2024 Q1 Form 10-K Financial Statement

#000000708424000009 Filed on March 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $21.85B $22.98B $93.94B
YoY Change -9.24% -12.4% -7.77%
Cost Of Revenue $20.19B $21.24B $86.42B
YoY Change -8.2% -13.19% -8.29%
Gross Profit $1.659B $1.740B $7.513B
YoY Change -20.24% -1.42% -1.26%
Gross Profit Margin 7.59% 7.57% 8.0%
Selling, General & Admin $951.0M $919.0M $3.456B
YoY Change 7.95% 6.49% 4.28%
% of Gross Profit 57.32% 52.82% 46.0%
Research & Development $256.0M
YoY Change 18.52%
% of Gross Profit 3.41%
Depreciation & Amortization $280.0M $277.0M $1.059B
YoY Change 8.11% 9.06% 3.02%
% of Gross Profit 16.88% 15.92% 14.1%
Operating Expenses $951.0M $919.0M $3.712B
YoY Change 7.95% 6.49% 12.01%
Operating Profit $708.0M $821.0M $3.801B
YoY Change -40.95% -8.98% -11.5%
Interest Expense $166.0M $49.00M $647.0M
YoY Change 12.93% -76.89% -10.14%
% of Operating Profit 23.45% 5.97% 17.02%
Other Income/Expense, Net $26.00M $55.00M $176.0M
YoY Change -40.91% -65.19% -43.95%
Pretax Income $885.0M $734.0M $4.294B
YoY Change -36.65% -39.49% -17.94%
Income Tax $166.0M $192.0M $828.0M
% Of Pretax Income 18.76% 26.16% 19.28%
Net Earnings $729.0M $565.0M $3.483B
YoY Change -37.69% -44.55% -19.75%
Net Earnings / Revenue 3.34% 2.46% 3.71%
Basic Earnings Per Share $1.42 $1.07 $6.44
Diluted Earnings Per Share $1.42 $1.06 $6.43
COMMON SHARES
Basic Shares Outstanding 509.8M shares 533.4M shares 541.0M shares
Diluted Shares Outstanding 514.0M shares 542.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $830.0M $1.368B $1.368B
YoY Change -7.68% 31.92% 31.92%
Cash & Equivalents $830.0M $1.368B $1.368B
Short-Term Investments
Other Short-Term Assets $4.983B $4.982B $10.07B
YoY Change -8.54% -57.15% -13.43%
Inventory $11.63B $11.96B $11.96B
Prepaid Expenses $412.0M $445.0M
Receivables $4.178B $4.232B $4.232B
Other Receivables $2.212B $2.145B $2.145B
Total Short-Term Assets $29.01B $29.77B $29.77B
YoY Change -15.5% 135.05% 135.05%
LONG-TERM ASSETS
Property, Plant & Equipment $10.60B $10.51B $11.72B
YoY Change 5.21% 5.79% 17.98%
Goodwill $4.103B
YoY Change -1.42%
Intangibles $2.238B
YoY Change -6.05%
Long-Term Investments $5.566B $5.500B $5.500B
YoY Change 0.74% 0.6% 0.6%
Other Assets $1.327B $1.304B $1.304B
YoY Change 4.24% -46.12% -46.12%
Total Long-Term Assets $25.83B $24.86B $24.86B
YoY Change 5.51% 2.05% 2.05%
TOTAL ASSETS
Total Short-Term Assets $29.01B $29.77B $29.77B
Total Long-Term Assets $25.83B $24.86B $24.86B
Total Assets $54.83B $54.63B $54.63B
YoY Change -6.75% 47.54% 47.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.599B $6.313B $7.694B
YoY Change -10.72% -19.1% -17.08%
Accrued Expenses $1.518B $1.381B $911.0M
YoY Change 14.83% -6.44% 0.89%
Deferred Revenue $626.0M
YoY Change -9.8%
Short-Term Debt $1.734B $105.0M $105.0M
YoY Change -4.15% -79.13% -79.13%
Long-Term Debt Due $1.000M $1.000M $1.000M
YoY Change -99.89% -99.89% -99.89%
Total Short-Term Liabilities $19.73B $18.66B $18.66B
YoY Change -13.2% 3610.14% 3610.14%
LONG-TERM LIABILITIES
Long-Term Debt $8.245B $8.259B $8.259B
YoY Change 6.46% -4.82% -4.82%
Other Long-Term Liabilities $1.016B $1.005B $1.936B
YoY Change 0.49% -68.9% -40.1%
Total Long-Term Liabilities $11.56B $11.50B $10.20B
YoY Change 6.32% -3.4% -14.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.73B $18.66B $18.66B
Total Long-Term Liabilities $11.56B $11.50B $10.20B
Total Liabilities $31.29B $30.17B $30.50B
YoY Change -6.88% 137.32% 139.94%
SHAREHOLDERS EQUITY
Retained Earnings $23.07B $23.47B
YoY Change -4.74% -0.77%
Common Stock $2.720B $3.154B
YoY Change -12.43% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.700B
YoY Change 58.82%
Treasury Stock Shares
Shareholders Equity $23.22B $24.13B $24.13B
YoY Change
Total Liabilities & Shareholders Equity $54.83B $54.63B $54.63B
YoY Change -6.75% 47.54% 47.54%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $729.0M $565.0M $3.483B
YoY Change -37.69% -44.55% -19.75%
Depreciation, Depletion And Amortization $280.0M $277.0M $1.059B
YoY Change 8.11% 9.06% 3.02%
Cash From Operating Activities $700.0M $2.569B $4.460B
YoY Change -143.48% 1876.15% 28.23%
INVESTING ACTIVITIES
Capital Expenditures $328.0M $439.0M $1.494B
YoY Change 0.31% -191.84% -213.27%
Acquisitions $915.0M $23.00M
YoY Change 4.55%
Other Investing Activities -$11.00M $4.000M $21.00M
YoY Change -210.0% -84.62% -125.93%
Cash From Investing Activities -$1.230B -$435.0M -$1.496B
YoY Change 275.0% -3.76% 6.86%
FINANCING ACTIVITIES
Cash Dividend Paid $257.0M $977.0M
YoY Change 3.63% 8.68%
Common Stock Issuance & Retirement, Net $2.673B
YoY Change -284.34%
Debt Paid & Issued, Net $0.00 $963.0M
YoY Change -100.0% 99.79%
Cash From Financing Activities -$2.000M -1.804B -$4.604B
YoY Change -100.33% 1236.3% 84.23%
NET CHANGE
Cash From Operating Activities $700.0M 2.569B $4.460B
Cash From Investing Activities -$1.230B -435.0M -$1.496B
Cash From Financing Activities -$2.000M -1.804B -$4.604B
Net Change In Cash -$545.0M 330.0M -$1.643B
YoY Change -59.51% -172.21% 290.26%
FREE CASH FLOW
Cash From Operating Activities $700.0M $2.569B $4.460B
Capital Expenditures $328.0M $439.0M $1.494B
Free Cash Flow $372.0M $2.130B $2.966B
YoY Change -119.2% 250.33% -38.17%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Nature of Business</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ADM unlocks the power of nature to enrich the quality of life for people and animals. ADM’s innovation and expertise are helping people live healthier lives and support a healthier planet. The Company’s globally-integrated footprint combined with local insight give ADM capabilities few other companies have to meet critical and global needs. With a foundation in nature and nutrition, the Company is a leader in sustainability, scaling across entire value chains to help decarbonize the industry, and safeguard the planet.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ADM has three business segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The Company is an essential global agricultural supply chain manager and processor supporting food security by connecting local needs with global capabilities.</span></div>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span></div>
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2023 us-gaap Cost Of Revenue
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CY2022Q4 us-gaap Translation Adjustment For Net Investment Hedge Net Of Tax
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CY2022Q4 adm Unrealized Gains On Derivative Contracts Fair Value Disclosure
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CY2023Q4 us-gaap Margin Deposit Assets
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CY2023 adm Accrued Expenses And Other Payables Disclosure
AccruedExpensesAndOtherPayablesDisclosure
Accrued Expenses and Other Payables<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the items in accrued expenses and other payables:</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:72.692%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.532%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.639%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2023</span></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(In millions)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Unrealized losses on derivative contracts</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,101</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,543 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accrued compensation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">475 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax payable</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">284</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">248 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other taxes payable</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">172</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Insurance claims payable</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">73</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">223 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">626</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">694 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other accruals and payables</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,381</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,476 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,076</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,795 </span></td><td style="border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
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