, plantings, government programs and policies, competition, changes in global demand, changes in customer preferences and standards of living, and global production of similar and competitive crops.

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)

The fair value of the Company’s commodity position is a summation of the fair values calculated for each commodity by valuing all of the commodity positions at quoted market prices for the period, where available, or utilizing a close proxy. The Company has established metrics to monitor the amount of market risk exposure, which consist of volumetric limits and value-at-risk (VaR) limits. VaR measures the potential loss, at a 95% confidence level, that could be incurred over a one-year period. Volumetric limits are monitored daily and VaR calculations and sensitivity analysis are monitored weekly.

In addition to measuring the hypothetical loss resulting from an adverse two standard deviation move in market prices (assuming no correlations) over a one-year period using VaR, sensitivity analysis is performed measuring the potential loss in fair value resulting from a hypothetical 10% adverse change in market prices. The highest, lowest, and average weekly position together with the market risk from a hypothetical 10% adverse price change is as follows:

	Three months ended				Year ended
	March 31, 2022				December 31, 2021
Long/(Short) (In millions)	Fair Value		Market Risk		Fair Value		Market Risk
Highest position	$	986	$	99	$	1,426	$	143
Lowest position	238		24		(98)		(10)
Average position	485		49		671		67

The change in fair value of the average position was due to the decrease in average quantities, partially offset by the increase in prices of the underlying commodities.

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ITEM 4.    CONTROLS AND PROCEDURES

As of March 31, 2022, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s “disclosure controls and procedures” (as defined in Rules 13a–15(e) and 15d–15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based on that evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosure. There was no change in the Company’s internal controls over financial reporting during the Company’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

During 2018, the Company launched Readiness to drive new efficiencies and improve the customer experience in the Company’s existing businesses through a combination of data analytics, process simplification and standardization, and behavioral and cultural change, building upon its earlier 1ADM and operational excellence programs. As part of this transformation, the Company is implementing a new enterprise resource planning (ERP) system on a worldwide basis, which is expected to occur in phases over the next several years. The first phase of the ERP system implementation occurred in October 2021 to a limited pilot scope of legal entities. The Company continues to consider these changes in its design of and testing for effectiveness of internal controls over financial reporting and concluded, as part of the evaluation described in the above paragraph, that the implementation of the new ERP system in these circumstances has not materially affected its internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 9 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements” for information on income tax matters), and class actions. The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution. The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time. In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues. In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery; involve unsubstantiated or indeterminate claims for damages; potentially involve penalties, fines, disgorgement, or punitive damages; or could result in a change in business practice.

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ITEM 1.    LEGAL PROCEEDINGS (Continued)

On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S. Commodities Exchange Act in federal district court in Urbana, Illinois, alleging that the Company sought to manipulate the benchmark price used to price and settle ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”). AOT and Maize allege that members of the putative class suffered “hundreds of millions of dollars in damages” as a result of the Company’s alleged actions. On July 14, 2020, Green Plains Inc. and its related entities (“GP”) filed a putative class action lawsuit, alleging substantially the same operative facts, in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (“MRE”) filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC (“UWGP”) and five other ethanol producers filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman Act and Illinois, Iowa, and Wisconsin law. The court granted ADM’s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28, 2021, respectively. On August 16, 2021, the court granted ADM’s motion to dismiss the GP complaint, dismissing one claim with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021. UWGP filed an amended complaint on October 19, 2021, which ADM moved to dismiss on December 9, 2021. On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations. On March 18, 2022, the Nebraska federal district court granted ADM’s motion to transfer the GP case back to the Central District of Illinois for further proceedings. The Company denies liability, and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, the Company is unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have a material adverse effect on its financial condition, results of operations, or cash flows.

The Company is not currently a party to any legal proceeding or environmental claim that it believes would have a material adverse effect on its financial position, results of operations, or liquidity.

ITEM 1A.    RISK FACTORS

The information presented below updates, and should be read in conjunction with, the risk factors in Part I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Except as presented below, there were no other significant changes in the Company’s risk factors during the quarter ended March 31, 2022.

The Company faces risks related to international conflicts, terrorism or other geopolitical events, such as the conflict in Ukraine, and related sanctions and other economic disruptions.

ADM’s assets and operations located in the region affected by the conflict in Ukraine are at an increased risk to property damage, inventory loss, business disruption, and expropriation. The conflict could continue to impact global margins due to increased commodity, energy, and input costs. The Black Sea region is a major exporter of wheat and corn to the world, and the disruption of supply could cause volatility in prices and margins of these commodities and related products. Ukraine is also the largest supplier of sun seed and sun oil in the world which cannot be completely replaced from other origins. If current inventories are depleted prior to the restoration of operations, Europe will have to reformulate to alternative oils. In addition to ADM’s operations, one of the Company’s joint ventures is also exposed to the same risks. While the Company has a robust sanction program, there is a risk that ADM could trade with a sanctioned partner due to the number and fast-changing nature of sanctions being taken against Russia. The Company may also face increased cyber risk given that Russia is known to have extensive capabilities to engage in cyber attacks. Trade receivables may be at risk of higher defaults and other third-party risks could affect ADM’s ability to obtain inputs if suppliers are unable to perform or face insolvency, as certain supplies may not be attainable due to sanctions and/or restrictions on cross-border payment transactions. The Company could be materially impacted if, in the worst-case scenario, the conflict advances to other countries. In such circumstances, trade policies and the Company’s critical global supply chain and logistical networks could be affected, impairing the Company’s ability to satisfy contractual obligations and impacting working capital requirements. Insurance may not adequately cover these risks. In addition, provisions for certain products that ADM produces, particularly those that support the food services channels, could be materially impacted. The Company continues to monitor the conflict in Ukraine and evaluate alternatives to mitigate the impacts of these risks.

44

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program(2)	Number of Shares Remaining that May be Purchased Under the Program(2)
January 1, 2022 to
January 31, 2022	559	$	69.743	—	104,505,703
February 1, 2022 to
February 28, 2022	1,022,806	76.470		—	104,505,703
March 1, 2022 to
March 31, 2022	28,736	82.738		—	104,505,703
Total	1,052,101	$	76.638	—	104,505,703

(1)Total shares purchased represents those shares purchased in the open market as part of the Company’s publicly announced share repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards. During the three-month period ended March 31, 2022, there were 1,052,101 shares received as payments for the minimum withholding taxes on vested restricted stock awards and for the exercise price of stock option exercises.

(2)On August 7, 2019, the Company’s Board of Directors approved the extension of the stock repurchase program through December 31, 2024 and the repurchase of up to an additional 100,000,000 shares under the extended program. 

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ITEM 6.    EXHIBITS

(3)(i)	Composite Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3(i) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001).
(3)(ii)	Bylaws, as amended through May 1, 2019 (incorporated by reference to Exhibit 3(ii) to the Company’s Current Report on Form 8-K filed on May 7, 2019).
(4.1)	Form of 2.900% Notes due 2032 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on February 28, 2022).
(10.1)	Form of Performance Share Unit Award Agreement under the Company’s 2020 Incentive Plan.
(10.2)	Form of Restricted Stock Unit Award Agreement under the Company’s 2020 Incentive Plan.
(31.1)	Certification of Chief Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended.
(31.2)	Certification of Chief Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act of 1934, as amended.
(32.1)	Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32.2)	Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)	Inline XBRL file set for the consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.
(104)	Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL file set.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ARCHER-DANIELS-MIDLAND COMPANY

/s/ V. Luthar

V. Luthar

Senior Vice President and Chief Financial Officer

/s/ D. C. Findlay

D. C. Findlay

Senior Vice President, General Counsel, and Secretary

Dated: April 26, 2022

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EX-10.1

Exhibit 10.1

Archer-Daniels-Midland Company

2020 Incentive Compensation Plan

Performance Share Unit Award Terms and Conditions

These Terms and Conditions are part of a Performance Share Unit Award Agreement (the “Agreement”) that governs a Performance Share Unit Award made to you as an employee of Archer-Daniels-Midland Company (“ADM”) or one of its Affiliates pursuant to the terms of the Company’s 2020 Incentive Compensation Plan (the “Plan”). The Agreement consists of a notice of Performance Share Unit Award that has been provided to you (the “Notice”), these Terms and Conditions (including Appendix A to these Terms and Conditions (“Appendix A”)) and the applicable terms of the Plan which are incorporated into the Agreement by reference, including the definitions of capitalized terms contained in the Plan. In this Agreement, the term “Company” refers to ADM and its Affiliates, unless the context refers to the issuer of this Award or the Shares issued in settlement of this Award, in which case the term refers to ADM.

Section 1.    Grant of Performance Share Unit Award. The grant of this Performance Share Unit Award to you is effective as of the Date of Grant specified in the Notice. This Performance Share Unit Award provides you a number of Performance Share Units initially equal to the target number of Performance Share Units specified in the Notice (the “Target Number of Units”). The number of Performance Share Units that may actually be earned and become eligible to vest pursuant to this Award can be between 0% and 200% of the Target Number of Units, but may not under any circumstances exceed the maximum number of Performance Share Units specified in the Notice (the “Maximum Number of Units”). Each Performance Share Unit that is determined to have been earned as provided in Appendix A and which thereafter vests represents the right to receive one Share of the Company’s common stock. Prior to their settlement or forfeiture in accordance with the terms of this Agreement, the Performance Share Units granted to you shall be credited to an account in your name maintained by the Company. This account shall be unfunded and maintained for bookkeeping purposes only, with the Performance Share Units simply representing an unfunded and unsecured obligation of the Company.

Section 2.    Rights of the Recipient.

(a)    No Shareholder Rights. The Performance Share Units granted pursuant to this Award do not entitle you to any rights of a shareholder of the Company’s common stock. Your rights with respect to the Performance Share Units shall remain forfeitable at all times by you until satisfaction of the vesting conditions set forth in Section 3.

(b)    Restrictions on Transfer. You shall not be entitled to transfer, sell, pledge, alienate, hypothecate or assign the Performance Share Units or this Award, except that in the event of your death, your estate shall be entitled to the Shares represented by the earned and vested Performance Share Units. Any attempt to otherwise transfer the Performance Share Units or this Award shall be void. All rights with respect to the Performance Share Units and this Award shall be available only to you during your lifetime, and thereafter to your estate.

Section 3.    Vesting of Performance Share Units. Subject to the provisions of Section 7 below, the Performance Share Units granted hereunder and your right to receive Shares in settlement thereof shall vest (i) on the Scheduled Vesting Date specified in Appendix A, but only if and to the extent that the Performance Share Units have been determined by the Committee to have been earned in accordance with Section 4 hereof during the Performance Period specified in Appendix A (the “Performance Period”), and your status as an Employee has been continuous since the Date of Grant, or (ii) at such earlier time and to the extent specified in Section 6 (the Scheduled Vesting Date or such earlier vesting date being referred to as the “Vesting Date”). Any outstanding Performance Share Units granted under this Agreement that do not vest on the applicable Vesting Date shall be forfeited.

Section 4.    Earned Units. Whether and to what degree the Performance Share Units subject to this Award will have been earned as of the end of the Performance Period will be determined by

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whether and to what degree the Company has satisfied the applicable performance objective(s) for the Performance Period as set forth in Appendix A, and whether and to what degree, if any, the Committee has chosen to exercise its discretion to adjust the number of Performance Share Units otherwise deemed to have been earned. You acknowledge that the number of Performance Share Units deemed to have been earned based on whether and to what degree the Company has satisfied the applicable performance objective(s) for the Performance Period may be adjusted, including to zero, by the Committee in its sole and absolute discretion based on such factors as the Committee determines to be appropriate and/or advisable.

Section 5.    Settlement of Performance Share Units. Subject to the provisions of Section 7, to the extent the Performance Share Units subject to this Award vest in accordance with Section 3, the Company shall cause to be issued to you, or to your estate in the event of your death, one share of its common stock in payment and settlement of each vested Performance Share Unit. Except as otherwise provided in Section 6 below, such issuance shall follow certification by the Committee that the Company has satisfied the applicable performance objective(s) as of the end of the Performance Period, and shall occur on or as soon as administratively practicable after the Vesting Date, but no later than the 15th day of the third calendar month after the Vesting Date, and you shall have no power to affect the timing of such issuance. Such issuance shall be evidenced by a stock certificate or appropriate entry on the books of the Company or a duly authorized transfer agent of the Company, shall be subject to the tax withholding provisions of Section 8, and shall be in complete settlement and satisfaction of such vested Performance Share Units. If the Performance Share Units that vest include a fractional Performance Share Unit, the Company shall round the number of vested Performance Share Units to the nearest whole unit prior to issuance of Shares as provided herein.  If the ownership of or issuance of Shares to you as provided herein is not feasible due to applicable exchange controls, securities or tax laws or other provisions of applicable law, as determined by the Committee in its sole discretion, you or your legal representative shall receive cash proceeds in an amount equal to the Fair Market Value (as of the Vesting Date) of the Shares otherwise issuable to you, net of any amount required to satisfy withholding tax obligations as provided in Section 8.

Section 6.    Effect of Termination of Service and Change of Control. If you cease to be an Employee prior to the Scheduled Vesting Date under circumstances other than as set forth in paragraphs 6(a) through 6(d), you shall immediately forfeit all unvested Performance Share Units. To the extent any of paragraphs 6(a) through 6(d) is applicable to this Award, any unvested Performance Share Units that do not vest on the applicable Vesting Date as provided therein shall immediately be forfeited.

(a)    Retirement. If you cease to be an Employee by reason of your Retirement prior to the Scheduled Vesting Date, then you will be entitled to have vest on the Scheduled Vesting Date the number of Performance Share Units that would otherwise have been determined to have been earned during the Performance Period and vested in accordance with Appendix A if you had remained continuously employed until the Scheduled Vesting Date.

(b)    Disability. If you cease to be an Employee by reason of your Disability prior to the Scheduled Vesting Date, then you will be entitled to have vest on the Scheduled Vesting Date the number of Performance Share Units that would otherwise have been determined to have been earned during the Performance Period and vested in accordance with Appendix A if you had remained continuously employed until the Scheduled Vesting Date.

(c)    Death. If you cease to be an Employee as a result of your death prior to the Scheduled Vesting Date, then you will be entitled to have vest as of the date of your death a number of Performance Share Units equal to the sum of the Target Number of Shares.

(d)    Change of Control. If a Change of Control occurs after the Date of Grant but before the Scheduled Vesting Date and you continue to be an Employee to the date of the Change of Control, then the following provisions shall apply:

(i)    Termination After a Change of Control. If, within 24 months after a Change of Control (A) described in paragraphs (a) or (d) of Section 2.8 of the Plan or (B) that constitutes a Business Combination as defined in paragraph (c) of Section 2.8 of the Plan and in connection with which the

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surviving or acquiring entity (or its parent entity) has continued, assumed or replaced this Performance Share Unit Award, you cease to be an Employee due either to an involuntary termination for reasons other than Cause (as defined in paragraph 7(b)) or a resignation for Good Reason (as defined in subparagraph 6(d)(v), then the Performance Period will be truncated and will end as of the end of the Company’s most recently completed fiscal year prior to the date you cease to be an Employee, and you will be entitled to have vest as of the date of such employment termination a number of Performance Share Units determined as provided in subparagraph 6(d)(iv).

(ii)    Award Not Continued, Assumed or Replaced. If this Performance Share Unit Award is not continued, assumed or replaced in connection with a Change of Control that constitutes a Business Combination as contemplated by clause (B) of subparagraph 6(d)(i), or if a Change of Control described in paragraph (b) of Section 2.8 of the Plan occurs, then the Performance Period will be truncated and will end as of the end of the Company’s most recently completed fiscal year prior to the date of the Change of Control, and you will be entitled to have vest as of the date of the Change of Control a number of Performance Share Units determined as provided in subparagraph 6(d)(iv).

(iii)    Assumption or Replacement. For purposes of this paragraph 6(d), this Performance Share Unit Award will be considered assumed or replaced if, in connection with the Change of Control transaction and in a manner consistent with Code Section 409A, either (i) the contractual obligations represented by this Award are expressly assumed by the surviving or acquiring entity (or its parent entity) with appropriate adjustments to the number and type of securities subject to this Award and the applicable performance goals that preserves the intrinsic value of this Award existing at the time of the Change of Control transaction, or (ii) you have received a comparable performance share unit award that preserves the intrinsic value of this Award existing at the time of the Change of Control transaction and is subject to substantially similar terms and conditions as this Award.

(iv)    Units Subject to Accelerated Vesting. The number of Performance Share Units that would be subject to accelerated vesting pursuant to subparagraph 6(d)(i) or 6(d)(ii) will be equal to the greater of (A) the number of Performance Share Units determined by the Committee to have been earned during the truncated Performance Period, and (B) the Target Number of Units.

(v)    Good Reason. For purposes of this Agreement, “Good Reason” shall have the meaning specified in your employment agreement with the Company; provided if you are not a party to an employment agreement that contains such definition, then a termination for “Good Reason” shall occur upon your resignation from employment with the Company as a result of one or more of the following reasons: (i) the Company materially reduces the amount of your base salary or cash bonus opportunity (it being understood that the Committee shall have discretion to set the Company’s and your personal performance targets to which the cash bonus will be tied), (ii) a material diminution in your authority, duties or responsibilities, or (iii) the Company changes your place of work (other than in connection with a return to your home country upon the termination of a work assignment in a different country) to a location more than fifty (50) miles from your present place of work; provided, however, that the occurrence of any such condition shall not constitute Good Reason unless (A) you provide written notice to the Company of the existence of such condition not later than 60 days after you know or reasonably should know of the existence of such condition, (B) the Company fails to remedy such condition within 30 days after receipt of such notice and (C) you resign due to the existence of such condition within 60 days after the expiration of the remedial period described in clause (B) hereof.

Section 7.    Forfeiture of Award and Compensation Recovery.  

(a)    Forfeiture Conditions. Notwithstanding anything to the contrary in this Agreement, if you cease to be an Employee because your employment is terminated for “Cause” (as defined in paragraph 7(b)), or if you breach any restrictive covenants applicable to you (including those contained in paragraph 7(c)), (i) you shall immediately forfeit this Award and any right to receive Shares that have not yet been issued pursuant to Section 5, and (ii) with respect to Shares that have been issued pursuant to this Award (or the cash value thereof paid) after the Vesting Date, either (A) you shall return such Shares to the Company, or (B) you shall pay to the Company in cash an amount equal to the Fair Market Value of such Shares as of the Vesting Date (or equal to the cash value previously paid).

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(b)    Definition of “Cause”. For purposes of this Section 7, “Cause” shall mean the Company’s good faith determination that you have engaged in any act that creates just cause for termination, which, without limiting the foregoing, shall be deemed to include the following: (i) any act of dishonesty with respect to your responsibilities as an Employee, embezzlement, misappropriation, intentional fraud, or other violations of the law or similar conduct by you involving the Company, (ii) any acts resulting in a conviction for, or plea of guilty or nolocontendere to, a charge of commission of a felony, (iii) misconduct resulting in injury to the Company, (iv) activities harmful to the reputation of the Company, (v) a violation of Company operating guidelines or policies, (vi) willful refusal to perform, or substantial disregard of, the duties properly assigned to you, including failure to provide your Best Efforts on behalf of the Company, (vi) a violation of any contractual, statutory or common law duty of loyalty to the Company; (vii) any breach of your obligations to the Company, including any confidentiality or non-disclosure obligations; or (viii) any willful and/or gross misconduct by you that in the good faith determination of the Company demonstrates unfitness to be an employee of the Company, including the harassment of any employee or violation of any law, regulation, or Company policies. “Best Efforts” shall mean that, during your employment or relationship with the Company, you will devote your best efforts to the performance of your duties and the advancement of the Company and shall not engage in any other employment, profitable activities, or other pursuits which would cause you to not devote your full attention to matters of the Company during business hours, to disclose or utilize the Confidential Information of the Company, or which would reflect adversely on the Company.

(c)    Restrictive Covenants. You agree that the covenants set forth in subparagraph 7(c)(i) through (iii) are reasonable and necessary to protect the legitimate interests of the Company and that you will abide by all provisions of the restrictive covenants set forth in subparagraphs 7(c)(i) through (iii) below for the respective time periods set forth therein.

    (i)    Non-Disclosure and Return of Confidential Information. You have or will be given access to and provided with items or compilations of sensitive, confidential, proprietary, and/or trade secret information (in tangible or intangible form) in the course of your employment that are not readily available to the public or persons outside the Company through proper means (collectively, “Confidential Information”). Examples of Confidential Information include, but are not limited to, inventions, new product or marketing plans, business strategies and plans, merger and acquisition targets, financial information, costs and pricing structures, unpublished pricing information and underlying pricing-related variables such as costs, volume discounting options, and profit margins, pricing strategy, computer programs, source codes, models and databases, analytical models, customer lists and information, and supplier and vendor lists and information. “Confidential Information” does not include information that lawfully is or becomes generally and publicly known outside of the Company, or that has been independently developed and disclosed by others with proper authority to do so, in each case other than through your breach of this Agreement or breach by you or another person or entity of some other obligation to the Company. You agree not to disclose or use Confidential Information, either during or after your employment with the Company, except as necessary to perform your duties or as the Company may consent in writing, and except as required by applicable law or by subpoena in each case disclosed in advance to the Company (subject to Section 7(c)(vii) below). You further agree to return any and all Confidential Information and all other Company property, whether in hard or electronic format, regardless of the location on which such information or property may reside, no later than three (3) business days following the termination of your employment or upon demand of the Company, if earlier.

If, and only if, the controlling state law applicable to you requires a time limit to be placed on restrictions concerning the post-employment use of Confidential Information for the restriction to be enforceable, then this restriction on your use of Confidential Information that is not a trade secret will expire three (3) years after your employment or other association with the Company ends. This time limit will not apply to (a) Confidential Information that qualifies as a trade secret, or (b) third party Confidential Information. The Company’s trade secrets will remain protected for as long as they qualify as trade secrets under applicable law. Items of third party Confidential Information will remain protected for as long as allowed under the laws and/or separate agreements that make them confidential.

    (ii)    Non-Solicitation. During the time in which your Performance Share Units shall vest and for one year after the Vesting Date under Section 3 (even if your employment hereafter ends and your Performance Share Units are no longer eligible for vesting), and subject to Section 7(c)(vi) below, you may not, without the Company’s prior written consent, directly or through the direction or control of

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others, for you or for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner, or shareholder, or in any other individual or representative capacity:

(A)    Solicit any business competitive with the Company for or from any person or entity who (a) was a Company provider or customer any time within the 12 months prior to such actual or contemplated solicitation by or involving you (or, if your employment with the Company has by then terminated, any time within the 12 months prior to such employment termination) and with whom you had direct or indirect contact to further the Company’s business, or for whom you provided services or supervised employees who provided those services, or about which you received or had access to Confidential Information, or, where allowed by law (b) was a prospective provider or customer the Company solicited any time within the 12 months prior to such actual or contemplated solicitation by or involving you (or, if your employment with the Company has by then terminated, any time within the 12 months prior to such employment termination) and with whom you had contact for the purposes of soliciting the person or entity to become a provider or customer of the Company, or supervised employees who had those contacts, or about which you received or had access to Confidential Information.

(B)    Recruit or solicit any Company employee or consultant that you gained knowledge of during your employment.

(C)    Induce or influence any Company employee or consultant that you gained knowledge of during your employment to terminate his, her or its employment or other relationship with the Company.

(D)    Assist anyone in any of the activities listed above.

The restrictions contained in Section 7(c)(ii) are understood to be reasonably limited by geography to those locations, and counties, where the providers, customers, employees and consultants are present and available for solicitation. However, to the extent additional geographic limitations are required to make the restrictions in Section 7(c)(ii) enforceable, they shall be deemed limited to the Restricted Area (defined below.

(iii)    Non-Competition. During the time in which your Performance Share Units shall vest and for one year after the Vesting Date under Section 3 (even if your employment hereafter ends and your Performance Share Units are no longer eligible for vesting), and subject to Section 7(c)(vi) below, you may not, without the Company’s prior written consent, directly or through the direction or control of others, for you or for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner or shareholder, or in any other individual or representative capacity, anywhere in the Restricted Area:

(A)    Engage in or participate in any activity that is similar to those you performed during the Look Back Period and/or likely to result in your use or disclosure of the Company’s Confidential Information on behalf of any person or entity that competes, directly or indirectly, with any Company product or service that you engaged in, participated in, or had Confidential Information about during the Look Back Period, including, but not limited to, any business engaged in any of the following with respect to which you were involved or had responsibilities during the Look Back Period or about which you received or had access to Confidential Information: (i) the development and/or manufacture of products which involve experimental and/or inventive work relating to the origination, trading and/or processing of agricultural commodities, (ii) the development, manufacture sourcing and/or supply of food and/or feed ingredients, flavoring, ethanol, biodiesel, derivatives of agricultural feedstocks, enzymes, probiotics and/or other biologically active

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compositions, and/or (iii) the operation of grain elevators and/or crop origination and/or transportation networks; or

(B)    Assist anyone in any of the activities listed above.

(C)    “Restricted Area” means the geographic territory(ies) assigned to you by the Company any time during the twenty-four months prior to such actual or contemplated competitive activity (as described in subpart (A) and (B) above) by or involving you (or, if your employment with the Company has by then terminated, any time within the twenty-four months prior to such employment termination) (“Look Back Period”) set by recognized geographic boundary used in the Company’s business; and, if you have no such specifically assigned geographic boundary then: (i) the geographic area in which you participated in the Company’s business and/or about which you were provided access to Confidential Information during the Look Back Period; and (ii) the state and county where you reside. If you are employed by the Company in a research and/or development capacity and/or if you are employed in a senior management position then you are presumed to have participated in the Company’s business and/or had Confidential Information about the Company’s business throughout the United States. You are responsible for seeking clarification from the Company’s Human Resources department if it is unclear to you at any time what the scope of the Restricted Area is.

(D)    Nothing in this Section 7(c)(iii) prohibits you from passively owning not in excess of 2% in the aggregate of any company’s stock or other ownership interests that are publicly traded on any national or regional stock exchange.

(iv)    Certification of Compliance. Prior to the issuance of Shares, you may be required to certify to the Company and provide such other evidence to the Company as the Company may reasonably require that you have not engaged in any activities that compete with the business operations of the Company and/or that violate your obligations in subparagraphs 7(c)(i)- 7(c)(iii) above since you ceased to be an Employee due to Retirement or Disability.

(v)    Consideration and Voluntariness. You stipulate, acknowledge and agree that: (A) your opportunity to enter into this Agreement and the dividends you receive as a result thereof is adequate consideration to make the provisions of this Agreement, including, without limitation Section 7(c), immediately binding and enforceable against you and you agree not to assert otherwise; and (B) you are under no obligation (including as a condition of initial or continued employment) to accept the Performance Share Unit Award referenced herein with respect to which this Agreement is a condition, and that your decision to accept and thus to execute this Agreement as a condition of such Performance Share Unit Award is entirely knowing and voluntary on your part in order to be eligible for the substantial benefit and opportunities hereunder.

(vi)     Limitation on Post-Employment Restrictions. Unless the time period for a restriction is extended by a Court as allowed under Section 17, the time period for the restrictions in Section 7(c)(ii) and (iii) shall in no event exceed two (2) years after any termination of your employment.

(vii)     Protected Conduct. Nothing in this Agreement prohibits you from reporting or filing a charge or complaint regarding an event that you in good faith believe is or may be a violation of law (including concerning alleged or suspected criminal conduct or unlawful employment practices such as discrimination, harassment or retaliation) to your attorney or to or with a federal, state, local or other governmental agency or regulatory entity (such as the Securities and Exchange Commission, the Equal Employment Opportunity Commission (or state or local equivalent), or the Department of Labor), requires notice to or approval from the Company before doing so, or prohibits you from communicating with or cooperating in an investigation or proceeding conducted by such a government agency or

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regulatory entity. Further, nothing prohibits you from making any truthful statements or disclosures required by law. This may include a disclosure of trade secret information provided that it must comply with the restrictions in the Defend Trade Secrets Act of 2016 (DTSA).

(viii) Right to Consult with Attorney. You acknowledge that you received a copy of the Agreement at least fourteen (14) calendar days before you had to decide whether to accept the Restricted Stock Unit Aware referenced herein. You further acknowledge that the Company instructed you to take that time to consult with an attorney.

(d)Compensation Recovery Policy.In addition to those provisions contained within paragraphs 7(a) through 7(c),to the extent that this Award and any compensation associated therewith is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, this Award and any compensation associated therewith shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or the Committee in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s Shares are then listed.  This Agreement may be unilaterally amended by the Committee to comply with any such compensation recovery policy. 

Section 8.    Withholding of Taxes. You shall be responsible for the payment of any withholding taxes upon the occurrence of any event in connection with the Award (for example, vesting or issuance of Shares in settlement of Performance Share Units) that the Company determines may result in any tax withholding obligation, including any social security obligation. The delivery of Shares in settlement of Performance Share Units shall be conditioned upon the prior payment by you, or the establishment of arrangements satisfactory to the Company for the payment by you, of all such withholding tax obligations. You hereby authorize the Company to withhold from salary or other amounts owed to you any sums required to satisfy withholding tax obligations in connection with the Award.  As contemplated by Section 17.2 of the Plan, you may elect to satisfy such withholding tax obligations by delivering Shares you already own or by having the Company retain a portion of the Shares that would otherwise be issued to you in settlement of the Performance Share Units by notifying the Company of such election prior to the Vesting Date. If payment of withholding tax obligations, or satisfactory payment arrangements, are not made on a timely basis, the Company may instruct an authorized broker to sell such number of Shares subject to the Award as are equal in value to the tax withholding obligations prior to the issuance of any Shares to you.

Section 9.    Securities Law Compliance. No Shares shall be delivered upon the vesting of any Performance Share Units unless and until the Company and/or you shall have complied with all applicable federal, state or foreign registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction, unless the Committee has received evidence satisfactory to it that you may acquire such shares pursuant to an exemption from registration under the applicable securities laws.  Any determination in this connection by the Committee shall be final, binding, and conclusive.  The Company reserves the right to legend any Share certificate or book entry, conditioning sales of such Shares upon compliance with applicable federal and state securities laws and regulations.

Section 10.    No Rights as Employee or Consultant. Nothing in this Agreement or this Award shall confer upon you any right to continue as an Employee or consultant of the Company, or to interfere in any way with the right of you or the Company to terminate your employment or other service at any time. This Agreement shall survive any such termination in accordance with its terms and conditions.

Section 11.    Adjustments. If at any time while this Award is outstanding, the number of outstanding Shares is changed by reason of a reorganization, recapitalization, stock split or any of the other events described in Section 4.7 of the Plan, the number of Performance Share Units and the number and kind of securities that may be issued in respect of such Units shall be adjusted in accordance with the provisions of the Plan.

Section 12.    Notices. Any notice hereunder by you shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Secretary of the Company at

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the Company’s office at 77 West Wacker Drive, Suite 4600, Chicago, Illinois 60601 or at such other address as the Company may designate by notice to you.  Any notice hereunder by the Company shall be given to you in writing and such notice shall be deemed duly given only upon receipt thereof at such address as you may have on file with the Company.

Section 13.    Construction. The construction of the Notice and these Terms and Conditions (including Appendix A) is vested in the Committee, and the Committee’s construction shall be final and conclusive. The Notice and these Terms and Conditions are subject to the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of the Notice and these Terms and Conditions on the one hand and the Plan on the other hand, the provisions of the Plan will govern.

Section 14.     Governing Law and Venue.  This Agreement, the parties’ performance hereunder, and the relationship between them shall be governed by, construed, and enforced in accordance with the laws of the State of Illinois, without giving effect to the choice of law principles thereof. The parties expressly agree that any action relating to or arising out of this Agreement shall take place exclusively in the State of Illinois, and you consent to the jurisdiction of the federal and/or state courts in Illinois. You further consent to personal jurisdiction and venue in both such courts and to service of process by United States Mail or express courier service in any such action.

Section 15.    Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and permitted assigns (if any), and on the successors and assigns of the Company.

Section 16.    Remedies. The parties expressly agree that the forfeiture and repayment obligations contained within Section 7 do not constitute the Company’s exclusive remedy for your violation of subparagraph 7(c). The Company may seek any additional legal or equitable remedy, including without limitation injunctive relief, for any such violation of that provision. You acknowledge and agree that any breach of subparagraph 7(c) will result in immediate and irreparable harm to the Company for which damages alone are an inadequate remedy and cannot readily be calculated. Accordingly, in the event of any actual or threatened violation of subparagraph 7(c), the parties expressly agree that the Company shall be entitled to obtain and enforce immediately temporary restraining orders, preliminary injunctions and final injunctions without the posting of a bond enjoining such breach or threatened breach, in addition to all other remedies that may be awarded by a court of competent jurisdiction, and any other legal or equitable relief allowed by law. If you fail to comply with a restriction in subparagraph 7(c) that applies for a limited period of time after employment, the time period for that restriction will be extended by the greater of either: one day for each day you are found to have violated the restriction, or the length of the legal proceeding necessary to secure enforcement of the restriction; provided, however, this extension of time shall be capped so that the extension of time does not exceed two years from the date your employment ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

Section 17.    Miscellaneous.

(a)    Amendment, Waiver; Severability; Other Agreements; Headings. No waiver of any breach of any provision of this Agreement by the Company shall be effective unless it is in writing and no waiver shall be construed to be a waiver of any succeeding breach or as a modification of any provision of this Agreement. The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties. You also agree that, unless prohibited by applicable law, the court may, and it is the parties’ intent and agreement that it shall, modify any invalid, overbroad or unenforceable term of this Agreement so that such term, as modified, is valid and enforceable under applicable law. Further, you acknowledge and agree that you have not, will not, and cannot rely on any representations not expressly made herein. The terms of this Agreement shall not be amended by you or the Company except by the express written consent of both you and the Company, subject to the terms of the Plan including Section 16.2 thereof. For avoidance of doubt, nothing in this Agreement shall limit, restrict or supersede any obligations to the Company (including without limitation with respect to fiduciary duties, non-competition, non-solicitation, intellectual property, confidentiality, forfeiture, repayment or recoupment) that you have or may have pursuant to any other law (including

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common law), agreement or plan, all of which shall continue in full force and effect in accordance with their respective terms. The paragraph headings in this Agreement are for convenience of reference and in no way define, limit or affect the meaning of this Agreement.

(b)    Assignment and Transfer of Employment. The rights and/or obligations herein may only be assigned by the Company (except as otherwise expressly set forth herein), may be done without your consent and shall bind and inure to the benefit of the Company, its successors and assigns. If the Company makes any assignment of the rights and/or obligations herein or transfers your employment or relationship within the Company, you agree that this Agreement shall remain binding upon you.

(c)    Acceptance. You agree that this Agreement is accepted by you through your original, electronic or facsimile signature. You further agree that the Company is deemed to have accepted this Agreement as evidenced by your receipt of the Notice of Performance Share Units.

(d)    Third Party Beneficiaries. This Agreement is intended to benefit each and every Subsidiary, Affiliate, or business unit of the Company for which you perform services, for which you have customer contacts, or about which you receive Confidential Information and may be enforced by any such entity. You agree and intend to create a direct, consequential benefit to the Company regardless of the Company entity with which you are affiliated on the last day of your employment or relationship with the Company.

(e)    Attorney’s Fees Recovery. You expressly agree that, in the event of any action to enforce the terms and conditions of Section 7(c), the prevailing party in the action will recover from the non-prevailing party, in addition to any other sum that either party may be called upon to pay the prevailing party’s reasonable attorney’s fees and costs. The Company shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

(f) State-Specific Modifications (U.S. Only).

    (i) California. If you are a resident of California, then for so long as you are a resident of California: (aa) Section 14 (Governing Law and Venue) shall not apply; (bb) Section 7(a)(Forfeiture Conditions) shall not apply; and (cc) the restrictions in Section 7(c)(ii) (Non-Solicitation) and (iii) (Non-Competition) shall not apply after your employment with the Company ends. However, any conduct relating to the solicitation of Company’s customers or employees that involves the misappropriation of the Company’s trade secret information, such as its protected customer information, will remain prohibited conduct at all times.

    (ii) Washington. If you are a resident of Washington, then for so long as you are a resident of Washington: (aa) Section 14 (Governing Law and Venue) shall not apply; (bb) Section 7(a)(ii)(Forfeiture Conditions) shall not apply; and (cc) the restrictions in Section 7(c)(ii)(Non-Solicitation) and (iii)(Non-Competition) shall in no event exceed eighteen (18) months after any termination of your employment.

By indicating your acceptance of this Performance Share Unit Award, you agree to all the terms and conditions described above and contained in the Notice and in the Plan document.

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EX-10.2

Exhibit 10.2

Archer-Daniels-Midland Company

2020 Incentive Compensation Plan

Restricted Stock Unit Award Terms and Conditions

These Terms and Conditions are part of a Restricted Stock Unit Award Agreement (the “Agreement”) that governs a Restricted Stock Unit Award made to you as an employee of Archer-Daniels-Midland Company (“ADM”) or one of its Affiliates pursuant to the terms of the Company’s 2020 Incentive Compensation Plan (the “Plan”). The Agreement consists of a notice of Restricted Stock Unit Award that has been provided to you (the “Notice”), these Terms and Conditions and the applicable terms of the Plan which are incorporated into the Agreement by reference, including the definitions of capitalized terms contained in the Plan. In this Agreement, the term “Company” refers to ADM and its Affiliates, unless the context refers to the issuer of this Award or the Shares issued in settlement of this Award, in which case the term refers to ADM.

Section 1.    Grant of Restricted Stock Unit Award.  The grant of this Restricted Stock Unit Award to you is effective as of the Date of Grant specified in the Notice. This Restricted Stock Unit Award provides you the number of Restricted Stock Units specified in the Notice, each such Restricted Stock Unit representing the right to receive one share of the Company’s common stock. The Restricted Stock Units granted to you will be credited to an account in your name maintained by the Company. This account shall be unfunded and maintained for bookkeeping purposes only, with the Restricted Stock Units simply representing an unfunded and unsecured obligation of the Company.

Section 2.    Rights of the Recipient.

(a)    No Shareholder Rights.  The Restricted Stock Units granted pursuant to this Award do not entitle you to any rights of a shareholder of the Company’s common stock.  Your rights with respect to the Restricted Stock Units shall remain forfeitable at all times by you until satisfaction of the vesting conditions set forth in Section 3.

(b)    Restrictions on Transfer.  You shall not be entitled to transfer, sell, pledge, alienate, hypothecate or assign the Restricted Stock Units or this Award, except that in the event of your death, your estate shall be entitled to the Shares represented by the vested Restricted Stock Units.  Any attempt to otherwise transfer the Restricted Stock Units or this Award shall be void.  All rights with respect to the Restricted Stock Units and this Award shall be available only to you during your lifetime, and thereafter to your estate.

(c)     Dividend Equivalents.  As of each date that the Company pays a cash dividend to the holders of its common stock generally, the Company shall pay you an amount equal to the per share cash dividend paid by the Company on its common stock on that date multiplied by the number of Restricted Stock Units credited to you under this Award as of the related dividend payment record date.  No such dividend equivalent payment shall be made with respect to any Restricted Stock Units which, as of such record date, have either been settled as provided in Section 4 or forfeited pursuant to Sections 5 or 7.  Any such payment shall be made as soon as practicable after the related dividend payment date, but no later than the later of (i) the end of the calendar year in which the dividend payment date occurs, or (ii) the 15th day of the third calendar month after the dividend payment date.

Section 3.    Vesting.  Subject to the provisions of Section 7 below, the Restricted Stock Units subject to this Award and your right to receive Shares in settlement thereof shall vest in full on the vesting date specified in the Notice (the “Scheduled Vesting Date”), or at such earlier time as may be specified in Section 5 or Section 6 (the Scheduled Vesting Date or such earlier vesting date being referred to as the “Vesting Date”).

Section 4.    Settlement of Restricted Stock Units.  Subject to the provisions of Section 7, after any Restricted Stock Units vest pursuant to Section 3, the Company shall cause to be issued to you, or to your estate in the event of your death, one share of its common stock in payment and settlement of each vested Restricted Stock Unit.  Such issuance shall occur as soon as administratively practicable after the

Vesting Date occurs, but no later than the 15th day of the third calendar month after the Vesting Date, and you shall have no power to affect the timing of such issuance.  Such issuance shall be evidenced by a stock certificate or appropriate entry on the books of the Company or a duly authorized transfer agent of the Company, shall be subject to the tax withholding provisions of Section 8, and shall be in complete satisfaction of such vested Restricted Stock Units.  If the Restricted Stock Units that vest include a fractional Restricted Stock Unit, the Company shall round the number of vested Restricted Stock Units to the nearest whole unit prior to issuance of Shares as provided herein.  If the ownership of or issuance of Shares to you as provided herein is not feasible due to applicable exchange controls, securities or tax laws or other provisions of applicable law, as determined by the Committee in its sole discretion, you or your legal representative shall receive cash proceeds in an amount equal to the Fair Market Value (as of the Vesting Date) of the Shares otherwise issuable to you, net of any amount required to satisfy withholding tax obligations as provided in Section 8.

Section 5.    Effect of Termination of Service.  If you cease to be an Employee prior to the Scheduled Vesting Date other than as a result of your death, Retirement or Disability, you shall immediately forfeit the Restricted Stock Units.  If you cease to be an Employee as a result of death, then all Restricted Stock Units subject to this Award and your right to receive Shares in settlement thereof shall immediately vest in full and the Company shall settle such Restricted Stock Units pursuant to Section 4.   If you cease to be an Employee as a result of Retirement or Disability, then subject to the forfeiture conditions of Section 7, the Restricted Stock Units subject to this Award and your right to receive Shares in settlement thereof shall continue to vest in accordance with Section 3.

Section 6. Change of Control. In the event a Change of Control occurs prior to the Scheduled Vesting Date, the following provisions shall apply:

(a)    Termination After a Change of Control. If, within 24 months after a Change of Control (i) described in paragraphs (a) or (d) of Section 2.8 of the Plan or (ii) that constitutes a Business Combination as defined in paragraph (c) of Section 2.8 of the Plan and in connection with which the surviving or acquiring entity (or its parent entity) has continued, assumed or replaced this Restricted Stock Unit Award, you cease to be an Employee due either to an involuntary termination for reasons other than Cause (as defined in paragraph 7(b)) or a resignation for Good Reason (as defined in paragraph 6(d)), then all Restricted Stock Units subject to this Award and your right to receive Shares in settlement thereof shall immediately vest in full and will be settled in shares of Company common stock as provided in Section 4.

(b)    Award Not Continued, Assumed or Replaced. If this Restricted Stock Unit Award is not continued, assumed or replaced in connection with a Change of Control that constitutes a Business Combination as contemplated by clause (ii) of paragraph 6(a), than all Restricted Stock Units subject to this Award and your right to receive Shares in settlement thereof shall immediately vest in full upon the occurrence of the Change of Control and will be settled in shares of Company common stock as provided in Section 4 above. Unless the Committee provides otherwise in connection with a Change of Control described in paragraph (b) of Section 2.8 of the Plan, all Restricted Stock Units subject to this Award shall vest in full prior to the consummation of the dissolution or liquidation.

(c)    Assumption or Replacement. For purposes of this Section 6, this Restricted Stock Unit Award will be considered assumed or replaced if, in connection with the Change of Control transaction and in a manner consistent with Code Section 409A, either (i) the contractual obligations represented by this Award are expressly assumed by the surviving or acquiring entity (or its parent entity) with appropriate adjustments to the number and type of securities subject to this Award that preserves the intrinsic value of this Award existing at the time of the Change of Control transaction, or (ii) you have received a comparable restricted stock unit award that preserves the intrinsic value of this Award existing at the time of the Change of Control transaction and is subject to substantially similar terms and conditions as this Award.

(d)    Good Reason. For purposes of this Agreement, “Good Reason” shall have the meaning specified in your employment agreement with the Company; provided if you are not a party to an employment agreement that contains such definition, then a termination for “Good Reason” shall occur upon your resignation from employment with the Company as a result of one or more of the following reasons: (i) the Company materially reduces the amount of your base salary or cash bonus opportunity (it

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being understood that the Committee shall have discretion to set the Company’s and your personal performance targets to which the cash bonus will be tied), (ii) a material diminution in your authority, duties or responsibilities, or (iii) the Company changes your place of work (other than in connection with a return to your home country upon the termination of a work assignment in a different country) to a location more than fifty (50) miles from your present place of work; provided, however, that the occurrence of any such condition shall not constitute Good Reason unless (A) you provide written notice to the Company of the existence of such condition not later than 60 days after you know or reasonably should know of the existence of such condition, (B) the Company fails to remedy such condition within 30 days after receipt of such notice and (C) you resign due to the existence of such condition within 60 days after the expiration of the remedial period described in clause (B) hereof.

Section 7.    Forfeiture of Award and Compensation Recovery.  

(a)    Forfeiture Conditions. Notwithstanding anything to the contrary in this Agreement, if you cease to be an Employee because your employment is terminated for “Cause” (as defined in paragraph 7(b)), or if you breach any restrictive covenants applicable to you (including those contained in paragraph 7(c)), (i) you shall immediately forfeit this Award and any right to receive Shares that have not yet been issued pursuant to Section 4, and (ii) with respect to Shares that have been issued pursuant to this Award (or the cash value thereof paid) after the Vesting Date, either (A) you shall return such Shares to the Company, or (B) you shall pay to the Company in cash an amount equal to the Fair Market Value of such Shares as of the Vesting Date (or equal to the cash value previously paid).

(b)    Definition of “Cause”. For purposes of this Section 7, “Cause” shall mean the Company’s good faith determination that you have engaged in any act that creates just cause for termination, which, without limiting the foregoing, shall be deemed to include the following: (i) any act of dishonesty with respect to your responsibilities as an Employee, embezzlement, misappropriation, intentional fraud, or other violations of the law or similar conduct by you involving the Company, (ii) any acts resulting in a conviction for, or plea of guilty or nolocontendere to, a charge of commission of a felony, (iii) misconduct resulting in injury to the Company, (iv) activities harmful to the reputation of the Company, (v) a violation of Company operating guidelines or policies, (vi) willful refusal to perform, or substantial disregard of, the duties properly assigned to you, including failure to provide your Best Efforts on behalf of the Company, (vi) a violation of any contractual, statutory or common law duty of loyalty to the Company; (vii) any breach of your obligations to the Company, including any confidentiality or non-disclosure obligations; or (viii) any willful and/or gross misconduct by you that in the good faith determination of the Company demonstrates unfitness to be an employee of the Company, including the harassment of any employee or violation of any law, regulation, or Company policies. “Best Efforts” shall mean that, during your employment or relationship with the Company, you will devote your best efforts to the performance of your duties and the advancement of the Company and shall not engage in any other employment, profitable activities, or other pursuits which would cause you to not devote your full attention to matters of the Company during business hours, to disclose or utilize the Company’s Confidential Information, or which would reflect adversely on the Company.

(c)    Restrictive Covenants. You agree that the covenants set forth in subparagraph 7(c)(i) through (iii) are reasonable and necessary to protect the legitimate interests of the Company and that you will abide by all provisions of the restrictive covenants set forth in subparagraphs 7(c)(i) through (iii) below for the respective time periods set forth therein.

    (i)    Non-Disclosure and Return of Confidential Information. You have or will be given access to and provided with items or compilations of sensitive, confidential, proprietary, and/or trade secret information (in tangible or intangible form) in the course of your employment that are not readily available to the public or persons outside the Company through proper means (collectively, “Confidential Information”). Examples of Confidential Information include, but are not limited to, inventions, new product or marketing plans, business strategies and plans, merger and acquisition targets, financial information, costs and pricing structures, unpublished pricing information and underlying pricing-related variables such as costs, volume discounting options, and profit margins, pricing strategy, computer programs, source codes, models and databases, analytical models, customer lists and information, and supplier and vendor lists and information. “Confidential Information” does not include information that lawfully is or becomes generally and publicly known outside of the Company, or that has been independently developed and disclosed by others with proper authority to do so, in each case other

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than through your breach of this Agreement or breach by you or another person or entity of some other obligation to the Company. You agree not to disclose or use Confidential Information, either during or after your employment with the Company, except as necessary to perform your duties or as the Company may consent in writing, and except as required by applicable law or by subpoena in each case disclosed in advance to the Company (subject to Section 7(c)(vii) below). You further agree to return any and all Confidential Information and all other Company property, whether in hard or electronic format, regardless of the location on which such information or property may reside, no later than three (3) business days following the termination of your employment or upon demand of the Company, if earlier.

If, and only if, the controlling state law applicable to you requires a time limit to be placed on restrictions concerning the post-employment use of Confidential Information for the restriction to be enforceable, then this restriction on your use of Confidential Information that is not a trade secret will expire three (3) years after your employment or other association with the Company ends. This time limit will not apply to (a) Confidential Information that qualifies as a trade secret, or (b) third party Confidential Information. The Company’s trade secrets will remain protected for as long as they qualify as trade secrets under applicable law. Items of third party Confidential Information will remain protected for as long as allowed under the laws and/or separate agreements that make them confidential.

    (ii)    Non-Solicitation. During the time in which your Restricted Stock Units shall vest and for one year after the Vesting Date under Section 3 (even if your employment hereafter ends and your Restricted Stock Units are no longer eligible for vesting), and subject to Section 7(c)(vi) below, you may not, without the Company’s prior written consent, directly or through the direction or control of others, for you or for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner, or shareholder, or in any other individual or representative capacity:

(A)    Solicit any business competitive with the Company for or from any person or entity who (a) was a Company provider or customer any time within the 12 months prior to such actual or contemplated solicitation by or involving you (or, if your employment with the Company has by then terminated, any time within the 12 months prior to such employment termination) and with whom you had direct or indirect contact to further the Company’s business, or for whom you provided services or supervised employees who provided those services, or about which you received or had access to Confidential Information, or where allowed by law, (b) was a prospective provider or customer the Company solicited any time within the 12 months prior to such actual or contemplated solicitation by or involving you (or, if your employment with the Company has by then terminated, any time within the 12 months prior to such employment termination) and with whom you had contact for the purposes of soliciting the person or entity to become a provider or customer of the Company, or supervised employees who had those contacts, or about which you received or had access to Confidential Information.

(B)    Recruit or solicit any Company employee or consultant that you gained knowledge of during your employment.

(C)    Induce or influence any Company employee or consultant that you gained knowledge of during your employment to terminate his, her or its employment or other relationship with the Company.

(D)    Assist anyone in any of the activities listed above.

    The restrictions contained in Section 7(c)(ii) are understood to be reasonably limited by geography to those locations, and counties, where the providers, customers, employees and consultants are present and available for solicitation. However, to the extent additional geographic limitations are required to make the restrictions in Section 7(c)(ii) enforceable, they shall be deemed limited to the Restricted Area (defined below).

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(iii)    Non-Competition. During the time in which your Restricted Stock Units shall vest and for one year after the Vesting Date under Section 3 (even if your employment hereafter ends and your Restricted Stock Units are no longer eligible for vesting), and subject to Section 7(c)(vi) below, you may not, without the Company’s prior written consent, directly or through the direction or control of others, for you or for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner or shareholder, or in any other individual or representative capacity, anywhere in the Restricted Area:

(A)    Engage in or participate in any activity that is similar to those you performed during the Look Back Period and/or likely to result in your use or disclosure of the Company’s Confidential Information on behalf of any person or entity that competes, directly or indirectly, with any Company product or service that you engaged in, participated in, or had Confidential Information about during the Look Back Period, including, but not limited to, any business engaged in any of the following with respect to which you were involved or had responsibilities during the Look Back Period or about which you received or had access to Confidential Information: (i) the development and/or manufacture of products which involve experimental and/or inventive work relating to the origination, trading and/or processing of agricultural commodities, (ii) the development, manufacture, sourcing and/or supply of food and/or feed ingredients, flavoring, ethanol, biodiesel, derivatives of agricultural feedstocks, enzymes, probiotics and/or other biologically active compositions, and/or (iii) the operation of grain elevators and/or crop origination and/or transportation networks; or

(B)    Assist anyone in any of the activities listed above.

(C)    “Restricted Area” means the geographic territory(ies) assigned to you by the Company any time during the twenty-four months prior to such actual or contemplated competitive activity (as described in subpart (A) and (B) above) by or involving you (or, if your employment with the Company has by then terminated, any time within the twenty-four months prior to such employment termination) (“Look Back Period”) set by recognized geographic boundary used in the Company’s business; and, if you have no such specifically assigned geographic boundary then: (i) the geographic area in which you participated in the Company’s business and/or about which you were provided access to Confidential Information during the Look Back Period; and (ii) the state and county where you reside. If you are employed by the Company in a research and/or development capacity and/or if you are employed in a senior management position then you are presumed to have participated in the Company’s business and/or had Confidential Information about the Company’s business throughout the United States. You are responsible for seeking clarification from the Company’s Human Resources department if it is unclear to you at any time what the scope of the Restricted Area is.

(D)    Nothing in this Section 7(c)(iii) prohibits you from passively owning not in excess of 2% in the aggregate of any company’s stock or other ownership interests that are publicly traded on any national or regional stock exchange.

(iv)    Certification of Compliance. Prior to the issuance of Shares, you may be required to certify to the Company and provide such other evidence to the Company as the Company may reasonably require that you have not engaged in any activities that compete with the business operations of the Company and/or that violate your obligations in subparagraphs 7(c)(i)-7(c)(iii) above since you ceased to be an Employee due to Retirement or Disability.

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(v)    Consideration and Voluntariness. You stipulate, acknowledge and agree that: (A) your opportunity to enter into this Agreement and the dividends you receive as a result thereof is adequate consideration to make the provisions of this Agreement, including, without limitation Section 7(c), immediately binding and enforceable against you and you agree not to assert otherwise; and (B) you are under no obligation (including as a condition of initial or continued employment) to accept the Restricted Stock Unit Award referenced herein with respect to which this Agreement is a condition, and that your decision to accept and thus to execute this Agreement as a condition of such Restricted Stock Unit Award is entirely knowing and voluntary on your part in order to be eligible for the substantial benefit and opportunities hereunder.

(vi)     Limitation on Post-Employment Restrictions. Unless the time period for a restriction is extended by a Court as allowed under Section 17, the time period for the restrictions in Section 7(c)(ii) and (iii) shall in no event exceed two (2) years after any termination of your employment.

(vii)     Protected Conduct. Nothing in this Agreement prohibits you from reporting or filing a charge or complaint regarding an event that you in good faith believe is or may be a violation of law (including concerning alleged or suspected criminal conduct or unlawful employment practices such as discrimination, harassment or retaliation) to your attorney or to or with a federal, state, local or other governmental agency or regulatory entity (such as the Securities and Exchange Commission, the Equal Employment Opportunity Commission (or state or local equivalent), or the Department of Labor), requires notice to or approval from the Company before doing so, or prohibits you from communicating with or cooperating in an investigation or proceeding conducted by such a government agency or regulatory entity. Further, nothing prohibits you from making any truthful statements or disclosures required by law. This may include a disclosure of trade secret information provided that it must comply with the restrictions in the Defend Trade Secrets Act of 2016 (DTSA).

(viii) Right to Consult with Attorney. You acknowledge that you received a copy of the Agreement at least fourteen (14) calendar days before you had to decide whether to accept the Restricted Stock Unit Aware referenced herein. You further acknowledge that the Company instructed you to take that time to consult with an attorney.

(d)Compensation Recovery Policy.In addition to those provisions contained within paragraphs 7(a) through 7(c),to the extent that this Award and any compensation associated therewith is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, this Award and any compensation associated therewith shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or the Committee in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s Shares are then listed.  This Agreement may be unilaterally amended by the Committee to comply with any such compensation recovery policy. 

Section 8.    Withholding of Taxes.  You shall be responsible for the payment of any withholding taxes upon the occurrence of any event in connection with the Award (for example, vesting or issuance of Shares in settlement of Restricted Stock Units) that the Company determines may result in any tax withholding obligation, including any social security obligation. The delivery of Shares in settlement of Restricted Stock Units shall be conditioned upon the prior payment by you, or the establishment of arrangements satisfactory to the Company for the payment by you, of all such withholding tax obligations. You hereby authorize the Company to withhold from salary or other amounts owed to you any sums required to satisfy withholding tax obligations in connection with the Award.  As contemplated by Section 17.2 of the Plan, you may elect to satisfy such withholding tax obligations by delivering Shares you already own or by having the Company retain a portion of the Shares that would otherwise be issued to you in settlement of the Restricted Stock Units by notifying the Company of such election prior to the Vesting Date. If payment of withholding tax obligations, or satisfactory payment arrangements, are not made on a timely basis, the Company may instruct an authorized broker to sell such number of Shares subject to the Award as are equal in value to the tax withholding obligations prior to the issuance of any Shares to you.

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Section 9.    Securities Law Compliance.  No Shares shall be delivered upon the vesting of any Restricted Stock Units unless and until the Company and/or you shall have complied with all applicable federal, state or foreign registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction, unless the Committee has received evidence satisfactory to it that you may acquire such shares pursuant to an exemption from registration under the applicable securities laws.  Any determination in this connection by the Committee shall be final, binding, and conclusive.  The Company reserves the right to legend any Share certificate or book entry, conditioning sales of such Shares upon compliance with applicable federal and state securities laws and regulations.

Section 10.    No Rights as Employee or Consultant.  Nothing in this Agreement or this Award shall confer upon you any right to continue as an Employee or consultant of the Company, or to interfere in any way with the right of you or the Company to terminate your employment or other service at any time. This Agreement shall survive any such termination in accordance with its terms and conditions.

Section 11.    Adjustments.  If at any time while this Award is outstanding, the number of outstanding Shares is changed by reason of a reorganization, recapitalization, stock split or any of the other events described in Section 4.7 of the Plan, the number of Restricted Stock Units and the number and kind of securities that may be issued in respect of such Units shall be adjusted in accordance with the provisions of the Plan.

Section 12.    Notices.  Any notice hereunder by you shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Secretary of the Company at the Company’s office at 77 West Wacker Drive, Suite 4600, Chicago, Illinois 60601 or at such other address as the Company may designate by notice to you.  Any notice hereunder by the Company shall be given to you in writing and such notice shall be deemed duly given only upon receipt thereof at such address as you may have on file with the Company.

Section 13.    Construction.  The construction of the Notice and these Terms and Conditions is vested in the Committee, and the Committee’s construction shall be final and conclusive. The Notice and these Terms and Conditions are subject to the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of the Notice and these Terms and Conditions on the one hand and the Plan on the other hand, the provisions of the Plan will govern.

Section 14.     Governing Law and Venue.  This Agreement, the parties’ performance hereunder, and the relationship between them shall be governed by, construed, and enforced in accordance with the laws of the State of Illinois, without giving effect to the choice of law principles thereof. The parties expressly agree that any action relating to or arising out of this Agreement shall take place exclusively in the State of Illinois, and you consent to the jurisdiction of the federal and/or state courts in Illinois. You further consent to personal jurisdiction and venue in both such courts and to service of process by United States Mail or express courier service in any such action.

Section 15.    Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and permitted assigns (if any), and on the successors and assigns of the Company.

Section 16.    Remedies. The parties expressly agree that the forfeiture and repayment obligations contained within Section 7 do not constitute the Company’s exclusive remedy for your violation of subparagraph 7(c). The Company may seek any additional legal or equitable remedy, including without limitation injunctive relief, for any such violation of that provision. You acknowledge and agree that any breach of subparagraph 7(c) will result in immediate and irreparable harm to the Company for which damages alone are an inadequate remedy and cannot readily be calculated. Accordingly, in the event of any actual or threatened violation of subparagraph 7(c), the parties expressly agree that the Company shall be entitled to obtain and enforce immediately temporary restraining orders, preliminary injunctions and final injunctions without the posting of a bond enjoining such breach or threatened breach, in addition to all other remedies that may be awarded by a court of competent jurisdiction, and any other legal or equitable relief allowed by law. If you fail to comply with a restriction

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in subparagraph 7(c) that applies for a limited period of time after employment, the time period for that restriction will be extended by the greater of either: one day for each day you are found to have violated the restriction, or the length of the legal proceeding necessary to secure enforcement of the restriction; provided, however, this extension of time shall be capped so that the extension of time does not exceed two years from the date your employment ended, and if this extension would make the restriction unenforceable under applicable law it will not be applied.

Section 17.    Miscellaneous.

(a)    Amendment, Waiver; Severability; Other Agreements; Headings. No waiver of any breach of any provision of this Agreement by the Company shall be effective unless it is in writing and no waiver shall be construed to be a waiver of any succeeding breach or as a modification of any provision of this Agreement. The provisions of this Agreement shall be severable and if any provision of this Agreement is found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties. You also agree that, unless prohibited by applicable law, the court may, and it is the parties’ intent and agreement that it shall, modify any invalid, overbroad or unenforceable term of this Agreement so that such term, as modified, is valid and enforceable under applicable law. Further, you acknowledge and agree that you have not, will not, and cannot rely on any representations not expressly made herein. The terms of this Agreement shall not be amended by you or the Company except by the express written consent of both you and the Company, subject to the terms of the Plan including Section 16.2 thereof. For avoidance of doubt, nothing in this Agreement shall limit, restrict or supersede any obligations to the Company (including without limitation with respect to fiduciary duties, non-competition, non-solicitation, intellectual property, confidentiality, forfeiture, repayment or recoupment) that you have or may have pursuant to any other law (including common law), agreement or plan, all of which shall continue in full force and effect in accordance with their respective terms. The paragraph headings in this Agreement are for convenience of reference and in no way define, limit or affect the meaning of this Agreement.

(b)    Assignment and Transfer of Employment. The rights and/or obligations herein may only be assigned by the Company (except as otherwise expressly set forth herein), may be done without your consent and shall bind and inure to the benefit of the Company, its successors and assigns. If the Company makes any assignment of the rights and/or obligations herein or transfers your employment or relationship within the Company, you agree that this Agreement shall remain binding upon you.

(c)    Acceptance. You agree that this Agreement is accepted by you through your original, electronic or facsimile signature. You further agree that the Company is deemed to have accepted this Agreement as evidenced by your receipt of the Notice of Restricted Stock Units.

(d)    Third Party Beneficiaries. This Agreement is intended to benefit each and every Subsidiary, Affiliate, or business unit of the Company for which you perform services, for which you have customer contacts, or about which you receive Confidential Information and may be enforced by any such entity. You agree and intend to create a direct, consequential benefit to the Company regardless of the Company entity with which you are affiliated on the last day of your employment or relationship with the Company.

(e)    Attorney’s Fees Recovery. You expressly agree that, in the event of any action to enforce the terms and conditions of Section 7(c), the prevailing party in the action will recover from the non-prevailing party, in addition to any other sum that either party may be called upon to pay, the prevailing party’s reasonable attorney’s fees and costs. The Company shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

(f)    State-Specific Modifications (U.S. Only).

    (i) California. If you are a resident of California, then for so long as you are a resident of California: (aa) Section 14 (Governing Law and Venue) shall not apply; (bb) Section 7(a)(Forfeiture Conditions) shall not apply; and (cc) the restrictions in Section 7(c)(ii) (Non-Solicitation) and (iii) (Non-Competition) shall not apply after your employment with the Company ends. However, any conduct relating to the solicitation of Company’s customers or employees that involves the misappropriation of

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the Company’s trade secret information, such as its protected customer information, will remain prohibited conduct at all times.

    (ii) Washington. If you are a resident of Washington, then for so long as you are a resident of Washington: (aa) Section 14 (Governing Law and Venue) shall not apply; (bb) Section 7(a)(ii)(Forfeiture Conditions) shall not apply; and (cc) the restrictions in Section 7(c)(ii)(Non-Solicitation) and (iii)(Non-Competition) shall in no event exceed eighteen (18) months after any termination of your employment.

By indicating your acceptance of this Restricted Stock Unit Award, you agree to all the terms and conditions described above and contained in the Notice and in the Plan document.

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EX-31.1

Exhibit 31.1

RULE 13a – 14(a)/15d-14(a) CERTIFICATION

I, J. R. Luciano, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Archer-Daniels-Midland Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  April 26, 2022

/s/ J. R. Luciano

J. R. Luciano

Chairman, Chief Executive Officer, and President

EX-31.2

Exhibit 31.2

RULE 13a – 14(a)/15d-14(a) CERTIFICATION

I, V. Luthar, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Archer-Daniels-Midland Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  April 26, 2022

/s/ V. Luthar

V. Luthar

Senior Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-Q for the quarter ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, J. R. Luciano, Chairman, Chief Executive Officer, and President of the Company, certify that:

(i)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  April 26, 2022

/s/ J. R. Luciano

J. R. Luciano

Chairman, Chief Executive Officer, and President

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Archer-Daniels-Midland Company (the “Company”) on Form 10-Q for the quarter ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, V. Luthar, Senior Vice President and Chief Financial Officer of the Company, certify that:

(i)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  April 26, 2022

/s/ V. Luthar

V. Luthar

Senior Vice President and Chief Financial Officer

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Class of Stock [Line Items]
Entity Central Index Key	0000007084
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-44
Entity Registrant Name	ARCHER-DANIELS-MIDLAND CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0129150
Entity Address, Address Line One	77 West Wacker Drive, Suite 4600
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	634-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		562,707,786
Debt Securities [Member]
Class of Stock [Line Items]
Title of 12(b) Security	1.000% Notes due 2025
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Common Stock [Member]
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	ADM
Security Exchange Name	NYSE

XML

Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 23,650	$ 18,893
Cost of Products Sold	21,753	17,345
Gross Profit	1,897	1,548
Selling, general, and administrative expenses	829	749
Asset impairment, exit, and restructuring costs	1	59
Interest Expense	92	87
Equity in (earnings) losses of unconsolidated affiliates	(204)	(125)
Investment Income	(59)	(13)
Other (Income) Expense - Net	(33)	(33)
Earnings Before Income Taxes	1,271	824
Income taxes	207	131
Net earnings including noncontrolling interests	1,064	693
Net Income (Loss) Attributable to Noncontrolling Interest	10	4
Net Earnings Attributable to Controlling Interests	$ 1,054	$ 689
Average number of shares outstanding - basic	566	563
Average number of shares outstanding - diluted	568	564
Earnings Per Share, Basic	$ 1.86	$ 1.22
Earnings Per Share, Diluted	1.86	1.22
Dividends per common share	$ 0.40	$ 0.37

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings including noncontrolling interests	$ 1,064	$ 693
Other Comprehensive Income (Loss), before Tax
Foreign currency translation adjustment, before tax	149	294
Pension and other postretirement benefit liabilities adjustment, before tax	37	18
Unrealized gain (loss) on investments, before tax	(5)	(1)
Other Comprehensive Income (Loss), Tax
Foreign currency translation adjustment, tax effect	(31)	(56)
Pension and other postretirement benefit liabilities adjustment, tax effect	(7)	(5)
Unrealized gain (loss) on investments, tax effect	0	0
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation adjustment, net of tax	118	238
Pension and other postretirement benefit liabilities adjustment, net of tax	30	13
Other Comprehensive Income (Loss), Cash Flow Hedge And Net Investment Hedge, Gain (Loss), Before Reclassification, Before Tax	282	101
Other Comprehensive Income (Loss), Cash Flow Hedge And Net Investment Hedge, Gain (Loss), After Reclassification Adjustment, Tax	(47)	(25)
Other Comprehensive Income (Loss), Cash Flow Hedge And Net Investment Hedge, Gain (Loss), After Reclassification Adjustment, After Tax	235	76
Unrealized gain (loss) on investments, net of tax	(5)	(1)
Other comprehensive income (loss)	378	326
Comprehensive income (loss) including noncontrolling interests	1,442	1,019
Less: Comprehensive income (loss) attributable to noncontrolling interests	5	4
Comprehensive income (loss) attributable to controlling interests	$ 1,437	$ 1,015

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 1,079	$ 943
Segregated cash and investments	10,132	8,016
Trade receivables	4,235	3,311
Inventories	17,290	14,481
Other current assets	7,717	5,158
Total Current Assets	40,453	31,909
Investments and Other Assets
Investments in and advances to affiliates	5,404	5,285
Goodwill and other intangible assets	6,750	6,747
Operating Lease, Right-of-Use Asset	999	1,023
Other assets	1,466	1,369
Total Investments and Other Assets	14,619	14,424
Property, Plant, and Equipment
Land and Land Improvements	552	554
Buildings	5,614	5,597
Machinery and equipment	19,096	19,112
Construction in progress	1,086	960
Gross Property, Plant, and Equipment	26,348	26,223
Accumulated depreciation	(16,554)	(16,420)
Net Property, Plant, and Equipment	9,794	9,803
Total Assets	64,866	56,136
Current Liabilities
Short-term debt	3,777	958
Trade payables	6,135	6,388
Payables to Brokerage Customers	11,425	8,965
Accrued expenses and other payables	6,363	4,790
Operating Lease, Liability, Current	280	277
Current maturities of long-term debt	543	570
Total Current Liabilities	28,523	21,948
Long-Term Liabilities
Long-term debt	8,752	8,011
Deferred income taxes	1,604	1,412
Operating Lease, Liability, Noncurrent	739	765
Other	1,231	1,233
Total Long-Term Liabilities	12,326	11,421
Redeemable Noncontrolling Interest, Equity, Carrying Amount	262	259
Shareholders' Equity
Common stock	3,028	2,994
Reinvested earnings	22,483	21,655
Accumulated other comprehensive income (loss)	(1,789)	(2,172)
Noncontrolling interests	33	31
Total Shareholders' Equity	23,755	22,508
Total Liabilities and Shareholders' Equity	$ 64,866	$ 56,136

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net earnings including noncontrolling interests	$ 1,064	$ 693
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities
Depreciation and amortization	257	249
Asset impairment charges	1	31
Deferred income taxes	144	(7)
Equity in earnings of affiliates, net of dividends	(159)	(81)
Stock compensation expense	69	76
Deferred cash flow hedges	283	102
Gain (Loss) on Disposition of Assets	(34)	(11)
Other - net	(9)	150
Increase (Decrease) of Restricted Investments	(482)	666
Changes in operating assets and liabilities, net of businesses acquired
Trade receivables	(937)	(515)
Inventories	(2,881)	(1,138)
Other current assets	(2,141)	413
Trade payables	(245)	(441)
Increase (Decrease) in Payables to Brokerage Customers	2,501	561
Accrued expenses and other payables	1,363	(450)
Total Operating Activities	(1,206)	298
Investing Activities
Purchases of property, plant, and equipment	(217)	(174)
Proceeds from sale of business and assets	5	14
Payments to Acquire Interest in Subsidiaries and Affiliates	(36)	(4)
Distributions from affiliates	0	5
Other - net	(94)	(10)
Total Investing Activities	(342)	(169)
Financing Activities
Long-term debt borrowings	750	593
Net borrowings (payments) under lines of credit agreements	2,824	729
Cash dividends	(226)	(208)
Other - net	(30)	(37)
Total Financing Activities	3,318	1,077
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	1,770	1,206
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning	7,454	4,646
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending	9,224	5,852
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents [Abstract]
Cash and cash equivalents	1,079	694
Restricted Cash and Cash Equivalents	$ 8,145	$ 5,158

XML

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Balance (shares) at Dec. 31, 2020		556
Balance at Dec. 31, 2020	$ 20,022	$ 2,824	$ 19,780	$ (2,604)	$ 22
Comprehensive income
Net earnings including noncontrolling interests	693		689		4
Other comprehensive income (loss)	326			326	0
Total comprehensive income	$ 1,019
Common Stock, Dividends, Per Share, Cash Paid	$ 0.37
Cash dividends paid	$ (208)		(208)
Stock compensation expense, shares	3
Stock compensation expense	$ 76	76
Stock option exercises net of taxes, value	(37)	$ (37)
Stock option exercises net of taxes, shares		0
Other, shares		0
Other	(11)	$ (5)	0	0	(6)
Balance (shares) at Mar. 31, 2021		559
Balance at Mar. 31, 2021	20,861	$ 2,858	20,261	(2,278)	20
Balance (shares) at Dec. 31, 2021		560
Balance at Dec. 31, 2021	22,508	$ 2,994	21,655	(2,172)	31
Comprehensive income
Net earnings including noncontrolling interests	1,064		1,054		10
Other comprehensive income (loss)	378			383	(5)
Total comprehensive income	$ 1,442
Common Stock, Dividends, Per Share, Cash Paid	$ 0.40
Cash dividends paid	$ (226)		(226)
Stock compensation expense, shares		3
Stock compensation expense	69	$ 69
Stock option exercises net of taxes, value	(36)	$ (36)
Stock option exercises net of taxes, shares		0
Other, shares		0
Other	(2)	$ 1	0		(3)
Balance (shares) at Mar. 31, 2022		563
Balance at Mar. 31, 2022	$ 23,755	$ 3,028	$ 22,483	$ (1,789)	$ 33

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Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends paid, per share	$ 0.40	$ 0.37

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Basis of Presentation

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these statements do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.  For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated.  The Company consolidates all entities, including variable interest entities (VIEs), in which it has a controlling financial interest. For VIEs, the Company assesses whether it is the primary beneficiary as defined under the applicable accounting standard. Investments in affiliates, including VIEs through which the Company exercises significant influence but does not control the investee and is not the primary beneficiary of the investee’s activities, are carried at cost plus equity in undistributed earnings since acquisition and are adjusted, where appropriate, for basis differences between the investment balance and the underlying net assets of the investee.  The Company’s portion of the results of certain affiliates and results of certain VIEs are included using the most recent available financial statements.  In each case, the financial statements are within 93 days of the Company’s year end and are consistent from period to period.

Segregated Cash and Investments

The Company segregates certain cash, cash equivalents, and investment balances in accordance with regulatory requirements, commodity exchange requirements, and insurance arrangements. These balances represent deposits received from customers of the Company’s registered futures commission merchant and commodity brokerage services, cash margins and securities pledged to commodity exchange clearinghouses, and cash pledged as security under certain insurance arrangements. Segregated cash and investments also include restricted cash collateral for the various insurance programs of the Company’s captive insurance business. To the degree these segregated balances are comprised of cash and cash equivalents, they are considered restricted cash and cash equivalents on the consolidated statements of cash flows.

Receivables

The Company records receivables at net realizable value in trade receivables, other current assets, and other assets.  These amounts included allowances for estimated uncollectible accounts totaling $137 million and $122 million at March 31, 2022 and December 31, 2021, respectively, to reflect any loss anticipated on the accounts receivable balances including any accrued interest receivables thereon. Long-term receivables recorded in other assets were not material to the Company’s overall receivables portfolio.

The Company recorded bad debt expense in selling, general, and administrative expenses of $22 million and $4 million in the three months ended March 31, 2022 and 2021, respectively.

Cost Method Investments

Cost method investments of $434 million and $297 million as of March 31, 2022 and December 31, 2021, respectively, were included in Other Assets in the Company’s consolidated balance sheets. Revaluation gains of $34 million in the quarter ended March 31, 2022, in connection with observable third-party transactions, were recorded in investment income in the Company's consolidated statement of earnings. There were no revaluation gains in the quarter ended March 31, 2021.

Operations in Ukraine and Russia

ADM employs approximately 650 people in Ukraine and operates an oilseeds crushing plant, a grain port terminal, inland and river silos, and a trading office. Most of the facilities have been temporarily idled since February 24, 2022. The Company’s footprint in Russia is limited and operations have been recently scaled down to those related to the production and transport of essential food commodities and ingredients.

As a result of the recent events in Ukraine, the Company reviewed the valuation of its assets and recorded immaterial charges in the quarter ended March 31, 2022 related to receivables and inventories. As of March 31, 2022, ADM concluded that 1) receivables, net of allowances, are deemed collectible; and 2) market inventories presented as level 3 in the fair value measurements table in Note 4 are valued appropriately at the February 24, 2022 market price due to the temporary lack of a more recent market price. The temporarily idled property, plant, and equipment, which was immaterial, was not considered impaired. As the conflict in Ukraine evolves, the Company will continue to review the valuation of these assets and make any required adjustments, which are not expected to be material to the Company’s consolidated financial statements.

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Pending Accounting Standards

3 Months Ended

Mar. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Update and Change in Accounting Principle [Text Block]

Pending Accounting Standards

Through December 31, 2022, the Company has the option to adopt the amended guidance of ASC Topic 848, Reference Rate Reform, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amended guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.  The Company plans to adopt the expedients and exceptions provided by the amended guidance before the December 31, 2022 expiry date and does not expect the adoption of the amended guidance to have an impact on its consolidated financial statements.

Effective January 1, 2023, the Company will be required to adopt the amended guidance of ASC Topic 805, Business Combinations, which improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The amended guidance requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. Early adoption is permitted. The Company does not expect the adoption of this amended guidance to have a significant impact on its consolidated financial statements.

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Revenues Revenues

3 Months Ended

Mar. 31, 2022

Revenues [Abstract]

Revenues [Text Block]

Revenues

Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $175 million and $104 million for the three months ended March 31, 2022 and 2021, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20).

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Taxes Collected from Customers and Remitted to Governmental Authorities

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.

Contract Liabilities

Contract liabilities relate to advance payments from customers for goods and services that the Company has yet to provide. Contract liabilities of $574 million and $581 million as of March 31, 2022 and December 31, 2021, respectively, were recorded in accrued expenses and other payables in the consolidated balance sheets. Contract liabilities recognized as revenues were $324 million and $282 million for the three months ended March 31, 2022 and 2021, respectively.

Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31, 2022
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Ag Services and Oilseeds
Ag Services	$	970	$	175	$	1,145	$	10,702	$	11,847
Crushing	125		—		125		3,097		3,222
Refined Products and Other	632		—		632		2,552		3,184
Total Ag Services and Oilseeds	1,727		175		1,902		16,351		18,253
Carbohydrate Solutions
Starches and Sweeteners	1,930		—		1,930		568		2,498
Vantage Corn Processors	868		—		868		—		868
Total Carbohydrate Solutions	2,798		—		2,798		568		3,366
Nutrition
Human Nutrition	958		—		958		—		958
Animal Nutrition	966		—		966		—		966
Total Nutrition	1,924		—		1,924		—		1,924
Other Business	107		—		107		—		107
Total Revenues	$	6,556	$	175	$	6,731	$	16,919	$	23,650

	Three Months Ended March 31, 2021
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Ag Services and Oilseeds
Ag Services	$	662	$	104	$	766	$	9,380	$	10,146
Crushing	124		—		124		2,618		2,742
Refined Products and Other	512		—		512		1,607		2,119
Total Ag Services and Oilseeds	1,298		104		1,402		13,605		15,007
Carbohydrate Solutions
Starches and Sweeteners	1,361		—		1,361		384		1,745
Vantage Corn Processors	478		—		478		—		478
Total Carbohydrate Solutions	1,839		—		1,839		384		2,223
Nutrition
Human Nutrition	754		—		754		—		754
Animal Nutrition	809		—		809		—		809
Total Nutrition	1,563		—		1,563		—		1,563
Other Business	100		—		100		—		100
Total Revenues	$	4,800	$	104	$	4,904	$	13,989	$	18,893

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

Ag Services and Oilseeds

The Ag Services and Oilseeds segment generates revenue from the sale of commodities, from service fees for the transportation of goods, from the sale of products manufactured in its global processing facilities, and from its structured trade finance activities. Revenue is measured based on the consideration specified in the contract and excludes any sales incentives and amounts collected on behalf of third parties. Revenue is recognized when a performance obligation is satisfied by transferring control over a product or providing service to a customer. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The amount of revenue recognized follows the contractually specified price which may include freight or other contractually specified cost components. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

Carbohydrate Solutions

The Carbohydrate Solutions segment generates revenue from the sale of products manufactured at the Company’s global corn and wheat milling facilities around the world. Revenue is recognized when control over products is transferred to the customer. Products are shipped to customers from the Company’s various facilities and from its network of storage terminals. The amount of revenue recognized is based on the consideration specified in the contract which could include freight and other costs depending on the specific shipping terms of each contract. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by Topic 610-20.

Nutrition

The Nutrition segment sells ingredients and solutions including plant-based proteins, natural flavors, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, probiotics, prebiotics, enzymes, botanical extracts, edible beans, formula feeds, animal health and nutrition products, pet food and treats, and other specialty food and feed ingredients. Revenue is recognized when control over products is transferred to the customer. The amount of revenue recognized follows the contracted price or the mutually agreed price of the product. Freight and shipping are recognized as a component of revenue at the same time control transfers to the customer.

Other Business

Other Business includes the Company’s futures commission business whose primary sources of revenue are commissions and brokerage income generated from executing orders and clearing futures contracts and options on futures contracts on behalf of its customers. Commissions and brokerage revenue are recognized on the date the transaction is executed. Other Business also includes the Company’s captive insurance business which generates third party revenue through its proportionate share of premiums from third-party reinsurance pools. Reinsurance premiums are recognized on a straight-line basis over the period underlying the policy.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.

	Fair Value Measurements at March 31, 2022
	Quoted Prices in  Active Markets  for Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable Inputs (Level 3)		Total
	(In millions)
Assets:
Inventories carried at market	$	—	$	8,033	$	3,959	$	11,992
Unrealized derivative gains:
Commodity contracts	—		1,578		828		2,406
Foreign currency contracts	—		461		—		461
Interest rate contracts	—		67		—		67
Cash equivalents	419		—		—		419
Segregated investments	1,548		—		—		1,548
Total Assets	$	1,967	$	10,139	$	4,787	$	16,893
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	1,544	$	1,856	$	3,400
Foreign currency contracts	—		238		—		238
Interest rate contracts	—		1		—		1
Debt conversion option	—		—		30		30
Inventory-related payables	—		1,860		53		1,913
Total Liabilities	$	—	$	3,643	$	1,939	$	5,582

	Fair Value Measurements at December 31, 2021
	Quoted Prices in  Active Markets  for Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable Inputs (Level 3)		Total
	(In millions)
Assets:
Inventories carried at market	$	—	$	6,765	$	3,004	$	9,769
Unrealized derivative gains:
Commodity contracts	—		902		460		1,362
Foreign currency contracts	—		238		—		238
Interest rate contracts	—		46		—		46
Cash equivalents	448		—		—		448
Segregated investments	1,338		—		—		1,338
Total Assets	$	1,786	$	7,951	$	3,464	$	13,201
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	944	$	815	$	1,759
Foreign currency contracts	—		191		—		191
Debt conversion option	—		—		15		15
Inventory-related payables	—		859		106		965
Total Liabilities	$	—	$	1,994	$	936	$	2,930

Estimated fair values for inventories and inventory-related payables carried at market are based on exchange-quoted prices, adjusted for differences in local markets and quality, referred to as basis. Market valuations for the Company’s inventories are adjusted for location and quality (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using the inputs from competitor and broker quotations or market transactions in either the listed or over the counter (OTC) markets and are considered observable. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the inventory is classified in Level 3. Changes in the fair value of inventories are recognized in the consolidated statements of earnings as a component of cost of products sold.

Derivative contracts include exchange-traded commodity futures and options contracts, forward commodity purchase and sale contracts, and OTC instruments related primarily to agricultural commodities, energy, interest rates, and foreign currencies.  Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1.  The majority of the Company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in these tables.  Fair value for forward commodity purchase and sale contracts is estimated based on exchange-quoted prices adjusted for differences in local markets.  Market valuations for the Company’s forward commodity purchase and sale contracts are adjusted for location (basis) because the exchange-quoted prices represent contracts that have standardized terms for commodity, quantity, future delivery period, delivery location, and commodity quality or grade. The basis adjustments are generally determined using inputs from competitor and broker quotations or market transactions in either the listed or OTC markets and are considered observable. In some cases, the basis adjustments are unobservable because they are supported by little to no market activity. When observable inputs are available for substantially the full term of the contract, it is classified in Level 2.  When unobservable inputs have a significant impact (more than 10%) on the measurement of fair value, the contract is classified in Level 3. Except for certain derivatives designated as cash flow hedges, changes in the fair value of commodity-related derivatives are recognized in the consolidated statements of earnings as a component of cost of products sold.  Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, or other (income) expense - net, depending upon the purpose of the contract. The changes in the fair value of derivatives designated as effective cash flow hedges are recognized in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) (AOCI) until the hedged items are recorded in earnings or it is probable the hedged transaction will no longer occur.

The Company’s cash equivalents are comprised of money market funds valued using quoted market prices and are classified in Level 1.

The Company’s segregated investments are comprised of U.S. Treasury securities. U.S. Treasury securities are valued using quoted market prices and are classified in Level 1.

The debt conversion option is the equity-linked embedded derivative related to the exchangeable bonds issued in August 2020. The fair value of the embedded derivative is included in long-term debt, with changes in fair value recognized as interest, and is valued with the assistance of a third-party pricing service (a level 3 measurement).

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2022.

	Level 3 Fair Value Asset Measurements at
	March 31, 2022
	Inventories  Carried at  Market		Commodity Derivative Contracts Gains		Total  Assets
	(In millions)
Balance, December 31, 2021	$	3,004	$	460	$	3,464
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	647		633		1,280
Purchases	9,552		—		9,552
Sales	(9,315)		—		(9,315)
Settlements	—		(276)		(276)
Transfers into Level 3**	327		23		350
Transfers out of Level 3	(256)		(12)		(268)
Ending balance, March 31, 2022	$	3,959	$	828	$	4,787

* Includes increase in unrealized gains of $1.4 billion relating to Level 3 assets still held at March 31, 2022.

** Inventories carried at market includes Ukraine inventory as discussed in Note 1.

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2022.

	Level 3 Fair Value Liability Measurements at
	March 31, 2022
	Inventory-  related  Payables		Commodity Derivative Contracts Losses		Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, December 31, 2021	$	106	$	815	$	15	$	936
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	(2)		1,376		15		1,389
Purchases	2		—		—		2
Sales	(53)		—		—		(53)
Settlements	—		(478)		—		(478)
Transfers into Level 3	—		161		—		161
Transfers out of Level 3	—		(18)		—		(18)
Ending balance, March 31, 2022	$	53	$	1,856	$	30	$	1,939

* Includes increase in unrealized losses of $1.4 billion relating to Level 3 liabilities still held at March 31, 2022.

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021.

	Level 3 Fair Value Asset Measurements at
	March 31, 2021
	Inventories  Carried at  Market		Commodity Derivative Contracts Gains		Total  Assets
	(In millions)
Balance, December 31, 2020	$	2,183	$	859	$	3,042
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	730		243		973
Purchases	6,385		—		6,385
Sales	(6,632)		—		(6,632)
Settlements	—		(428)		(428)
Transfers into Level 3	516		23		539
Transfers out of Level 3	(112)		(13)		(125)
Ending balance, March 31, 2021	$	3,070	$	684	$	3,754

* Includes increase in unrealized gains of $847 million relating to Level 3 assets still held at March 31, 2021.

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021.

	Level 3 Fair Value Liability Measurements at
	March 31, 2021
	Inventory-  related  Payables		Commodity Derivative Contracts Losses		Foreign Currency Derivative Contracts Losses		Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, December 31, 2020	$	11	$	918	$	—	$	34	$	963
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	—		381		—		20		401
Purchases	12		—		—		—		12
Sales	(2)		—		—		—		(2)
Settlements	—		(566)		—		—		(566)
Transfers into Level 3	—		54		11		—		65
Transfers out of Level 3	—		(139)		—		—		(139)
Ending balance, March 31, 2021	$	21	$	648	$	11	$	54	$	734

* Includes increase in unrealized losses of $383 million relating to Level 3 liabilities still held at March 31, 2021.

Transfers into Level 3 of assets and liabilities previously classified in Level 2 were due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts rising above the 10% threshold. Transfers out of Level 3 were primarily due to the relative value of unobservable inputs to the total fair value measurement of certain products and derivative contracts falling below the 10% threshold and thus permitting reclassification to Level 2.

In some cases, the price components that result in differences between exchange-traded prices and local prices for inventories and commodity purchase and sale contracts are observable based upon available quotations for these pricing components, and in some cases, the differences are unobservable. These price components primarily include transportation costs and other adjustments required due to location, quality, or other contract terms. In the table below, these other adjustments are referred to as basis. The changes in unobservable price components are determined by specific local supply and demand characteristics at each facility and the overall market. Factors such as substitute products, weather, fuel costs, contract terms, and futures prices also impact the movement of these unobservable price components.

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of March 31, 2022 and December 31, 2021. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of March 31, 2022 is a weighted average 28.9% of the total price for assets and 13.9% of the total price for liabilities.

	Weighted Average % of Total Price
	March 31, 2022				December 31, 2021
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	28.9	%	13.9	%	28.7	%	13.1	%
Transportation cost	11.4	%	—	%	13.0	%	—	%
Commodity Derivative Contracts
Basis	22.1	%	22.5	%	30.0	%	27.1	%
Transportation cost	9.1	%	2.6	%	8.1	%	0.7	%

In certain of the Company’s principal markets, the Company relies on price quotes from third parties to value its inventories and physical commodity purchase and sale contracts. These price quotes are generally not further adjusted by the Company in determining the applicable market price. In some cases, availability of third-party quotes is limited to only one or two independent sources. In these situations, absent other corroborating evidence, the Company considers these price quotes as 100% unobservable and, therefore, the fair value of these items is reported in Level 3.

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Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Derivatives Not Designated as Hedging Instruments

The majority of the Company’s derivative instruments have not been designated as hedging instruments. The Company uses exchange-traded futures and exchange-traded and OTC options contracts to manage its net position of merchandisable agricultural product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations in agricultural commodities and foreign currencies.  The Company also uses exchange-traded futures and exchange-traded and OTC options contracts as components of merchandising strategies designed to enhance margins. The results of these strategies can be significantly impacted by factors such as the correlation between the value of exchange-traded commodities futures contracts and the value of the underlying commodities, counterparty contract defaults, and volatility of freight markets. Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain merchandisable agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value or market value.  Inventory is not a derivative and therefore fair values of and changes in fair values of inventories are not included in the tables below.

The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2022 and December 31, 2021.

	March 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	437	$	190	$	217	$	116
Interest Rate Contracts	2		1		—		—
Commodity Contracts	2,280		3,400		1,276		1,759
Debt Conversion Option	—		30		—		15
Total	$	2,719	$	3,621	$	1,493	$	1,890

The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2022 and 2021.

					Other expense (income) - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753	$	(33)	$	92
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(38)	$	443	$	23	$	—
Commodity Contracts	—		(1,101)		—		—
Debt Conversion Option	—		—		—		(15)
Total gain (loss) recognized in earnings	$	(38)	$	(658)	$	23	$	(15)	$	(688)
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345	$	(33)	$	87
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	30	$	(262)	$	120	$	—
Commodity Contracts	—		(782)		—		—
Debt Conversion Option	—		—		—		(20)
Total gain (loss) recognized in earnings	$	30	$	(1,044)	$	120	$	(20)	$	(914)

Changes in the market value of inventories of certain merchandisable agricultural commodities, forward cash purchase and sales contracts, exchange-traded futures and exchange-traded and OTC options contracts are recognized in earnings immediately as a component of cost of products sold.

Changes in the fair value of foreign currency-related derivatives are recognized in the consolidated statements of earnings as a component of revenues, cost of products sold, and other (income) expense - net depending on the purpose of the contract.

Derivatives Designated as Cash Flow and Net Investment Hedging Strategies

The Company had certain derivatives designated as cash flow and net investment hedges as of March 31, 2022 and December 31, 2021.

For derivative instruments that are designated and qualify as net investment hedges, foreign exchange gains and losses related to changes in foreign currency exchange rates are deferred in AOCI until the underlying investment is divested.

The Company uses cross-currency swaps and foreign exchange forwards designated as net investment hedges to protect the Company’s investment in a foreign subsidiary against changes in foreign currency exchange rates. The Company executed USD-fixed to Euro-fixed cross-currency swaps with an aggregate notional amount of $0.8 billion and $1.2 billion as of March 31, 2022 and December 31, 2021, respectively, and foreign exchange forwards with an aggregate notional amount of $2.3 billion and $2.6 billion as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, the Company had after-tax losses of $24 million and $44 million in AOCI, respectively, related to foreign exchange gains and losses from these net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

For derivative instruments that are designated and qualify as highly-effective cash flow hedges (i.e., hedging the exposure to variability in expected future cash flow that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of AOCI and as an operating activity in the statement of cash flows, and is reclassified into earnings in the same line item affected by the hedged transaction in the same period or periods during which the hedged transaction affects earnings.  Hedge components excluded from the assessment of effectiveness and gains and losses related to discontinued hedges are recognized in the consolidated statement of earnings during the current period.

The Company’s structured trade finance programs use interest rate swaps designated as cash flow hedges to hedge the forecasted interest payments on certain letters of credit from banks. The terms of the interest rate swaps match the terms of the forecasted interest payments. The deferred gains and losses are recognized in revenues over the period in which the related interest payments are paid to the banks. The amounts are recorded in revenues as the related results are also recorded in revenues. As of March 31, 2022 and December 31, 2021, the Company had interest rate swaps maturing on various dates with aggregate notional amounts of $1.0 billion.

The Company also uses swap locks designated as cash flow hedges to hedge the changes in the forecasted interest payments due to changes in the benchmark rate leading up to future bond issuance dates. The terms of the swap locks match the terms of the forecasted interest payments. The deferred gains and losses will be recognized in interest expense over the period in which the related interest payments will be paid. As of March 31, 2022 and December 31, 2021, the Company executed swap locks maturing on various dates with an aggregate notional amount of $400 million.

As of March 31, 2022 and December 31, 2021, the Company had after-tax gains of $49 million and $35 million in AOCI, respectively, related to the interest rate swaps and swap locks. The Company expects to recognize amounts deferred in AOCI in its consolidated statement of earnings during the life of the debt instruments.

For each of the hedge programs described below, the derivatives are designated as cash flow hedges.  The changes in the market value of such derivative contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in price movements of the hedged item.  Once the hedged item is recognized in earnings, the gains and losses arising from the hedge are reclassified from AOCI to either revenues or cost of products sold, as applicable. As of March 31, 2022 and December 31, 2021, the Company had after-tax gains of $370 million and $161 million in AOCI, respectively, related to gains and losses from these programs.  The Company expects to recognize $370 million of the March 31, 2022 after-tax gains in its consolidated statement of earnings during the next 12 months.

The Company uses futures or options contracts to hedge the purchase price of anticipated volumes of corn to be purchased and processed in a future month.  The objective of this hedging program is to reduce the variability of cash flows associated with the Company’s forecasted purchases of corn.  The Company’s corn processing plants normally grind approximately 65 million bushels of corn per month. During the past 12 months, the Company hedged between 17% and 42% of its monthly grind. At March 31, 2022, the Company had designated hedges representing between 0% and 29% of its anticipated monthly grind of corn for the next 12 months.

The Company, from time to time, also uses futures, options, and swaps to hedge the sales price of certain ethanol sales contracts.  The Company has established hedging programs for ethanol sales contracts that are indexed to unleaded gasoline prices and to various exchange-traded ethanol contracts. The objective of these hedging programs is to reduce the variability of cash flows associated with the Company’s sales of ethanol.  During the past 12 months and as of March 31, 2022, the Company had no hedges related to ethanol sales under these programs.

The Company uses futures and options contracts to hedge the purchase price of the anticipated volumes of soybeans to be purchased and processed in a future month for certain of its U.S. soybean crush facilities, subject to certain program limits. The Company also uses futures or options contracts to hedge the sales prices of anticipated soybean meal and soybean oil sales proportionate to the soybean crushing process at these facilities, subject to certain program limits. During the past 12 months, the Company hedged between 57% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities. At March 31, 2022, the Company had designated hedges representing between 0% and 100% of the anticipated monthly soybean crush for soybean purchases and soybean meal and oil sales at the designated facilities over the next 12 months.

The Company uses futures and OTC swaps to hedge the purchase price of anticipated volumes of natural gas consumption in a future month for certain of its facilities in North America and Europe, subject to certain program limits. During the past 12 months, the Company hedged between 0% and 84% of the anticipated monthly natural gas consumption at the designated facilities. At March 31, 2022, the Company had designated hedges representing between 0% and 95% of the anticipated monthly natural gas consumption over the next 12 months.

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2022 and December 31, 2021.

	March 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	126	$	—	$	86	$	—
Foreign Currency Contracts	24		48		21		$	75
Interest Rate Contracts	65		—		46		—
Total	$	215	$	48	$	153	$	75

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2022 and 2021.

			Cost of products sold
(In millions)	Revenues
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	98
Total gain (loss) recognized in earnings	$	—	$	98	$	98
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	89
Interest Contracts	(14)		—
Total gain (loss) recognized in earnings	$	(14)	$	89	$	75

Other Net Investment Hedging Strategies

The Company has designated €2.6 billion and €1.8 billion of its outstanding long-term debt and commercial paper borrowings at March 31, 2022 and December 31, 2021, respectively, as hedges of its net investment in a foreign subsidiary. As of March 31, 2022 and December 31, 2021, the Company had after-tax gains of $113 million and $55 million in AOCI, respectively, related to foreign exchange gains and losses from these net investment hedge transactions. The amount is deferred in AOCI until the underlying investment is divested.

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Other Current Assets

3 Months Ended

Mar. 31, 2022

Other Assets [Abstract]

Other Current Assets

Other Current Assets

The following table sets forth the items in other current assets:

	March 31,		December 31,
	2022		2021
	(In millions)
Unrealized gains on derivative contracts	$	2,934	$	1,646
Margin deposits and grain accounts	1,112		600
Customer omnibus receivable	1,539		1,179
Financing receivables - net (1)	233		189
Insurance premiums receivable	26		20
Prepaid expenses	377		370
Biodiesel tax credit	70		79
Tax receivables	764		708
Non-trade receivables (2)	421		285
Other current assets	241		82
	$	7,717	$	5,158

(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $5 million and $4 million at March 31, 2022 and December 31, 2021, respectively. Interest earned on financing receivables of $4 million for the three months ended March 31, 2022 and 2021, respectively, is included in investment income in the consolidated statements of earnings.

(2) Non-trade receivables included $27 million of reinsurance recoverables as of March 31, 2022 and December 31, 2021, respectively.

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Accrued Expenses And Other Payables

3 Months Ended

Mar. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses And Other Payables

Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables:

	March 31,		December 31,
	2022		2021
	(In millions)
Unrealized losses on derivative contracts	$	3,639	$	1,950
Accrued compensation	332		445
Income tax payable	211		132
Other taxes payable	178		168
Insurance claims payable	235		220
Contract liability	574		581
Other accruals and payables	1,194		1,294
	$	6,363	$	4,790

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Debt And Financing Arrangements

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On February 28, 2022, the Company issued its first sustainability bond of $750 million aggregate principal amount of 2.900% notes due March 1, 2032. Net proceeds before expenses were $748 million. The Company expects to apply an amount equal to the net proceeds to finance or refinance eligible green projects and/or eligible social projects.

At March 31, 2022, the fair value of the Company’s long-term debt exceeded the carrying value by $1.0 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2022, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $14.3 billion, of which $8.2 billion was unused. During the quarter ended March 31, 2022, the Company expanded its combined U.S. and European commercial paper borrowing programs from $5.0 billion to $6.5 billion under the same terms, against which there was $0.7 billion commercial paper outstanding at March 31, 2022. During the quarter ended March 31, 2022, the Company also added $1.5 billion of short-term borrowings at an average interest rate of 1.64% due in September 2022.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.3 billion in funding resulting from the sale of accounts receivable with $24 million unused capacity as of March 31, 2022 (see Note 14 for more information about the Programs).

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Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective tax rate was 16.3% for the three months ended March 31, 2022 compared to 15.9% for the three months ended March 31, 2021. The change in the rate was primarily due to changes in the geographic mix of earnings.

The Company is subject to income taxation and routine examinations in many jurisdictions around the world and frequently faces challenges regarding the amount of taxes due.  These challenges include positions taken by the Company related to the timing, nature, and amount of deductions and the allocation of income among various tax jurisdictions.  In its routine evaluations of the exposure associated with various tax filing positions, the Company recognizes a liability, when necessary, for estimated potential tax owed by the Company in accordance with applicable accounting standards. Resolution of the related tax positions, through negotiations with relevant tax authorities or through litigation, may take years to complete. Therefore, it is difficult to predict the timing for resolution of tax positions and the Company cannot predict or provide assurance as to the ultimate outcome of these ongoing or future examinations. However, the Company does not anticipate that the total amount of unrecognized tax benefits will increase or decrease significantly in the next twelve months. Given the long periods of time involved in resolving tax positions, the Company does not expect that the recognition of unrecognized tax benefits will have a material impact on the Company’s effective income tax rate in any given period.

The Company’s subsidiary in Argentina, ADM Agro SRL (formerly ADM Argentina SA and Alfred C. Toepfer Argentina SRL), received tax assessments challenging transfer prices used to price grain exports for the tax years 1999 through 2011 and 2014. As of March 31, 2022, these assessments totaled $8 million in tax and up to $36 million in interest (adjusted for variation in currency exchange rates). The Argentine tax authorities conducted a review of income and other taxes paid by large exporters and processors of cereals and other agricultural commodities resulting in allegations of income tax evasion. The Company strongly believes that it has complied with all Argentine tax laws. To date, the Company has not received assessments for closed years subsequent to 2014. While the statute of limitations has expired for tax years 2012 and 2013, the Company cannot rule out receiving additional assessments challenging transfer prices used to price grain exports for years subsequent to 2014, and estimates that these potential assessments could be approximately $104 million in tax and $42 million in interest (adjusted for variation in currency exchange rates as of March 31, 2022). The Company believes that it has appropriately evaluated the transactions underlying these assessments, and has concluded, based on Argentine tax law, that its tax position would be sustained, and accordingly, has not recorded a tax liability for these assessments. In accordance with the accounting requirements for uncertain tax positions, the Company has not recorded an uncertain tax liability for this assessment because it has concluded that it is more likely than not to prevail on the matter based upon its technical merits and because the taxing jurisdiction’s process does not provide a mechanism for settling at less than the full amount of the assessment. The Company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for years subsequent to 2014.

In 2014, the Company’s wholly-owned subsidiary in the Netherlands, ADM Europe B.V., received a tax assessment from the Netherlands tax authority challenging the transfer pricing aspects of a 2009 business reorganization, which involved two of its subsidiary companies in the Netherlands. As of March 31, 2022, this assessment was $90 million in tax and $32 million in interest (adjusted for variation in currency exchange rates). On April 23, 2020, the court issued an unfavorable ruling and in October 2020, assigned a third party expert to establish a valuation by early 2021. During the second quarter of 2021, the third party expert issued a final valuation. The Company expects the court to issue a ruling on this matter in the second quarter of 2022. Subsequent appeals may take an extended period of time and could result in additional financial impacts of up to the entire amount of the assessment. The Company has carefully evaluated the underlying transactions and has concluded that the amount of gain recognized on the reorganization for tax purposes was appropriate. As of March 31, 2022, the Company has accrued its best estimate of what it believes will be the likely outcome of the litigation.

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Accumulated Other Comprehensive Income (AOCI)

3 Months Ended

Mar. 31, 2022

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income (AOCI)

Accumulated Other Comprehensive Income

The following tables set forth the changes in AOCI by component for the three months ended March 31, 2022 and the reclassifications out of AOCI for the three months ended March 31, 2022 and 2021:

	Three months ended March 31, 2022
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension Liability Adjustment		Unrealized Gain (Loss) on Investments		Total
	(In millions)
Balance at December 31, 2021	$	(2,248)	$	225	$	(147)	$	(2)	$	(2,172)
Other comprehensive income (loss) before reclassifications	31		380		6		(5)		412
Gain (loss) on net investment hedges	123		—		—		—		123
Amounts reclassified from AOCI	—		(98)		31		—		(67)
Tax effect	(31)		(47)		(7)		—		(85)
Net of tax amount	123		235		30		(5)		383
Balance at March 31, 2022	$	(2,125)	$	460	$	(117)	$	(7)	$	(1,789)

	Amount reclassified from AOCI
	Three months ended March 31,				Affected line item in the consolidated statements of earnings
Details about AOCI components	2022		2021
	(In millions)
Deferred loss (gain) on hedging activities
	$	—	$	14	Revenues
	(98)		(89)		Cost of products sold
	(98)		(75)		Total before tax
	19		21		Tax
	$	(79)	$	(54)	Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service loss (credit)	$	8	$	(6)	Other (income) expense-net
Actuarial losses	23		16		Other (income) expense-net
	31		10		Total before tax
	(6)		(4)		Tax
	$	25	$	6	Net of tax

The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.

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Other (Income) Expense - Net

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Other (Income) Expense - Net

Other (Income) Expense - Net

The following table sets forth the items in other (income) expense:

	Three Months Ended
	March 31,
	2022		2021
	(In millions)
Gains on sales of assets	$	—	$	(11)
Other – net	(33)		(22)
Other (Income) Expense - Net	$	(33)	$	(33)

Gains on sales of assets in the three months ended March 31, 2021 consisted of gains on disposals of individually insignificant assets in the ordinary course of business.

Other - net included the non-service components of net pension benefit income of $6 million, foreign exchange gains, and other income in the three months ended March 31, 2022 and 2021.

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Segment Information

3 Months Ended

Mar. 31, 2022

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 and interest expense net of interest income. Corporate results also include 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, 2021.

	Three Months Ended
	March 31,
(In millions)	2022		2021
Gross revenues
Ag Services and Oilseeds	$	19,132	$	15,939
Carbohydrate Solutions	4,180		2,634
Nutrition	1,966		1,624
Other Business	107		100
Intersegment elimination	(1,735)		(1,404)
Total gross revenues	$	23,650	$	18,893
Intersegment sales
Ag Services and Oilseeds	$	879	$	932
Carbohydrate Solutions	814		411
Nutrition	42		61
Total intersegment sales	$	1,735	$	1,404
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	11,847	$	10,146
Crushing	3,222		2,742
Refined Products and Other	3,184		2,119
Total Ag Services and Oilseeds	18,253		15,007
Carbohydrate Solutions
Starches and Sweeteners	2,498		1,745
Vantage Corn Processors	868		478
Total Carbohydrate Solutions	3,366		2,223
Nutrition
Human Nutrition	958		754
Animal Nutrition	966		809
Total Nutrition	1,924		1,563
Other Business	107		100
Total revenues from external customers	$	23,650	$	18,893

	Three Months Ended
	March 31,
(In millions)	2022		2021
Segment operating profit
Ag Services and Oilseeds	$	1,008	$	777
Carbohydrate Solutions	317		259
Nutrition	189		154
Other Business	42		9
Specified Items:
Gains on sales of assets and businesses	1		—
Impairment, restructuring, and settlement charges(1)	(18)		(94)
Total segment operating profit	1,539		1,105
Corporate	(268)		(281)
Earnings before income taxes	$	1,271	$	824

(1) Current charges related to the impairment of certain Ukraine assets partially offset by an insurance settlement. Prior quarter charges were related to the impairment of certain long-lived assets, restructuring, and a legal settlement.

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Asset Impairment, Exit, and Restructuring Costs

3 Months Ended

Mar. 31, 2022

Restructuring, Settlement and Impairment Provisions [Abstract]

Asset Impairment, Exit, and Restructuring Costs

Asset Impairment, Exit, and Restructuring Costs

Asset impairment, exit, and restructuring costs in the three months ended March 31, 2022 consisted of immaterial charges.

Asset impairment, exit, and restructuring costs in the three months ended March 31, 2021 consisted of $31 million of impairments related to certain long-lived assets and $23 million of restructuring charges, presented as specified items within segment operating profit, and $5 million of restructuring charges in Corporate.

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Sale of Accounts Receivable

3 Months Ended

Mar. 31, 2022

Transfers and Servicing [Abstract]

Sale of Accounts Receivable

The Company has an accounts receivable securitization program (the “First Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “First Purchasers”).  Under the First Program, certain U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Receivables, LLC (“ADM Receivables”). ADM Receivables transfers certain of the purchased accounts receivable to each of the First Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Receivables receives a cash payment of up to $1.6 billion for the accounts receivable transferred. The First Program terminates on May 18, 2022, unless extended.

The Company also has an accounts receivable securitization program (the “Second Program”) with certain commercial paper conduit purchasers and committed purchasers (collectively, the “Second Purchasers”). Under the Second Program, certain non-U.S.-originated trade accounts receivable are sold to a wholly-owned bankruptcy-remote entity, ADM Ireland Receivables Company (ADM Ireland Receivables). ADM Ireland Receivables transfers certain of the purchased accounts receivable to each of the Second Purchasers together with a security interest in all of its right, title, and interest in the remaining purchased accounts receivable. In exchange, ADM Ireland Receivables receives a cash payment of up to $0.7 billion (€0.6 billion) for the accounts receivables transferred. The Second Program terminates on February 16, 2023, unless extended.

Under the First and Second Programs (collectively, the “Programs”), ADM Receivables and ADM Ireland Receivables use the cash proceeds from the transfer of receivables to the First Purchasers and Second Purchasers (collectively, the “Purchasers”) and other consideration, as applicable, to finance the purchase of receivables from the Company and the ADM subsidiaries originating the receivables. The Company accounts for these transfers as sales. The Company acts as a servicer for the transferred receivables. At March 31, 2022 and December 31, 2021, the Company did not record a servicing asset or liability related to its retained responsibility, based on its assessment of the servicing fee, market values for similar transactions, and its cost of servicing the receivables sold.

As of March 31, 2022 and December 31, 2021, the fair value of trade receivables transferred to the Purchasers under the Programs and derecognized from the Company’s consolidated balance sheets was $2.3 billion and $2.2 billion, respectively. Total receivables sold were $14.3 billion and $12.1 billion for the three months ended March 31, 2022 and 2021, respectively. Cash collections from customers on receivables sold were $13.7 billion and $10.5 billion for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, receivables pledged as collateral to the Purchasers were $0.8 billion and $0.5 billion, respectively.

Transfers of receivables under the Programs resulted in an expense for the loss on sale of $5 million and $4 million for the three months ended March 31, 2022 and 2021, respectively, which is classified as selling, general, and administrative expenses in the consolidated statements of earnings.

All cash flows under the Programs are classified as operating activities because the cash received from the Purchasers upon both the sale and collection of the receivables is not subject to significant interest rate risk given the short-term nature of the Company’s trade receivables.

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Revenues Revenues (Policies)

3 Months Ended

Mar. 31, 2022

Revenues [Abstract]

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company principally generates revenue from merchandising and transporting agricultural commodities, and manufacturing products for use in food, beverages, feed, energy, and industrial applications, and ingredients and solutions for human and animal nutrition. Revenue is measured based on the consideration specified in the contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation by transferring control over a product or service to a customer. The majority of the Company’s contracts with customers have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in paragraph 10-50-14 of ASC 606, Revenue from Contracts with Customers (Topic 606) and does not disclose information about remaining performance obligations that have original expected durations of one year or less. For transportation service contracts, the Company recognizes revenue over time as the barge, ocean-going vessel, truck, rail, or container freight moves towards its destination in accordance with the transfer of control guidance of Topic 606. The Company recognized revenue from transportation service contracts of $175 million and $104 million for the three months ended March 31, 2022 and 2021, respectively. For physically settled derivative sales contracts that are outside the scope of Topic 606, the Company recognizes revenue when control of the inventory is transferred within the meaning of Topic 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20).

Shipping and Handling Costs

Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as a fulfillment activity and are included in cost of products sold. Accordingly, amounts billed to customers for such costs are included as a component of revenues.

Taxes Collected from Customers and Remitted to Governmental Authorities

The Company does not include taxes assessed by governmental authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in the measurement of transaction prices or as a component of revenues and cost of products sold.

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Revenues Revenues (Tables)

3 Months Ended

Mar. 31, 2022

Revenues [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

The following tables present revenue disaggregated by timing of recognition and major product lines for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31, 2022
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Ag Services and Oilseeds
Ag Services	$	970	$	175	$	1,145	$	10,702	$	11,847
Crushing	125		—		125		3,097		3,222
Refined Products and Other	632		—		632		2,552		3,184
Total Ag Services and Oilseeds	1,727		175		1,902		16,351		18,253
Carbohydrate Solutions
Starches and Sweeteners	1,930		—		1,930		568		2,498
Vantage Corn Processors	868		—		868		—		868
Total Carbohydrate Solutions	2,798		—		2,798		568		3,366
Nutrition
Human Nutrition	958		—		958		—		958
Animal Nutrition	966		—		966		—		966
Total Nutrition	1,924		—		1,924		—		1,924
Other Business	107		—		107		—		107
Total Revenues	$	6,556	$	175	$	6,731	$	16,919	$	23,650

	Three Months Ended March 31, 2021
	Topic 606 Revenue						Topic 815(1)		Total
	Point in Time		Over Time		Total		Revenue		Revenues
	(In millions)
Ag Services and Oilseeds
Ag Services	$	662	$	104	$	766	$	9,380	$	10,146
Crushing	124		—		124		2,618		2,742
Refined Products and Other	512		—		512		1,607		2,119
Total Ag Services and Oilseeds	1,298		104		1,402		13,605		15,007
Carbohydrate Solutions
Starches and Sweeteners	1,361		—		1,361		384		1,745
Vantage Corn Processors	478		—		478		—		478
Total Carbohydrate Solutions	1,839		—		1,839		384		2,223
Nutrition
Human Nutrition	754		—		754		—		754
Animal Nutrition	809		—		809		—		809
Total Nutrition	1,563		—		1,563		—		1,563
Other Business	100		—		100		—		100
Total Revenues	$	4,800	$	104	$	4,904	$	13,989	$	18,893

(1) Topic 815 revenue relates to the physical delivery or the settlement of the Company’s sales contracts that are accounted for as derivatives and are outside the scope of Topic 606.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables set forth, by level, the Company’s assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.

	Fair Value Measurements at March 31, 2022
	Quoted Prices in  Active Markets  for Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable Inputs (Level 3)		Total
	(In millions)
Assets:
Inventories carried at market	$	—	$	8,033	$	3,959	$	11,992
Unrealized derivative gains:
Commodity contracts	—		1,578		828		2,406
Foreign currency contracts	—		461		—		461
Interest rate contracts	—		67		—		67
Cash equivalents	419		—		—		419
Segregated investments	1,548		—		—		1,548
Total Assets	$	1,967	$	10,139	$	4,787	$	16,893
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	1,544	$	1,856	$	3,400
Foreign currency contracts	—		238		—		238
Interest rate contracts	—		1		—		1
Debt conversion option	—		—		30		30
Inventory-related payables	—		1,860		53		1,913
Total Liabilities	$	—	$	3,643	$	1,939	$	5,582

	Fair Value Measurements at December 31, 2021
	Quoted Prices in  Active Markets  for Identical  Assets  (Level 1)		Significant  Other  Observable  Inputs  (Level 2)		Significant  Unobservable Inputs (Level 3)		Total
	(In millions)
Assets:
Inventories carried at market	$	—	$	6,765	$	3,004	$	9,769
Unrealized derivative gains:
Commodity contracts	—		902		460		1,362
Foreign currency contracts	—		238		—		238
Interest rate contracts	—		46		—		46
Cash equivalents	448		—		—		448
Segregated investments	1,338		—		—		1,338
Total Assets	$	1,786	$	7,951	$	3,464	$	13,201
Liabilities:
Unrealized derivative losses:
Commodity contracts	$	—	$	944	$	815	$	1,759
Foreign currency contracts	—		191		—		191
Debt conversion option	—		—		15		15
Inventory-related payables	—		859		106		965
Total Liabilities	$	—	$	1,994	$	936	$	2,930

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2022.

	Level 3 Fair Value Asset Measurements at
	March 31, 2022
	Inventories  Carried at  Market		Commodity Derivative Contracts Gains		Total  Assets
	(In millions)
Balance, December 31, 2021	$	3,004	$	460	$	3,464
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	647		633		1,280
Purchases	9,552		—		9,552
Sales	(9,315)		—		(9,315)
Settlements	—		(276)		(276)
Transfers into Level 3**	327		23		350
Transfers out of Level 3	(256)		(12)		(268)
Ending balance, March 31, 2022	$	3,959	$	828	$	4,787

* Includes increase in unrealized gains of $1.4 billion relating to Level 3 assets still held at March 31, 2022.

** Inventories carried at market includes Ukraine inventory as discussed in Note 1.

The following table presents a rollforward of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021.

	Level 3 Fair Value Asset Measurements at
	March 31, 2021
	Inventories  Carried at  Market		Commodity Derivative Contracts Gains		Total  Assets
	(In millions)
Balance, December 31, 2020	$	2,183	$	859	$	3,042
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*	730		243		973
Purchases	6,385		—		6,385
Sales	(6,632)		—		(6,632)
Settlements	—		(428)		(428)
Transfers into Level 3	516		23		539
Transfers out of Level 3	(112)		(13)		(125)
Ending balance, March 31, 2021	$	3,070	$	684	$	3,754

* Includes increase in unrealized gains of $847 million relating to Level 3 assets still held at March 31, 2021.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2022.

	Level 3 Fair Value Liability Measurements at
	March 31, 2022
	Inventory-  related  Payables		Commodity Derivative Contracts Losses		Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, December 31, 2021	$	106	$	815	$	15	$	936
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	(2)		1,376		15		1,389
Purchases	2		—		—		2
Sales	(53)		—		—		(53)
Settlements	—		(478)		—		(478)
Transfers into Level 3	—		161		—		161
Transfers out of Level 3	—		(18)		—		(18)
Ending balance, March 31, 2022	$	53	$	1,856	$	30	$	1,939

* Includes increase in unrealized losses of $1.4 billion relating to Level 3 liabilities still held at March 31, 2022.

The following table presents a rollforward of liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2021.

	Level 3 Fair Value Liability Measurements at
	March 31, 2021
	Inventory-  related  Payables		Commodity Derivative Contracts Losses		Foreign Currency Derivative Contracts Losses		Debt Conversion Option		Total  Liabilities
	(In millions)
Balance, December 31, 2020	$	11	$	918	$	—	$	34	$	963
Total increase (decrease) in net realized/unrealized losses included in cost of products sold and interest expense*	—		381		—		20		401
Purchases	12		—		—		—		12
Sales	(2)		—		—		—		(2)
Settlements	—		(566)		—		—		(566)
Transfers into Level 3	—		54		11		—		65
Transfers out of Level 3	—		(139)		—		—		(139)
Ending balance, March 31, 2021	$	21	$	648	$	11	$	54	$	734

* Includes increase in unrealized losses of $383 million relating to Level 3 liabilities still held at March 31, 2021.

Unobservable Price Components Present in the Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the weighted average percentage of the unobservable price components included in the Company’s Level 3 valuations as of March 31, 2022 and December 31, 2021. The Company’s Level 3 measurements may include basis only, transportation cost only, or both price components. As an example, for Level 3 inventories with basis, the unobservable component as of March 31, 2022 is a weighted average 28.9% of the total price for assets and 13.9% of the total price for liabilities.

	Weighted Average % of Total Price
	March 31, 2022				December 31, 2021
Component Type	Assets		Liabilities		Assets		Liabilities
Inventories and Related Payables
Basis	28.9	%	13.9	%	28.7	%	13.1	%
Transportation cost	11.4	%	—	%	13.0	%	—	%
Commodity Derivative Contracts
Basis	22.1	%	22.5	%	30.0	%	27.1	%
Transportation cost	9.1	%	2.6	%	8.1	%	0.7	%

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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table sets forth the fair value of derivatives not designated as hedging instruments as of March 31, 2022 and December 31, 2021.

	March 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Foreign Currency Contracts	$	437	$	190	$	217	$	116
Interest Rate Contracts	2		1		—		—
Commodity Contracts	2,280		3,400		1,276		1,759
Debt Conversion Option	—		30		—		15
Total	$	2,719	$	3,621	$	1,493	$	1,890

The following tables set forth the pre-tax gains (losses) on derivatives not designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2022 and 2021.

					Other expense (income) - net
			Cost of				Interest
(In millions)	Revenues		products sold				expense
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753	$	(33)	$	92
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	(38)	$	443	$	23	$	—
Commodity Contracts	—		(1,101)		—		—
Debt Conversion Option	—		—		—		(15)
Total gain (loss) recognized in earnings	$	(38)	$	(658)	$	23	$	(15)	$	(688)
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345	$	(33)	$	87
Pre-tax gains (losses) on:
Foreign Currency Contracts	$	30	$	(262)	$	120	$	—
Commodity Contracts	—		(782)		—		—
Debt Conversion Option	—		—		—		(20)
Total gain (loss) recognized in earnings	$	30	$	(1,044)	$	120	$	(20)	$	(914)

The following table sets forth the fair value of derivatives designated as hedging instruments as of March 31, 2022 and December 31, 2021.

	March 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
	(In millions)
Commodity Contracts	$	126	$	—	$	86	$	—
Foreign Currency Contracts	24		48		21		$	75
Interest Rate Contracts	65		—		46		—
Total	$	215	$	48	$	153	$	75

The following table sets forth the pre-tax gains (losses) on derivatives designated as hedging instruments that have been included in the consolidated statements of earnings for the three months ended March 31, 2022 and 2021.

			Cost of products sold
(In millions)	Revenues
Three Months Ended March 31, 2022
Consolidated Statement of Earnings	$	23,650	$	21,753
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	98
Total gain (loss) recognized in earnings	$	—	$	98	$	98
Three Months Ended March 31, 2021
Consolidated Statement of Earnings	$	18,893	$	17,345
Effective amounts recognized in earnings
Pre-tax gains (losses) on:
Commodity Contracts	$	—	$	89
Interest Contracts	(14)		—
Total gain (loss) recognized in earnings	$	(14)	$	89	$	75

XML

Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2022

Other Assets [Abstract]

Other Current Assets

The following table sets forth the items in other current assets:

	March 31,		December 31,
	2022		2021
	(In millions)
Unrealized gains on derivative contracts	$	2,934	$	1,646
Margin deposits and grain accounts	1,112		600
Customer omnibus receivable	1,539		1,179
Financing receivables - net (1)	233		189
Insurance premiums receivable	26		20
Prepaid expenses	377		370
Biodiesel tax credit	70		79
Tax receivables	764		708
Non-trade receivables (2)	421		285
Other current assets	241		82
	$	7,717	$	5,158

(1) The Company provides financing to certain suppliers, primarily Brazilian farmers, to finance a portion of the suppliers’ production costs. The amounts are reported net of allowances of $5 million and $4 million at March 31, 2022 and December 31, 2021, respectively. Interest earned on financing receivables of $4 million for the three months ended March 31, 2022 and 2021, respectively, is included in investment income in the consolidated statements of earnings.

(2) Non-trade receivables included $27 million of reinsurance recoverables as of March 31, 2022 and December 31, 2021, respectively.

XML

Accrued Expenses And Other Payables (Tables)

3 Months Ended

Mar. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses And Other Payables

Accrued Expenses and Other Payables

The following table sets forth the items in accrued expenses and other payables:

	March 31,		December 31,
	2022		2021
	(In millions)
Unrealized losses on derivative contracts	$	3,639	$	1,950
Accrued compensation	332		445
Income tax payable	211		132
Other taxes payable	178		168
Insurance claims payable	235		220
Contract liability	574		581
Other accruals and payables	1,194		1,294
	$	6,363	$	4,790

XML

Accumulated Other Comprehensive Income (AOCI) (Tables)

3 Months Ended

Mar. 31, 2022

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following tables set forth the changes in AOCI by component for the three months ended March 31, 2022 and the reclassifications out of AOCI for the three months ended March 31, 2022 and 2021:

	Three months ended March 31, 2022
	Foreign Currency Translation Adjustment		Deferred Gain (Loss) on Hedging Activities		Pension Liability Adjustment		Unrealized Gain (Loss) on Investments		Total
	(In millions)
Balance at December 31, 2021	$	(2,248)	$	225	$	(147)	$	(2)	$	(2,172)
Other comprehensive income (loss) before reclassifications	31		380		6		(5)		412
Gain (loss) on net investment hedges	123		—		—		—		123
Amounts reclassified from AOCI	—		(98)		31		—		(67)
Tax effect	(31)		(47)		(7)		—		(85)
Net of tax amount	123		235		30		(5)		383
Balance at March 31, 2022	$	(2,125)	$	460	$	(117)	$	(7)	$	(1,789)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

	Amount reclassified from AOCI
	Three months ended March 31,				Affected line item in the consolidated statements of earnings
Details about AOCI components	2022		2021
	(In millions)
Deferred loss (gain) on hedging activities
	$	—	$	14	Revenues
	(98)		(89)		Cost of products sold
	(98)		(75)		Total before tax
	19		21		Tax
	$	(79)	$	(54)	Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service loss (credit)	$	8	$	(6)	Other (income) expense-net
Actuarial losses	23		16		Other (income) expense-net
	31		10		Total before tax
	(6)		(4)		Tax
	$	25	$	6	Net of tax

XML

Other (Income) Expense - Net (Tables)

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Other (Income) Expense - Net

The following table sets forth the items in other (income) expense:

	Three Months Ended
	March 31,
	2022		2021
	(In millions)
Gains on sales of assets	$	—	$	(11)
Other – net	(33)		(22)
Other (Income) Expense - Net	$	(33)	$	(33)

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

	Three Months Ended
	March 31,
(In millions)	2022		2021
Gross revenues
Ag Services and Oilseeds	$	19,132	$	15,939
Carbohydrate Solutions	4,180		2,634
Nutrition	1,966		1,624
Other Business	107		100
Intersegment elimination	(1,735)		(1,404)
Total gross revenues	$	23,650	$	18,893
Intersegment sales
Ag Services and Oilseeds	$	879	$	932
Carbohydrate Solutions	814		411
Nutrition	42		61
Total intersegment sales	$	1,735	$	1,404
Revenues from external customers
Ag Services and Oilseeds
Ag Services	$	11,847	$	10,146
Crushing	3,222		2,742
Refined Products and Other	3,184		2,119
Total Ag Services and Oilseeds	18,253		15,007
Carbohydrate Solutions
Starches and Sweeteners	2,498		1,745
Vantage Corn Processors	868		478
Total Carbohydrate Solutions	3,366		2,223
Nutrition
Human Nutrition	958		754
Animal Nutrition	966		809
Total Nutrition	1,924		1,563
Other Business	107		100
Total revenues from external customers	$	23,650	$	18,893

	Three Months Ended
	March 31,
(In millions)	2022		2021
Segment operating profit
Ag Services and Oilseeds	$	1,008	$	777
Carbohydrate Solutions	317		259
Nutrition	189		154
Other Business	42		9
Specified Items:
Gains on sales of assets and businesses	1		—
Impairment, restructuring, and settlement charges(1)	(18)		(94)
Total segment operating profit	1,539		1,105
Corporate	(268)		(281)
Earnings before income taxes	$	1,271	$	824

(1) Current charges related to the impairment of certain Ukraine assets partially offset by an insurance settlement. Prior quarter charges were related to the impairment of certain long-lived assets, restructuring, and a legal settlement.

XML

Basis of Presentation Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) employee $ / shares	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount	$ 137,000,000		$ 122,000,000
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	22,000,000	$ 4,000,000
Cost of Revenue	(21,753,000,000)	(17,345,000,000)
Net Income (Loss) Attributable to Parent	$ 1,054,000,000	$ 689,000,000
Earnings Per Share, Diluted | $ / shares	$ 1.86	$ 1.22
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (23,755,000,000)	$ (20,861,000,000)	(22,508,000,000)	$ (20,022,000,000)
Gain (Loss) on Investments	34,000,000	0
Equity Securities, FV-NI and without Readily Determinable Fair Value	$ 434,000,000		297,000,000
UKRAINE
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Entity Number of Employees | employee	650
Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (22,483,000,000)	$ (20,261,000,000)	$ (21,655,000,000)	$ (19,780,000,000)

XML

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 23,650	$ 18,893
Contract with Customer, Liability [Abstract]
Contract with Customer, Liability	574		$ 581
Change in Contract with Customer, Liability [Abstract]
Contract with Customer Liability Revenue Recognized with Opening Balance	324	282
Ag Services and Oilseeds [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	18,253	15,007
Ag Services [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	11,847	10,146
Crushing [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	3,222	2,742
Refined Products and Other [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	3,184	2,119
Carbohydrate Solutions [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	3,366	2,223
Starches and sweeteners [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	2,498	1,745
VCP [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	868	478
Nutrition [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,924	1,563
Human Nutrition [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	958	754
Animal Nutrition [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	966	809
Other [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	107	100
Non MTM Products and Services [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	6,731	4,904
Non MTM Products and Services [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	6,556	4,800
Non MTM Products and Services [Member] | Transferred over Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	175	104
Non MTM Products and Services [Member] | Ag Services and Oilseeds [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,902	1,402
Non MTM Products and Services [Member] | Ag Services and Oilseeds [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,727	1,298
Non MTM Products and Services [Member] | Ag Services and Oilseeds [Member] | Transferred over Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	175	104
Non MTM Products and Services [Member] | Ag Services [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,145	766
Non MTM Products and Services [Member] | Ag Services [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	970	662
Non MTM Products and Services [Member] | Ag Services [Member] | Transferred over Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	175	104
Non MTM Products and Services [Member] | Crushing [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	125	124
Non MTM Products and Services [Member] | Crushing [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	125	124
Non MTM Products and Services [Member] | Refined Products and Other [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	632	512
Non MTM Products and Services [Member] | Refined Products and Other [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	632	512
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	2,798	1,839
Non MTM Products and Services [Member] | Carbohydrate Solutions [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	2,798	1,839
Non MTM Products and Services [Member] | Starches and sweeteners [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,930	1,361
Non MTM Products and Services [Member] | Starches and sweeteners [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,930	1,361
Non MTM Products and Services [Member] | VCP [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	868	478
Non MTM Products and Services [Member] | VCP [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	868	478
Non MTM Products and Services [Member] | Nutrition [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,924	1,563
Non MTM Products and Services [Member] | Nutrition [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	1,924	1,563
Non MTM Products and Services [Member] | Human Nutrition [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	958	754
Non MTM Products and Services [Member] | Human Nutrition [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	958	754
Non MTM Products and Services [Member] | Animal Nutrition [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	966	809
Non MTM Products and Services [Member] | Animal Nutrition [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	966	809
Non MTM Products and Services [Member] | Other [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	107	100
Non MTM Products and Services [Member] | Other [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	107	100
Mark-to-Market Products [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	16,919	13,989
Mark-to-Market Products [Member] | Ag Services and Oilseeds [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	16,351	13,605
Mark-to-Market Products [Member] | Ag Services [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	10,702	9,380
Mark-to-Market Products [Member] | Crushing [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	3,097	2,618
Mark-to-Market Products [Member] | Refined Products and Other [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	2,552	1,607
Mark-to-Market Products [Member] | Carbohydrate Solutions [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	568	384
Mark-to-Market Products [Member] | Starches and sweeteners [Member]
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 568	$ 384

XML

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value Measurements [Line Items]
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ (1,400)	$ (383)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ 1,400	$ 847
Weighted Average [Member] | Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Inventory Related Payables [Member]
Fair Value Measurements [Line Items]
Basis	13.90%		13.10%
Weighted Average [Member] | Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Inventories Carried At Market [Member]
Fair Value Measurements [Line Items]
Basis	28.90%		28.70%

XML

Fair Value Measurements (Fair Value Measurements At Reporting Date) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Derivative Asset	$ 2,934	$ 1,646
Liabilities:
Derivative Liability	3,639	1,950
Fair Value, Recurring [Member]
Assets:
Inventories carried at market	11,992	9,769
Cash Equivalents, at Carrying Value	419	448
Restricted Investments, at Fair Value	1,548	1,338
Total Assets	16,893	13,201
Liabilities:
Inventory-related payables	1,913	965
Total Liabilities	5,582	2,930
Fair Value, Recurring [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	2,406	1,362
Liabilities:
Derivative Liability	3,400	1,759
Fair Value, Recurring [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	461	238
Liabilities:
Derivative Liability	238	191
Fair Value, Recurring [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	67	46
Liabilities:
Derivative Liability	1
Fair Value, Recurring [Member] | Embedded Derivative Financial Instruments [Member]
Liabilities:
Derivative Liability	30	15
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Assets:
Inventories carried at market	0	0
Cash Equivalents, at Carrying Value	419	448
Restricted Investments, at Fair Value	1,548	1,338
Total Assets	1,967	1,786
Liabilities:
Inventory-related payables	0	0
Total Liabilities	0	0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Derivative Liability	0	0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Derivative Liability	0	0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Derivative Liability	0
Fair Value, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Embedded Derivative Financial Instruments [Member]
Liabilities:
Derivative Liability	0	0
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Inventories carried at market	8,033	6,765
Cash Equivalents, at Carrying Value	0	0
Restricted Investments, at Fair Value	0	0
Total Assets	10,139	7,951
Liabilities:
Inventory-related payables	1,860	859
Total Liabilities	3,643	1,994
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	1,578	902
Liabilities:
Derivative Liability	1,544	944
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	461	238
Liabilities:
Derivative Liability	238	191
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	67	46
Liabilities:
Derivative Liability	1
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Embedded Derivative Financial Instruments [Member]
Liabilities:
Derivative Liability	0	0
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Inventories carried at market	3,959	3,004
Cash Equivalents, at Carrying Value	0	0
Restricted Investments, at Fair Value	0	0
Total Assets	4,787	3,464
Liabilities:
Inventory-related payables	53	106
Total Liabilities	1,939	936
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contracts [Member]
Assets:
Derivative Asset	828	460
Liabilities:
Derivative Liability	1,856	815
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contracts [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Derivative Liability	0	0
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Derivative Liability	0
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Embedded Derivative Financial Instruments [Member]
Liabilities:
Derivative Liability	$ 30	$ 15

XML

Fair Value Measurements (Reconciliation Of Assets Measured At Fair Value On A Recurring Basis) (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 3,464	$ 3,042
Total increase (decrease) in unrealized gains included in cost of products sold	1,280	973
Purchases	9,552	6,385
Sales	(9,315)	(6,632)
Settlements	(276)	(428)
Transfers into Level 3	350	539
Transfers out of Level 3	(268)	(125)
Balance at end of period	4,787	3,754
Inventories Carried At Market [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	3,004	2,183
Total increase (decrease) in unrealized gains included in cost of products sold	647	730
Purchases	9,552	6,385
Sales	(9,315)	(6,632)
Settlements	0	0
Transfers into Level 3	327	516
Transfers out of Level 3	(256)	(112)
Balance at end of period	3,959	3,070
Commodity Derivative Contracts Gains [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	460	859
Total increase (decrease) in unrealized gains included in cost of products sold	633	243
Purchases	0	0
Sales	0	0
Settlements	(276)	(428)
Transfers into Level 3	23	23
Transfers out of Level 3	(12)	(13)
Balance at end of period	$ 828	$ 684

XML

Fair Value Measurements (Reconciliation Of Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 936	$ 963
Total increase (decrease) in unrealized losses included in cost of products sold	1,389	401
Purchases	2	12
Sales	(53)	(2)
Settlements	(478)	(566)
Transfers into Level 3	161	65
Transfers out of Level 3	(18)	(139)
Balance at end of period	1,939	734
Long-term Debt [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	15	34
Total increase (decrease) in unrealized losses included in cost of products sold	15	20
Purchases	0	0
Balance at end of period	30	54
Inventory Related Payables [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	106	11
Total increase (decrease) in unrealized losses included in cost of products sold	(2)	0
Purchases	2	12
Sales	(53)	(2)
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	53	21
Commodity Derivative Contracts Losses [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	815	918
Total increase (decrease) in unrealized losses included in cost of products sold	1,376	381
Purchases	0	0
Sales	0	0
Settlements	(478)	(566)
Transfers into Level 3	161	54
Transfers out of Level 3	(18)	(139)
Balance at end of period	$ 1,856	648
Foreign Exchange Contracts [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period		0
Transfers into Level 3		11
Balance at end of period		$ 11

XML

Fair Value Measurements (Unobservable Inputs In Level 3 Valuations Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Weighted Average [Member] - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Recurring [Member]	Mar. 31, 2022	Dec. 31, 2021
Inventory Related Payables [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	13.90%	13.10%
Transportation cost	0.00%	0.00%
Commodity Derivative Contracts Losses [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	22.50%	27.10%
Transportation cost	2.60%	0.70%
Inventories Carried At Market [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	28.90%	28.70%
Transportation cost	11.40%	13.00%
Commodity Derivative Contracts Gains [Member]
Unobservable inputs in Level 3 Valuations of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items]
Basis	22.10%	30.00%
Transportation cost	9.10%	8.10%

XML

Derivative Instruments and Hedging Activities (Narrative) (Details) bu in Millions, $ in Millions, € in Billions	3 Months Ended
	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 EUR (€)	Mar. 31, 2022 USD ($) gal bu	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Unrealized gain (loss) on interest rate cash flow hedges, after-tax, AOCI				$ 49	$ 35
Corn processed per month (in bushels) | bu				65
Notional Amount of Nonderivative Instruments | €	€ 2.6		€ 1.8
Foreign Debt used in Net Investment Hedge, Net of Tax				$ 113	55
Financing Receivable, Allowance for Credit Loss				5	4
Designated As Hedging Instrument [Member]
Derivative [Line Items]
Unrealized Gain (Loss) on Price Risk Cash Flow Hedges, after Tax, Accumulated Other Comprehensive Income				370	161
Interest Rate Derivative Assets, at Fair Value				65	46
After-tax gains (losses) in AOCI from commodity cash flow hedge transactions				$ 370
Designated As Hedging Instrument [Member] | Revenues [Member]
Derivative [Line Items]
Interest contracts effective amount recognized in earnings		$ (14)
Corn [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative Hedged Item Time Period	12 months
Corn [Member] | Minimum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)				17.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)				0.00%
Corn [Member] | Maximum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)				42.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)				29.00%
Ethanol [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Commodity hedged during historical hedging period, (in gallons) | gal				0
Commodity hedged over future hedging period, (in gallons) | gal				0
Soybean [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative Hedged Item Time Period	12 months
Soybean [Member] | Minimum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)				57.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)				0.00%
Soybean [Member] | Maximum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)				100.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)				100.00%
Natural Gas | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative Hedged Item Time Period	12 months
Natural Gas | Minimum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)				0.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)				0.00%
Natural Gas | Maximum [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Percentage of anticipated commodity purchases or production hedged during historical hedging period (as a percent)				84.00%
Percentage of anticipated commodity purchases or production hedged over future hedging period (as a percent)				95.00%
Net Investment Hedging [Member]
Derivative [Line Items]
Derivatives used in Net Investment Hedge, Net of Tax				$ 24	44
Net Investment Hedging [Member] | Currency Swap [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount				800	1,200
Net Investment Hedging [Member] | Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Liability, Notional Amount				2,300	2,600
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Revenues [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount				1,000	1,000
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Expense [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount				$ 400	$ 400

XML

Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
FX Contracts Assets	$ 437	$ 217
Embedded Derivative, Fair Value of Embedded Derivative Asset	0	0
Commodity Contracts Assets	2,280	1,276
Total fair value of derivative assets not designated as hedging instruments	2,719	1,493
FX Contracts Liabilities	190	116
Interest Rate Derivative Liabilities, at Fair Value	1	0
Commodity Contracts Liabilities	3,400	1,759
Embedded Derivative, Fair Value of Embedded Derivative Liability	30	15
Total fair value of derivative liabilities not designated as hedging instruments.	3,621	1,890
Interest Rate Derivative Assets, at Fair Value	2	0
Designated As Hedging Instrument [Member]
Derivative [Line Items]
Interest Rate Derivative Liabilities, at Fair Value	0	0
Interest Rate Derivative Assets, at Fair Value	$ 65	$ 46

XML

Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Revenues	$ 23,650	$ 18,893
Cost of Products Sold	21,753	17,345
Other (Income) Expense - Net	(33)	(33)
Interest Expense	92	87
Total gain (loss) recognized in earnings	(688)	(914)
Revenues [Member]
Derivative [Line Items]
FX Contracts	(38)	30
Total gain (loss) recognized in earnings	(38)	30
Cost of Products Sold [Member]
Derivative [Line Items]
FX Contracts	443	(262)
Commodity Contracts	(1,101)	(782)
Total gain (loss) recognized in earnings	(658)	(1,044)
Interest Expense [Member]
Derivative [Line Items]
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net	(15)	(20)
Total gain (loss) recognized in earnings	(15)	(20)
Other (Income) Expense - Net [Member]
Derivative [Line Items]
FX Contracts	23	120
Commodity Contracts	0	0
Total gain (loss) recognized in earnings	$ 23	$ 120

XML

Derivative Instruments and Hedging Activities (Fair Value Of Derivatives Designated As Hedging Instruments) (Details) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value	$ 24	$ 21
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value	48	75
Interest Rate Derivative Assets, at Fair Value	65	46
Interest Rate Derivative Liabilities, at Fair Value	0	0
Derivative Instruments in Hedges, Assets, at Fair Value	215	153
Derivative Instruments in Hedges, Liabilities, at Fair Value	48	75
Price Risk Cash Flow Hedge Asset, at Fair Value	126	86
Price Risk Fair Value Hedge Liability, at Fair Value	$ 0	$ 0

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Derivative Instruments and Hedging Activities (Pre-Tax Gains (Losses) On Derivatives Designated As Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gains (Loss) [Line Items]
Revenues	$ 23,650	$ 18,893
Cost of Products Sold	21,753	17,345
Interest Expense	92	87
Other (Income) Expense - Net	(33)	(33)
Designated As Hedging Instrument [Member]
Derivative Instruments, Gains (Loss) [Line Items]
Total amount recognized in earnings	98	75
Designated As Hedging Instrument [Member] | Revenues [Member]
Derivative Instruments, Gains (Loss) [Line Items]
Interest contracts effective amount recognized in earnings		(14)
Commodity Contracts effective amount recognized in earnings	0	0
Total amount recognized in earnings	0	(14)
Designated As Hedging Instrument [Member] | Cost of Products Sold [Member]
Derivative Instruments, Gains (Loss) [Line Items]
Commodity Contracts effective amount recognized in earnings	98	89
Total amount recognized in earnings	$ 98	$ 89

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Other Current Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other Assets [Abstract]
Derivative Asset	$ 2,934	$ 1,646
Margin Deposit Assets	1,112	600
Receivables from Customers	1,539	1,179
Financing Receivable, after Allowance for Credit Loss	233	189
Premiums Receivable, Net	26	20
Prepaid Expense, Current	377	370
Biodiesel tax credit	70	79
Tax receivables	764	708
Other Receivables	421	285
Other current assets	241	82
Total other current assets	7,717	5,158
Financing Receivable, Allowance for Credit Loss	5	4
Interest on financing receivables	4
Reinsurance Recoverables	$ 27	$ 27

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Accrued Expenses And Other Payables (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Derivative Liability	$ 3,639	$ 1,950
Employee-related Liabilities	332	445
Accrued Income Taxes, Current	211	132
Accrual for Taxes Other than Income Taxes, Current	178	168
Liability for Claims and Claims Adjustment Expense	235	220
Contract with Customer, Liability	574	581
Accrued expenses and other payables	1,194	1,294
Total accrued expenses and other payables	$ 6,363	$ 4,790

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Debt And Financing Arrangements (Narrative) (Details) - USD ($)	Feb. 28, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Excess of fair value over carrying value of long-term debt		$ 1,000,000,000
Short-term Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,500,000,000
Debt Instrument, Interest Rate, Stated Percentage		1.64%
Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 14,300,000,000
Unused lines of credit		8,200,000,000
Commercial Paper [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		6,500,000,000	$ 5,000,000,000
Commercial Paper		700,000,000
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		2,300,000,000
Unused lines of credit		24,000,000
Two Point Nine Percent due 2032
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Feb. 28, 2022
Debt Instrument, Face Amount		$ 750,000,000
Debt Instrument, Interest Rate, Stated Percentage		2.90%
Proceeds from Issuance of Unsecured Debt	$ 748,000,000
Debt Instrument, Maturity Date	Mar. 01, 2032
Not Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Interest Rate Derivative Liabilities, at Fair Value		$ 1,000,000	$ 0

XML

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Effective income tax rate	16.30%	15.90%
Argentine Tax Authorities [Member]
Income Tax Contingency [Line Items]
Income tax assessment	$ 8
Income tax assessment - Interest and Penalties	36
Estimated Additional Tax Assessment	104
Additional income tax assessment - Interest and Penalties	42
Tax and Customs Administration, Netherlands [Member]
Income Tax Contingency [Line Items]
Income tax assessment	90
Additional income tax assessment - Interest and Penalties	$ 32

XML

Accumulated Other Comprehensive Income (AOCI) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	$ (2,172)
Other comprehensive income (loss) before reclassifications	412
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	123
Amounts reclassified from AOCI	(67)
Other comprehensive income (loss), tax, portion attributable to parent	(85)
Other Comprehensive Income (Loss), Net of Tax	383
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(1,789)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	(2,248)
Other comprehensive income (loss) before reclassifications	31
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), before Reclassification and Tax	123
Amounts reclassified from AOCI	0
Other comprehensive income (loss), tax, portion attributable to parent	(31)
Other Comprehensive Income (Loss), Net of Tax	123
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(2,125)
Deferred Gain (Loss) On Hedging Activities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	225
Other comprehensive income (loss) before reclassifications	380
Amounts reclassified from AOCI	(98)
Other comprehensive income (loss), tax, portion attributable to parent	(47)
Other Comprehensive Income (Loss), Net of Tax	235
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	460
Pension Liability Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	(147)
Other comprehensive income (loss) before reclassifications	6
Amounts reclassified from AOCI	31
Other comprehensive income (loss), tax, portion attributable to parent	(7)
Other Comprehensive Income (Loss), Net of Tax	30
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	(117)
Unrealized Gain (Loss) On Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance of Accumulated Other Comprehensive Income (Loss) at Beginning of Period	(2)
Other comprehensive income (loss) before reclassifications	(5)
Amounts reclassified from AOCI	0
Other comprehensive income (loss), tax, portion attributable to parent	0
Other Comprehensive Income (Loss), Net of Tax	(5)
Balance of Accumulated Other Comprehensive Income (Loss) at End of period	$ (7)

XML

Accumulated Other Comprehensive Income (AOCI) Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Earnings Before Income Taxes	$ (1,271)	$ (824)
Income taxes	(207)	(131)
Net Earnings Including Noncontrolling Interests	(1,064)	(693)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(98)	(75)
Income taxes	(19)	(21)
Net Earnings Including Noncontrolling Interests	(79)	(54)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Earnings Before Income Taxes	31	10
Income taxes	6	4
Net Earnings Including Noncontrolling Interests	25	6
Revenues [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	14
Cost of Products Sold [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Deferred (Gain) Loss On Hedging Activities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(98)	(89)
Other (Income) Expense - Net [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension Liability Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Prior Service Cost (Credit)	8	(6)
Actuarial Losses	$ 23	$ 16

XML

Other (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Gain (Loss) on Sale and Revaluation of Assets	$ 0	$ 11
Other - net	(33)	(22)
Other (Income) Expense - Net	(33)	(33)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ (6)	$ (6)

XML

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	3

XML

Segment Information (Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Information
Revenues	$ (23,650)	$ (18,893)
Earnings Before Income Taxes	1,271	824
Ag Services and Oilseeds [Member]
Segment Information
Revenues	(18,253)	(15,007)
Earnings Before Income Taxes	1,008	777
Ag Services [Member]
Segment Information
Revenues	(11,847)	(10,146)
Crushing [Member]
Segment Information
Revenues	(3,222)	(2,742)
Refined Products and Other [Member]
Segment Information
Revenues	(3,184)	(2,119)
Carbohydrate Solutions [Member]
Segment Information
Revenues	(3,366)	(2,223)
Earnings Before Income Taxes	317	259
Starches and sweeteners [Member]
Segment Information
Revenues	(2,498)	(1,745)
VCP [Member]
Segment Information
Revenues	(868)	(478)
Nutrition [Member]
Segment Information
Revenues	(1,924)	(1,563)
Earnings Before Income Taxes	189	154
Human Nutrition [Member]
Segment Information
Revenues	(958)	(754)
Animal Nutrition [Member]
Segment Information
Revenues	(966)	(809)
Other [Member]
Segment Information
Revenues	(107)	(100)
Earnings Before Income Taxes	42	9
Operating Segments [Member]
Segment Information
Earnings Before Income Taxes	1,539	1,105
Operating Segments [Member] | Ag Services and Oilseeds [Member]
Segment Information
Revenues	(19,132)	(15,939)
Operating Segments [Member] | Carbohydrate Solutions [Member]
Segment Information
Revenues	(4,180)	(2,634)
Operating Segments [Member] | Nutrition [Member]
Segment Information
Revenues	(1,966)	(1,624)
Operating Segments [Member] | Other [Member]
Segment Information
Revenues	(107)	(100)
Intersegment Elimination [Member]
Segment Information
Revenues	1,735	1,404
Intersegment Elimination [Member] | Ag Services and Oilseeds [Member]
Segment Information
Revenues	879	932
Intersegment Elimination [Member] | Carbohydrate Solutions [Member]
Segment Information
Revenues	814	411
Intersegment Elimination [Member] | Nutrition [Member]
Segment Information
Revenues	42	61
Corporate, Non-Segment [Member]
Segment Information
Earnings Before Income Taxes	(268)	(281)
Other (Income) Expense - Net [Member] | Segment Reconciling Items [Member]
Segment Information
Earnings Before Income Taxes	1	0
Asset impairment, restructuring, and settlement [Member] | Segment Reconciling Items [Member]
Segment Information
Earnings Before Income Taxes	$ (18)	$ (94)

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Asset Impairment, Exit, and Restructuring Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Asset Impairment Charges And Exit Costs [Line Items]
Asset Impairment Charges	$ 31
Restructuring Charges	(23)
Corporate Segment
Asset Impairment Charges And Exit Costs [Line Items]
Asset Impairment Charges	$ 5

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Sale of Accounts Receivable (Narrative) (Details) € in Billions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Transfer of Financial Assets Accounted for as Sales, Fair Value of Derecognized Assets	$ 2,300,000,000			$ 2,200,000,000
Proceeds from Sale of Other Receivables	13,700,000,000	$ 10,500,000,000
Loss on transfer of accounts receivables to purchasers	5,000,000	4,000,000
Amount of receivables sold	14,300,000,000	$ 12,100,000,000
Pledged Assets, Not Separately Reported, Finance Receivables	800,000,000			$ 500,000,000
Accounts Receivable Securitization Facility [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	2,300,000,000
First Purchasers [Member] | Accounts Receivable Securitization Facility [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,600,000,000
Second Purchasers [Member] | Accounts Receivable Securitization Facility [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 700,000,000		€ 0.6