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Debt Financing Arrangements
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Financing Arrangements Debt Financing Arrangements
The Company’s long-term debt consisted of the following:
Debt Instrument
Interest RateFace AmountDue DateDecember 31, 2022December 31, 2021
 (In millions)
2.5% Notes$1 billion2026$997 $996 
3.25% Notes$1 billion2030989 988 
2.900% Notes$750 million2032744 — 
2.700% Notes$750 million2051731 730 
1% Notes€650 million2025691 735 
1.75% Notes€600 million2023641 681 
4.5% Notes$600 million2049589 588 
5.375% Debentures$432 million 2035425 425 
3.75% Notes$408 million 2047403 402 
5.935% Debentures$336 million 2032334 333 
0% Bonds$300 million2023304 310 
5.765% Debentures$297 million 2041297 297 
4.535% Debentures$383 million 2042286 283 
4.016% Debentures$371 million 2043260 258 
7% Debentures$160 million 2031159 159 
6.95% Debentures$157 million 2097154 154 
7.5% Debentures$147 million 2027147 147 
6.625% Debentures$144 million 2029144 144 
6.75% Debentures$103 million 2027103 103 
6.45% Debentures$103 million 2038102 102 
Fixed to Floating Rate Notes€500 million2022 569 
Other177 177 
Total long-term debt including current maturities8,677 8,581 
Current maturities(942)(570)
Total long-term debt$7,735 $8,011 
 
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.

In September 2022, the Company redeemed €500 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due 2022 issued in a private placement on March 25, 2021.

On September 29, 2022, Archer Daniels Midland Singapore, Pte. Ltd., a wholly-owned subsidiary of the Company, closed on a $500 million revolving credit facility at an interest rate of Secured Overnight Financing Rate plus a fixed spread. The facility will be used to finance working capital requirements of ADM entities in the Asia Pacific region and general corporate purposes.
On September 10, 2021, the Company issued $750 million aggregate principal amount of 2.700% Notes due September 15, 2051 (the “Notes”). Net proceeds before expenses were $732 million.

In September 2021, the Company used the proceeds of the Notes to redeem $500 million aggregate principal amount of 2.750% notes due March 27, 2025 and recognized a debt extinguishment charge of $36 million in the year ended December 31, 2021.

Discount amortization expense, net of premium amortization, of $6 million, $10 million, and $13 million for the years ended December 31, 2022, 2021, and 2020, respectively, are included in interest expense related to the Company’s long-term debt.

At December 31, 2022, the fair value of the Company’s long-term debt was below the carrying value by $0.2 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

The aggregate maturities of long-term debt for the five years after December 31, 2022, are $942 million, $6 million, $693 million, $998 million, and $250 million, respectively.

At December 31, 2022, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.4 billion, of which $9.3 billion was unused.  The weighted average interest rates on short-term borrowings outstanding at December 31, 2022 and 2021, were 6.21% and 1.23%, respectively.  Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $0.3 billion of commercial paper outstanding at December 31, 2022.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements.  The Company is in compliance with these covenants as of December 31, 2022.

The Company had outstanding standby letters of credit and surety bonds at December 31, 2022 and 2021, totaling $1.6 billion and $1.2 billion, respectively.

The Company has accounts receivable securitization programs (the “Programs”).  The Programs provide the Company with up to $2.6 billion in funding resulting from the sale of accounts receivable.  As of December 31, 2022, the Company utilized $2.6 billion of its facility under the Programs (see Note 19 for more information on the Programs).